Trying to navigate our way through options.
My late father's estate is the beneficiary of the funds realised from sale of my late grandmother's house. Ownership of property is with a trustee organisation, as executor of my grandmother's estate. Its located abroad.
Property valued at dad's date of death was equivalent to £432K based on a private sale offer from neighbours. They had actually originally offered around 30K more but couldn't get finances sorted at that price point. We also had property professionally valued which yielded a marginally smaller value.
Grant of probate application submitted but still in process.
Meanwhile, in the 5 months since submitting, we have sold property by auction to a very keen buyer, for around £250k more than our original private sale offer, ie the amount we submitted for probate. The huge price increase is not just down to market conditions, its very definitely a question of motivation.
My first question is: can we make a case for changing the value that we submitted for probate given the amount hasn't yet been agreed and also because the new value takes us above my parents combined nil rate IHT threshold?
If not, what options might we have to reduce our CTG liability?
My mum 3 siblings and I are all beneficiaries and executors of Dad's will. There is no tax due in the country where the property is located. We haven't improved in it at all over the years and it's not been lived in since my grandparents passed a good few years ago. The time that's passed from losing dad to selling foreign property is 13 months.
Thank you for you help! Sorry if this sounds confused. It's because I am confused!