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buying out siblings on inherited house
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So you're condoning tax fraud?
Not at all, but it is common and accepted practice to value pessimistically for probate purposes as you WILL pay tax on that figure (assuming the estate is liable to tax), whereas a more optimistic value for sale doesn't actually cost you anything but time if it turns out to be too much pie in the sky.If you feel my comments are helpful then I'd love it if you 'Thanked' me!
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No, probably not.You don't think a local surveyor has the same local knowledge as a local EA?
An estate agents written valuation is acceptable at probate.If the OP's relative applies for confirmation of the estate based on 3 EA valuations, and the court or the HMRC queries it (for IHT purposes), what then?
What happens when they go to several High Street estate agents who then give a different valuation?n RICS member to provide the valuation for a relative's house when I was doing the confirmation, because I knew that if anyone asked, all I'd have to say was "The Surveyor said it was worth £X. Take it up with him""Never underestimate the mindless force of a government bureaucracyseeking to expand its power, dominion and budget"Jay Stanley, American Civil Liberties Union.0 -
Cultivating a local solicitor is the fastest route.poppysarah wrote: »How do you find which ones are reputable?"Never underestimate the mindless force of a government bureaucracyseeking to expand its power, dominion and budget"Jay Stanley, American Civil Liberties Union.0 -
WhiteHorse wrote: »What happens when they go to several High Street estate agents who then give a different valuation?
Why would they, when they have an RICS valuation in front of them?0 -
WhiteHorse wrote: »No, probably not.
Why do you think a local surveyor doesn't have the same local knowledge as a local EA (in the same locality, of course) ???0 -
*sigh*Why do you think a local surveyor doesn't have the same local knowledge as a local EA (in the same locality, of course) ???
Because an estate agents raison d'etre is the the buying and selling of property.
That of a surveyor is assessing when and if it will fall down."Never underestimate the mindless force of a government bureaucracyseeking to expand its power, dominion and budget"Jay Stanley, American Civil Liberties Union.0
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