IHT advice

getmore4less

mikewp wrote: »

Again thank you for your comments, if the planning potential was declared thus increasing the valuations then would the cost of gaining planning consent be offset against the estate ??

You don't "declare" planning potential, everyone could potentially increase the value of the property by developing.

a house is not worth £5k more because a £10k development might increase the value by £15k.

A property is worth what it's worth any potential development is intrinsic in that valuation there is nothing to declare.

Post DOD costs developing a property cannot offset that valuation.

open market valuation is reasonably well defined, if you tried to sell it AS IS what would you expect to get.
That is a reasonable time not an open ended any time in the next few years or in the next week, unless you actually go to auction

mikewp

Again thank you for your replies, whilst we do intend to seek professional advice it is nice to get as much background information as possible so we can find the best route forward.

Often it is very difficult assessing the right person to get professional advice from, there are a lot of pretenders out there who are happy to take your money but are not capable of delivering the goods.

getmore4less

Depending on local area you may find local EA have qualified people to do a proper DOD valuation and will do it for free/low fee on good will to get future business.

Look for those that deal with more than just the basic houses, commercial and higher end often have qualified people, or areas that have a mix of properties often the smaller agent are run/owned by qualified people.