How to get a valuation:

Seanymph

We have agreed to sell a house to my husband's son.

How do we go about finding out what it is worth on the open market, before we start discussing what price to charge him?

Madmel

Why don't the 3 of you each nominate a local EA to come round to value it? Then either use the average price, or if it's a private sale use the lowest as a starting point. However, I would probably not disclose the fact that I had a buyer when inviting the EAs round.

steve_ben

I went into my local estate agent and told them that I needed a valuation for insurance purposes and asked them if they could help - they came over a couple of days later and did not charge a fee.

If any properties have sold in your road over the last few months, a quick check on Zoopla will tell you what they selling price was. That will give you a rough idea

booksurr

since you refer to open market value is the valuation also going to be needed for calculating your (assuming joint ownership?) Capital Gains tax liability on disposal to his son (a "Connected person" in tax speak)

if it is then make sure the valuation is realistic and documented as you will have to rely on it if HMRC challenge your CGT . It may therefore be worth it in the long run to pay for the valuation from a qualified valuer/surveyor

Seanymph

booksurr you have just posted something that obviously I need to understand.

Why would we have capital gains tax liability on selling it to his son.

It isn't joint ownership, it is in my husband's name only.

Kynthia

There is a potential liability for CGT on any property you sell that hasn't always been your principle private residence. The amount would depend on how much the gain is, whether the owner had ever lived there, if it had been let after the owner had lived there, etc. So further info would be needed.

G_M

Do you live in the house? If not and you are selling a 2nd home, there is potential CGT liability.

https://www.gov.uk/personal-tax/capital-gains-tax

Why don't the 3 of you each nominate a local EA to come round to value it?

Be aware many EAs may exagerate the value - they want you to think they can get a better price than the other EAs so you will employ them.

You could pay an RICS surveyor for an impartial valuation:

http://www.ricsfirms.com/

I went into my local estate agent and told them that I needed a valuation for insurance purposes and asked them if they could help

The value for insurance purposes (re-build cost) is not the same as market value.

Market value includes the land as well as the building, so is usually higher than the cost of rebuilding a property after, say, a fire.