CGT tax for the slow witted...

izaac

It would appear so!

I have (correctly) been advised to seek advice and get research from all sorts of different sources; the problem is that there's no way of knowing if you're being mislead by 'experts', is there, if you've never done probate before!

This thing (the Barclays bloke) is possibly where it's all gone wrong for us in terms of understanding. You would imagine you wouldn't be mislead by 'an independent adviser' subcontracted from a major bank- who wasn't actually selling me anything!

SeniorSam

My very last post on this

Surely the IHT value is mum's, £325k; plus dad's unused (late April 2006) of £285k = £610k? I use IHT217 to tell HMRC about this. WRONG, as I and other have said the allowance is £650,000.

Where do Discretionary Trusts come into it? Genuine question.

The Will creates a Discretionary Trust on Death

Barclays advisers are not trained to sufficient level to advise on IHT

So really, a 'ball-park figure', the average of 3 back-of-an-envelope EA valuations is going to be fine as it doesn't 'matter' if we get it a bit wrong, is that right?

If you get three written Probate valuations from qualified Surveyors and use the highest one, you may sell for that or a little less. Costs are excluded from whatever it is sold for

IS this what everyone does?? As a potential buyer (or EA!) I wouldn't be impressed!

It is commonly accepted as buyers are advised that it is subject to Probate approval. Ask the Agents.

Goodbye and Good Luck

Sam

Savvy_Sue

izaac wrote: »

This doesn't suggest I can vary it after applying, however, it does suggest we should market a house we're not yet entitled to sell (being pre-Probate and non Land Registered!) in order to get a feel for the market!

IS this what everyone does?? As a potential buyer (or EA!) I wouldn't be impressed!

The EA will be very used to a probate sale, and will make clear to any buyers that there's no way of knowing how long it might take to get probate. Yes, that will put some people off. Others won't mind.

We had Mum's house on the market, in all its lived in glory, within two months of her death. Viewings were slow initially because the EA had encouraged us to overprice it. We dropped the price, got some viewings, and an offer from the first one to do so.

We had probate within four months of her death. Still don't know when completion will be, but we still have that buyer.

izaac

Thanks Sue! Interesting.

I am still waiting for some figures from a bank account and some valuations before I apply for probate; but in the interim, I have told my brother to get stuck in with repainting a couple of walls in the house, get a fence fixed etc so it presents as well as it can once we're closer to putting it on the market.