Property valuation

Froglet

When filling in the inheritance tax form,where no tax is due,followed by the probate form,do you need an official written valuation from an estate agents,or just a figure that the agents have quoted when they have visited the property that is to be sold ?
Just about to start the process and want to get it right.Thank you

Keep_pedalling

No need to provide a quotation. As is sounds like the estate is well below IHT territory be careful not to undervalue it as that could give you a capital gains issue if it sells for considerably more.  

Froglet

So I could get it verbally valued,then add say another 10k on a 250k property especially as we won't be selling it  until at least next spring,but want to get probate sorted in good time.We know that it is worth around that figure,and there are few savings as well,so safely under the limit

p00hsticks

Froglet said:

So I could get it verbally valued,then add say another 10k on a 250k property especially as we won't be selling it  until at least next spring,but want to get probate sorted in good time.

Personally I got two separate valuations and would have got a third if an identical property across the road hadn't just sold that I could also quote for comparison.

Froglet

I know the estate agents I'm using well,so I know they won't over or undervalue it,and that they won't be pushy ,unlike some,when it comes to selling.

getmore4less

Do your own research as well as the EA, gather your evidence of why you think the place is worth £x.



If the place will be empty and council tax exempt with delaying the sale think carefully about the timing of the application for the grant as once issued the class F exemption only runs for 6 months.

Froglet

getmore4less said:

Do your own research as well as the EA, gather your evidence of why you think the place is worth £x.



If the place will be empty and council tax exempt with delaying the sale think carefully about the timing of the application for the grant as once issued the class F exemption only runs for 6 months.

Thanks,but my sister will be living in it until it's sold and will likely only move when she finds a place to rent,just before the sale completes.I'm thinking that anyone wishing to buy will want to know probate is granted ,so there wouldn't be any delay.Bungalows sell very quickly in our area so we want to be ready ,we have a lot of stuff to sort through and sell or dispose of,and as she is going in hospital next month for a long awaited hip replacement ,it will be some time before she is ready and able to move.