If property transferred to beneficiary is it best to get a RICS to do valuation?

lulabel5

Hi there
If an inherited property is to be transferred to beneficiary is it best to get a RICS to do valuation or estate agents? (as estate agents seem to put in very high valuations)

Yorkshireman99

lulabel5 wrote: »

Hi there
If an inherited property is to be transferred to beneficiary is it best to get a RICS to do valuation or estate agents? (as estate agents seem to put in very high valuations)

It depends if the beneficiary is going to use it as their main residence in which case there will not be a future CGT issue. I am assuming the estate is below the IHT threshold. Estate agents valuations are notoriously high.

lulabel5

Hi there
The valuation for IHT has already been submitted and probate granted - however, the solicitor seems to think that if one of the two beneficiaries has the property transferred to them via appropriation, another valuation will have to be done to work out what the current value of the property is, ie: what proportion of the estate it represents.
Is it possible to insist that a Chartered surveyor does this rather than an estate agent, as the estate agents seem to want to put in the highest value, even though they freely admit it is unlikely the property will sell for this amount. To be fair to both beneficiaries, is it better to get a chartered urveyor to do this valuation and can the solicitors/executor be compelled to use this method?

Thanks!

Yorkshireman99

lulabel5 wrote: »

Hi there
The valuation for IHT has already been submitted and probate granted - however, the solicitor seems to think that if one of the two beneficiaries has the property transferred to them via appropriation, another valuation will have to be done to work out what the current value of the property is, ie: what proportion of the estate it represents.
Is it possible to insist that a Chartered surveyor does this rather than an estate agent, as the estate agents seem to want to put in the highest value, even though they freely admit it is unlikely the property will sell for this amount. To be fair to both beneficiaries, is it better to get a chartered urveyor to do this valuation and can the solicitors/executor be compelled to use this method?

Thanks!

You have started a second thread on the same question. A RICS valuation is the only fair way. The solicitor will have to get the probate value corrected.