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g6jns_2

The range between £235K and £350K is huge. The executor are failing in their duty if they don't take proper steps to get a reasonably accurate valuation. At that sort of figure a professional valuation by a RICS surveyor or similar should be done. At £350k the estate is likely to be into IHT liability so HMR&C will scrutinise it closely. Open market value less 10% is a good yardstick.

Savvy_Sue

g6jns wrote: »

The range between £235K and £350K is huge. The executor are failing in their duty if they don't take proper steps to get a reasonably accurate valuation. At that sort of figure a professional valuation by a RICS surveyor or similar should be done. At £350k the estate is likely to be into IHT liability so HMR&C will scrutinise it closely. Open market value less 10% is a good yardstick.

I agree it's a huge difference, but just how do you get anything more accurate? All three estate agents consulted say the house is 'unique', there is 'nothing quite like it', and have made different suggestions for how a new owner might wish to realise its 'potential'.

We would be in IHT territory if we didn't have most of a transferrable nil rate band in the mix.

Unlike the OP, at least we won't have siblings arguing about what it's worth. I'm just saying it's somewhere between not easy and impossible to know until you start getting offers.

G6JNS

Savvy_Sue wrote: »

I agree it's a huge difference, but just how do you get anything more accurate? All three estate agents consulted say the house is 'unique', there is 'nothing quite like it', and have made different suggestions for how a new owner might wish to realise its 'potential'.

We would be in IHT territory if we didn't have most of a transferrable nil rate band in the mix.

Unlike the OP, at least we won't have siblings arguing about what it's worth. I'm just saying it's somewhere between not easy and impossible to know until you start getting offers.

That is why you need a professionally qualified valuer rather than an etsate agent.

jackyann

We too had a "unique" house to sell, and you will find a qualified valuer at the better estate agents.
There is no problem in putting down a value that has been properly obtained.

OP - my sympathies. Can you begin to agree on a time-scale and an estate agent? So say you put at the higher price for 3 or 6 months, and consider a drop after that, or a change of estate agent? Ask that the estate agent copies letters / emails about possible price drop, or any issues that are arising about desirability of the house, to all of you.

The problem becomes more accute when one of you wants to release their money, and if you can agree to give it, say a year (during which time the house may well increase in value) this may be helpful. A common ploy is to say to the one holding out for the higher value that they can "buy out" the one who wants a quick sale (that helps them focus on how confident they are)

If the house is empty, you do need to agree on how you will organise and finance its care (otherwise it may fall in value!) The cost of this may also focus the mind of the one who wants to hold out for a higher sum!

An issue that arose for us on the house we were selling was this: on paper, and even on a Sunday afternoon glance, especially if they walked along a very short footpath to get to it, it looked lovely (higher value) But almost everyone who came by on an evening saw how difficult it was to get along the narrow road that was its only vehicular access, and we ended up dropping the price significantly. One of us lived locally and was aware of this, the other hadn't twigged it (but there was only discussion, no difficulty thank goodness!) but this is the kind of thing that you need an estate agent to mail all of you to explain.