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Inheriting unmortgageable property
in Deaths, funerals & probate
35 replies 2.3K views
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But professional advice is exactly what we've got. We've got professional property valuations.
Or are you saying we need to ask the solicitors which professional opinion is correct in the area of property valuations ????
Of course any opinions here are to direct what to do not to take as gospel.
So your advice if when professional advice conflicta in their specialist area then ask a solicitor which one is right ???
As the estate seems to fall well under IHT your chances of being challenged by the district valuer are low to negligible
it seems to me you really need to pin down,with professional estimates,the cost of making the property mortgageable
As executors you then end up with a view,on behalf of the beneficiaries ,whether it is money worth spending or not.
Technically the value of the property is at date of death.But I don’t know if this valuation can include significant value uplift for a small outlay.Others may be able to help.
If the executors don't want to take advice now, then you might wish to do so on your own behalf - assuming the executors would then be willing to act on that and you're willing to foot the bill if necessary. Would that get you round the issue and enable things to move forward?
i.e. £100K gain is £26320 in CGT.
We believe the cost of making the property mortgageable is approx £1000 to get the piece of paper.
That is based on local knowledge of multiple other properties that have sold in the street.
Thanks for the advice on "estate agent views" vs professional valuations. I didn't really appreciate that and exactly the kind of helpful comment I was looking for.
I don't believe the second valuation is correct (as user1977 said there would be people queueing up to make £100K for £1K investment) but I'm being cautious as I clearly have a vested interest in that view.
The executors absolutely DO want to take advice at the earliest opportunity and definitely see the value in it, but because of other personal issues (like other parents dying) are not doing so right this minute. I didn't want to get into personal details just explaining why I'm getting info here and not professional advice right at this minute. We are unfortunately at that age where we have other sick parents, dying parents as well as hospital appointments of our own, so it's not always that simple to drop everything.
We have a plan to go forward, I was just trying to get things straight to refine the questions for the solicitors as they are ££££ per hour.
I got to speak to one estate agent and explain the situation and she was happy to deal with me on behalf of the executors.
I did not get to speak directly to the other agent and they wouldn't discuss with me. I understand the reasons but I don't think it helped.