Distritc Valuer disagrees valuation

castle96

"Your Sister now needs to argue her case with the DV. "

It's up to HER to do this then ? not the paid for solicitor ! I understand that the DV is there to protect the public purse. Would he have seen the 4 detailed valuations that the solicitor had ?
Cant understand solicitor's comment that "IHT HAS been agreed" if this still can be challenged later.
How does anyone know that these 4 valuations were NOT paid for ?!
If she got 1 paid for val (possibly from one of the same RICS valuers that have already been) would they really value any differently (ie contradict themselves).
She has done all that was asked of her (by solicitor). Seems a shambles

Owain_Moneysaver

Were these "valuations" free opinions from estate agents? In this case they are not RICS valuations - even though the estate agents may also be RICS chartered surveyors.

A RICS valuation must be carried out by a MRICS chartered surveyor visiting the property and following "Red Book" valuation procedures laid down by RICS. It will be charged for - at least £100, and maybe £1000+ for a larger or more complex property/land valuation.

The DV doesn't care whether the valuation was paid for - but RICS surveyors don't give formal valuations away free.

getmore4less

What is happening to the house?
Any transferable nil rate band?

DV has queried the value have they proposed an alternative value yet?

If not they will look at the evidence(valuations and a few sold examples would help) and it may settle their mind if not they will do their own.

Where there are very similar properties this is relatively easy(same sort of hous in the street sold for X a month ago), it is the properties that are one off or a bit different that are hard to compare, then you need the expert.


FWIW we got a free official(multi page) valuation from a RICS that happens to own an EA they just hope you will pass the business onto them later.

castle96

sister staying in house.NRB all sorted. DV has queried with solicitor (not proposed any 'other' valuation. Only 2 house in the street like this.. Other one is 4 b/room, this is 3.

Keep_pedalling

castle96 wrote: »

"Your Sister now needs to argue her case with the DV. "

It's up to HER to do this then ? not the paid for solicitor ! I understand that the DV is there to protect the public purse. Would he have seen the 4 detailed valuations that the solicitor had ?
Cant understand solicitor's comment that "IHT HAS been agreed" if this still can be challenged later.
How does anyone know that these 4 valuations were NOT paid for ?!
If she got 1 paid for val (possibly from one of the same RICS valuers that have already been) would they really value any differently (ie contradict themselves).
She has done all that was asked of her (by solicitor). Seems a shambles

Your sister has employed the solicitor to help with probate not to take the whole administration, which for an estate this size would have been a lot more than the prices you quoted. Yes she could get them to sort all this out for her but this is likely to add to her legal costs.

If your sister has paid a surveyor to value the property, she should go back to that surveyor for advice on the next step. If as I suspect she got 4 free valuations from estate agents, she now needs to get a surveyor to provide a written valuation.

getmore4less

How big is the rest of the estate to warrant IHT.

castle96

Value of estate is not really relevant. IHT is payable. If house were to be valued at £350 instead of £325, then 40% on the £25 'extra'. Divided between me and sister. The daft thing is that the higher the val of the house, the more £ I get. She gets the house, I get the same value and rest is divided by two. We pay 50% each of all costs.
She wants to do right by me (she has her own money anyway), I want to do right by her. What cheeses me off after a lifetime of dealing with pompous solicitors (ex IFA), is that we will be paying this numpty for messing us/basically sister, about

getmore4less

DV is asking for justification of the valuation, give them the evidence you have backed up with sell through of as close as you can get.

With an estate in excess of 600k+ with IHT they want more than a number on a form what was sent with the IHT forms?

System

Is it possible that that the valuation took into account any work which needed doing to update the property, and therefore undervalued it?

When I had my late father's house valued, although the neighbouring houses were going for £250,000 the valuer (RICS and paid for!!) valued it at £200,000 for probate due to the fact that, in his opinion, around £50,000 needed spending (and it turns out he knew what he was talking about!). Both he and the solicitor said not to start decorating or doing any other improvements to it until after Probate was granted as the DV might "show an interest" and I need to leave it as it is. In the event, the DV wasn't interested and I can only assume that the valuer had written in his notes why the value was different from similar neighbouring houses which had been sold.

Do you have / can you get a copy of the Valuation Report?

Keep_pedalling

castle96 wrote: »

Value of estate is not really relevant. IHT is payable. If house were to be valued at £350 instead of £325, then 40% on the £25 'extra'. Divided between me and sister. The daft thing is that the higher the val of the house, the more £ I get. She gets the house, I get the same value and rest is divided by two. We pay 50% each of all costs.
She wants to do right by me (she has her own money anyway), I want to do right by her. What cheeses me off after a lifetime of dealing with pompous solicitors (ex IFA), is that we will be paying this numpty for messing us/basically sister, about

You need to pay a professional not a numpty.

Going back to your 1st post you say you had it priced for sale and market prices, but surely the market price is what it would sell for and is the value that should be declared on IHT 400?