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House valuation for probate
aardvark65
Posts: 275 Forumite
Hi
My father passed away last week. The solcitors said we have to get a house valuation for probate. I was honest and told the estate agents what it would be for as i do not want anyone hassling my mum about putting it on the market.
They quoted £350 +vat!!!!!!
No way. Has anyone got any ideas? Many thanks
My father passed away last week. The solcitors said we have to get a house valuation for probate. I was honest and told the estate agents what it would be for as i do not want anyone hassling my mum about putting it on the market.
They quoted £350 +vat!!!!!!
No way. Has anyone got any ideas? Many thanks
0
Comments
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For probate you may need a valuation done by a RICS or similar qualified person and that has to be paid for. Do you know what the rough value is and will the estate attract IHT? In the latter case a paid for valuation is essential. Do you need a solicitor to get probate? For most estates it is easy to do yourself.aardvark65 wrote: »Hi
My father passed away last week. The solcitors said we have to get a house valuation for probate. I was honest and told the estate agents what it would be for as i do not want anyone hassling my mum about putting it on the market.
They quoted £350 +vat!!!!!!
No way. Has anyone got any ideas? Many thanks1 -
Would you still need the valuation if the home was jointly owned by husband & wife?0
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Yorkshireman99 wrote: »For probate you may need a valuation done by a RICS or similar qualified person and that has to be paid for. Do you know what the rough value is and will the estate attract IHT?
If the estate is likely to be close to, or above the IHT threshold, a proper valuation is required. Should the estate fall under the IHT threshold, but the property is to be sold at some point, it is advisable to get a valuation - There could be capital gains tax to pay if the property sells above the valuation..
When I was face with the same problem, I looked at what similar properties in the area were selling for. Took an average, deducted a figure to account for repairs, and entered that for probate. The estate was well under the IHT threshold and the property was being passed on as an only home. No CGT or stamp duty to worry about.Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.1 -
It depends on what is to happen to it. If it is the surviving spouse’s main residence then there should not be a problem. A professional valuation is only needed if a base value is, or maybe, needed for future IHT or CGT purposes.Would you still need the valuation if the home was jointly owned by husband & wife?0
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