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Property valuation for probate
cherry76
Posts: 1,097 Forumite
EA valuation £350,000 to £375,000. A house nearby sold at £365,000 without garage only drive way. Mine has got a garage attached to the house. I was going to get three valuations but have been put off by one EA who did not turn and did not bother to ring. I am going with just one valuation, shall I declare the lower valuation at £350,000? Thanks
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Comments
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Is the estate subject to IHT ?
What's going to happen to the property once you get probate. ?
If you intend selling it then it's best to err on the high side otherwise the estate will face a CGT liability of it sells for more than the value declared for probate....0 -
As above, if the estate is well below IHT territory go on the high side. If you are in or near IHT territory then it is best to get a professional valuation from a RICS surveyor.0
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It’s below IHT, not selling mum is the life tenant. Getting probate for dad.0
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In which case you don’t have to be that accurate as it is covered be spousal exemption unless they weren’t married.cherry76 said:It’s below IHT, not selling mum is the life tenant. Getting probate for dad.1
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