Is there a probate fee when you sell a house if there was a will?

james_uk

Hi, I have now had the house valued by 2 places and have both said £90,000 is a price they think i should be looking at.

While this is great to my initial thinking, i am a little worried that this is a good bit more than what the solicitor has declared and will that now mean i have to pay inheritance tax? Would i have had to pay te tax either way, even if the solicitor put that it was worth more on the probate forms?

When the solicitor put that price, it wasn't an actual valuation it was just my thoughts as i thought it would be worth a lot less.

Regads

James

p00hsticks

james_uk said:

Hi, I have now had the house valued by 2 places and have both said £90,000 is a price they think i should be looking at.

While this is great to my initial thinking, i am a little worried that this is a good bit more than what the solicitor has declared and will that now mean i have to pay inheritance tax? Would i have had to pay te tax either way, even if the solicitor put that it was worth more on the probate forms?

When the solicitor put that price, it wasn't an actual valuation it was just my thoughts as i thought it would be worth a lot less.

Regads

James

No you won't have to pay inheritance tax, but it's possible that the estate might have to pay Capital Gains Tax on the difference between the probate value and what it actually sells for (less the costs of selling it).

No use crying over spilt milk, but you really should have got a proper valuation done to go on the probate form....

james_uk

Well i was leaving this stuff to the solicitor and he only asked me a rough guess and i didn't even know lol

He really should have asked me to get one i guess.

james_uk

I feel a bit annoyed about all this now, if i sold for 90,000 thats a difference of 17,700 with 72,300 being the limted i could not pay CGT on, so at 18% this would mean me paying £3,186 just because the solicitor didn't tell me how important it was to get an accurate figure and given how quick you can get a valuation was the least he could do.

He was happy to take £1000 off me to do the probate form which i know now i could have even done that easily myself, at the time my father had not long died and i had organised everything else myself and this was one thing after talking to the solicitor that seemed like might be a good idea letting him do.

Is there any way this can be ammended or is that something that can't be done now?

Surly when it comes to any mention of CGT i should be able to show that it's not gone up in value and thats roughly how much the property would have been when the form was originally done? that seems to black and white that it has to be seen at £60,000 as the value when it was never that and the solicitor put that based on my just plucking it off the top of me head at the time which he very well knew.