Need Rics but so anxious + NRB question

Hi all.

my heart is beating fast and I have awful feeling in my stomach just writing this. 

From research I can see that a rics valuation/ report is recommended for IHT. 

Has anyone ever had a surveyor do a rics report? What is involved? Do they go into each nook and cranny of the room or can they stand in the doorway to measure the room with their digital tape? 

The reason I ask, since losing my dad (last parent) fairly quick after losing my mum my mental health has plummeted, as well as grieving still for both parents -  the house is a mess. I’ve always been a hoarder to be honest but I’m hoarding even more. My mum and dads bedrooms are pretty much preserved the way it was before they passed. Sounds odd I know, but I’m dealing with it slowly, I’ll get there. 
Anyway, so someone coming to the house for a valuation fills me with dread with the state of the house. The least time they spend in each room the better.

The house opposite mine was sold 2months roughly after my dad died, it’s the same number of bedrooms, detached etc… but my front garden is a lot bigger so I’m guessing that won’t be a very reliable valuation?! I wish it could be :( 

my other question, I have allowances carried over from when mum passed so I understand I have RNRB £350,000+ NRB £650,000 = £1mill 

My figures aren’t exact yet but I have a rough idea. Say the house is valued at approx £650,000 and my dads bank, gifts, stocks/shares etc value at approx £500,000 making the total estate around £1,150,000, will I be taxed on the £150,000 only? 

Or am I taxed on just the £300,000 of the house… And the bank, shares,gifts are tax free as it falls under the £650,000 allowance? 

I believe it’s the £150,000 over the £1mill from my reading but just double checking. 

Sorry for the questions, as you see it’s late and this all keeps me awake! I will be doing the paperwork myself. I did my mums, of course it was easier as everything went to dad, but I’m feeling confident. 

Thanks in advance. 

Comments

  • Ambyth
    Ambyth Posts: 24
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    Morning Walker,

    Sorry to hear your news.

    From the surveying side, it used to be kind of "survey what you see".  They wouldn't move furniture, items, lift carpets, etc.  Did used to open cupboards for electric/gas meters.  Hopefully not changed too much!
      
  • Keep_pedalling
    Keep_pedalling Posts: 16,227
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    Really sorry for your double loss. Please try not to stress about the state of the house, the surveyor would have seen it all before, unfortunately this is common when people have got to the physical / mental state where they can’t maintain their house as they once did. The surveyor will not be going spend a great deal of time in the house and you don’t have to go in with them if you don’t want to.

    You will find lots of support and guidance on this board to guide you through the IHT return which you won’t have had to do for your mother.

    Assuming neither of your parents made any non exempt  gifts in the last 7 years then your fathers estate will have £1M of exemptions, so IHT will only if the net estate (gross value less any debts and funeral costs) and it will only be payable on the amount above that value. If your father’s will leaves anything to charity that will also be exempt. It sounds like the total IHT liability is around £60k, and it is the estate pays the tax not you.

    You don’t have to apologise for asking the questions, that is exactly what we are here for. You will probably have a lot more so please don’t hesitate to ask.
  • Ambyth said:
    Morning Walker,

    Sorry to hear your news.

    From the surveying side, it used to be kind of "survey what you see".  They wouldn't move furniture, items, lift carpets, etc.  Did used to open cupboards for electric/gas meters.  Hopefully not changed too much!
      
    Thanks for your reply. Gas and electric all in the garage- and probably the place in least worried about! 
    I know it probably hard to say, but how long would it  last, an hour? Two? Thanks again 
  • Really sorry for your double loss. Please try not to stress about the state of the house, the surveyor would have seen it all before, unfortunately this is common when people have got to the physical / mental state where they can’t maintain their house as they once did. The surveyor will not be going spend a great deal of time in the house and you don’t have to go in with them if you don’t want to.

    You will find lots of support and guidance on this board to guide you through the IHT return which you won’t have had to do for your mother.

    Assuming neither of your parents made any non exempt  gifts in the last 7 years then your fathers estate will have £1M of exemptions, so IHT will only if the net estate (gross value less any debts and funeral costs) and it will only be payable on the amount above that value. If your father’s will leaves anything to charity that will also be exempt. It sounds like the total IHT liability is around £60k, and it is the estate pays the tax not you.

    You don’t have to apologise for asking the questions, that is exactly what we are here for. You will probably have a lot more so please don’t hesitate to ask.
    Thanks for replying
  • BooJewels
    BooJewels Posts: 2,719
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    I'm sorry for your loss - I lost both parents within months,  I think it's quite common, so a lot of us here understand.

    Please don't worry about the valuation, it will only take as long as it takes them to walk from room to room and maybe jot some measurements or observations.  The two I had done took less than 10 minutes - I just left them to it whilst I made them a brew. I got a written valuation emailed to me later the same day.  They'd clearly done some research before they came, with land registry etc as they had those plans and a plot size worked out already.

    In the case of my parents' house, it was a badly maintained and they were hoarders and there was a serious mouse infestation (all made worse by Dad being in care, then lockdowns hit, so we couldn't do much there for a while), so we were somewhat embarrassed, but the valuer only commented that he'd actually seen worse, but it might be an idea before marketing it for sale to clear it enough so that people could actually walk into rooms.  Once it sold and we were sure we'd checked everywhere for treasures (paperwork, cash, things we'd like to keep), we used a house clearance company and it was worth every penny.
  • Marcon
    Marcon Posts: 10,027
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    Ambyth said:
    Morning Walker,

    Sorry to hear your news.

    From the surveying side, it used to be kind of "survey what you see".  They wouldn't move furniture, items, lift carpets, etc.  Did used to open cupboards for electric/gas meters.  Hopefully not changed too much!
      
    Thanks for your reply. Gas and electric all in the garage- and probably the place in least worried about! 
    I know it probably hard to say, but how long would it  last, an hour? Two? Thanks again 
    Nothing like that. A valuation for probate isn't the same thing as an estate agent measuring up, taking photos etc in readiness for a sale. Fifteen minutes to half an hour at most.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • user1977
    user1977 Posts: 13,377
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    They will be there for as long as it takes them to see how big the property is and check that it isn’t falling down. They won’t be remotely interested or bothered about what the contents of the house are.
  • poppystar
    poppystar Posts: 1,261
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    Just to say I can totally sympathise with how you are feeling and with things going out of control. I feel much the same about anyone having to come into my home - health issues and having to deal with all my parents possessions as well as the admin after their deaths have really taken their toll. It’s not that I couldn’t do any of it but if you are alone there is so much on your shoulders and these things can quickly deteriorate and become overwhelming. Even so there are things over which in retrospect I wish I’d spent more time or at least not felt pushed to get them done. 

    Take it at a pace you can manage. As others have said any surveyor is really only interested in getting the job done and probably will not be in the house for any length of time, in fact will probably spend more time walking round the outside. A friend said something very useful recently - remember these people are being paid to get a job done not to pass judgement. While some tradesmen in my experience  seem to find it very difficult not to do the latter a real professional will simply do the job to hand that they are being paid for.

    let us know how it goes!  
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