Estate agent's valuation for probate

JamPam

Do estate agents really give a true valuation for probate? If so how come the figures vary wildly (£20,000) and seem higher than figures on zoopla. Is zoopla a reliable way to check the figures? Are the estate agents just over valuing to get the property on their books? What is the best way to get a true valuation i.e. how much it would sell for not how much it could be advertised for. Chartered surveyor? How much should this cost?
With thanks for any opinions/experiences shared

kingstreet

I would ask a local chartered surveyor for a probate valuation. Around £100 is the going rate here.

The_J

Estate agents will often vanity price to get the business.

Zoopla is a very broad estimate and obviously doesn't factor in home improvements, location factors etc.

Get a chartered surveyor in, very reasonable cost compared to the hassle down the line that could happen

cattie

Zoopla pluck figures from the air in many instances, take any figures they quote with a pinch of salt.

Get a chartered surveyor as others have suggested, but make sure he knows the local area to be able to give a valid opinion.

troubleinparadise

I would get a certified chartered surveyor to give a valuation (agree with the @ £100 charge) if you are doing IHT Probate returns to HMRC.

Apparently this is definitely one area that is checked closely by HMRC, especially if the declared amount varies from what they expect for the area.

Then there is the issue of should the property be sold later at an increased amount from the declared valuation there will be adjustments made on tax ( or if less, could equally be a refund from IHT), or capital gains payable.

The other suggested method is 3 valuations from estate agents, with an average being used in the declaration. But be prepared to be able to back up the figure with evidence if asked.

opinions4u

If you are to use free valuations from estate agents you should ensure they put the likely sale price that they would expect to achieve in writing. Not just the initial asking price.

You could also use land registry actual sale prices available on Right Move and other sites to compare to similar property sales in the area in recent months.

Not always like for like, but potentially supportive of a lower IHT valuation.