Property Market Value Dispute in Estate

Trusts Discussion
1

We have a beneficiary who is unhappy with an open market offer value of a property.

2 beneficiaries, each with 50% split. Will states the property is to be sold.

Executors obtained valuation at 300k for IHT (18 month ago), and more recent valuation at 395k.

Offer has been made in open market through Estate Agent for 385k.

One beneficiary does not think the offer is “sufficient”. Executors plan to obtain a new appraisal from independent valuer to be sure and justify the 385k offer price to the beneficiary.

What constitutes fair ‘open market value’ in this case?
Is 10k lower than most recent valuation reasonable?
If independent valuer comes in at a higher valuation (e.g. 450k) is the average between the two most recent valuations the reasonable price?

For some added context, the one beneficiary in question offered to buy the other’s share at the 385k value (192.5k). Does his offer to the other beneficiary alone constitute an acceptance of the 385k open market offer as reasonable?

2

Seems to me the benef is being unreasonable. If open market sale and position of buyer is sound then I would advise the Exors should continue. For extra weight, obtain data of enquiries, viewings, feedback and offers made from the estate agent.

On another point, there is a large gain so a CGT liability. Appropriation will help but not by much with reduced allowance.

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