Options In Scotland For Getting A Property Valued For Probate Purposes

G_M

davidmcn wrote: »

Though note that these links are irrelevant for estates in Scotland.

Ooops - thanks david!

Owain_Moneysaver

How close are you to the threshold for Inheritance Tax (including any allowance transferred from your mother's late spouse if applicable)?

If you are very close (or over the threshold and face having to pay tax) then ideally you need a RICS surveyor's property valuation (for which he will charge probably £50-100).

If IHT isn't an issue then a marketing appraisal letter from an estate agent will usually suffice.

The value for IHT can be adjusted with the final proceeds of sale if necessary.

Note you can advertise a property for sale before you get grant of confirmation/probate - you just can't negotiate any offers. This may be relevant if you expect the property to be slow to sell or you want to get it on the market before christmas.

Probate/conformation doesn't have to take 6 months either. I got mine in 3 months, and that was mostly due to waiting for a final income tax statement from HMRC.