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buying out siblings on inherited house

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  • taxsaver
    taxsaver Posts: 620 Forumite
    googler wrote: »
    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! :)
  • WhiteHorse
    WhiteHorse Posts: 2,492 Forumite
    googler wrote: »
    You don't think a local surveyor has the same local knowledge as a local EA?
    No, probably not.
    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?
    An estate agents written valuation is acceptable at probate.
    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"
    What happens when they go to several High Street estate agents who then give a different valuation?
    "Never underestimate the mindless force of a government bureaucracy
    seeking to expand its power, dominion and budget"
    Jay Stanley, American Civil Liberties Union.
  • WhiteHorse
    WhiteHorse Posts: 2,492 Forumite
    poppysarah wrote: »
    How do you find which ones are reputable?
    Cultivating a local solicitor is the fastest route.
    "Never underestimate the mindless force of a government bureaucracy
    seeking to expand its power, dominion and budget"
    Jay Stanley, American Civil Liberties Union.
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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?
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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) ???
  • WhiteHorse
    WhiteHorse Posts: 2,492 Forumite
    googler wrote: »
    Why do you think a local surveyor doesn't have the same local knowledge as a local EA (in the same locality, of course) ???
    *sigh*

    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 bureaucracy
    seeking to expand its power, dominion and budget"
    Jay Stanley, American Civil Liberties Union.
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