Valuation Office (VOA) querying RICS valuation

Daniel54

I am co-executor for an estate into IHT territory ,roughly 50/50 investments and property.We have already paid over £350k in IHT on account

We paid for an independent RICS property valuation and this was submitted for probate.We are somewhat dismayed that the VOA is querying this valuation and requiring additional information such as photos and a more detailed description of the property.We will of course need to arrange for this to be provided, but most definitely wish to avoid them insisting on using the district valuer

However I thought an RICS valuation would be pretty bullet-proof.Has anyone had experience/knowledge of the VOA questioning such a valuation ?

lincroft1710

Perfectly normal.


VOA also employ Fellows and Members of the RICS. I'm ex VOA and it happened all the time. Just because one Member/Fellow of the RICS has an opinion of value it does not follow that the others will agree. The DV is a branch of the VOA.

Marcon

Daniel54 said:

I am co-executor for an estate into IHT territory ,roughly 50/50 investments and property.We have already paid over £350k in IHT on account

We paid for an independent RICS property valuation and this was submitted for probate.We are somewhat dismayed that the VOA is querying this valuation and requiring additional information such as photos and a more detailed description of the property.We will of course need to arrange for this to be provided, but most definitely wish to avoid them insisting on using the district valuer

However I thought an RICS valuation would be pretty bullet-proof.Has anyone had experience/knowledge of the VOA questioning such a valuation ?

Yes - the surveyor who did the valuation will have. Go back to them and ask for assistance if necessary.

lincroft1710

Marcon said:

Daniel54 said:

I am co-executor for an estate into IHT territory ,roughly 50/50 investments and property.We have already paid over £350k in IHT on account

We paid for an independent RICS property valuation and this was submitted for probate.We are somewhat dismayed that the VOA is querying this valuation and requiring additional information such as photos and a more detailed description of the property.We will of course need to arrange for this to be provided, but most definitely wish to avoid them insisting on using the district valuer

However I thought an RICS valuation would be pretty bullet-proof.Has anyone had experience/knowledge of the VOA questioning such a valuation ?

Yes - the surveyor who did the valuation will have. Go back to them and ask for assistance if necessary.

Although this is not a bad idea, if you want the surveyor to negotiate with the VOA on your behalf their fees will not be cheap. But seeing how much IHT is at stake, it may be worthwhile.

Marcon

lincroft1710 said:

Marcon said:

Daniel54 said:

I am co-executor for an estate into IHT territory ,roughly 50/50 investments and property.We have already paid over £350k in IHT on account

We paid for an independent RICS property valuation and this was submitted for probate.We are somewhat dismayed that the VOA is querying this valuation and requiring additional information such as photos and a more detailed description of the property.We will of course need to arrange for this to be provided, but most definitely wish to avoid them insisting on using the district valuer

However I thought an RICS valuation would be pretty bullet-proof.Has anyone had experience/knowledge of the VOA questioning such a valuation ?

Yes - the surveyor who did the valuation will have. Go back to them and ask for assistance if necessary.

Although this is not a bad idea, if you want the surveyor to negotiate with the VOA on your behalf their fees will not be cheap. But seeing how much IHT is at stake, it may be worthwhile.

Agreed. OP - check if the original contract included a provision for dealing with follow-up queries from the VOA. Some do, although there's likely to be a limit on the 'extra effort' included.