Probate value for property

CFWJOB

Deceased has left a tenanted property- tenants moved in just before the death. IHT will be payable on the total estate but there is enough cash to settle the IHT so the heirs have the option to retain the property and don't need to sell up.

I've seen in other discussions that it's very important to not to risk any undervalue of the property at probate because HMRC will likely challenge this if the property turns out to sell at a higher market value. For this reason, you should always use the highest of 3 estate agent values.

But if there is no intention to sell the property, is this advice still relevant?  Would the heirs be ok to use the average of 3 figures?

user1977

I'd get a surveyor to value - not sure how competent the average shiny-suited estate agent will be, in particular how to take account of the fact it's tenanted.

Keep_pedalling

With an estate in IHT territory you should get a paid for valuation from a RICS surveyor, which is highly unlikely to be challenged.