VOA requesting more information following RICS valuation

jelliedeel13746

Hello forum. I'm hoping someone can help me with an issue I'm having regarding the valuation of my late mum's property. 

My mum died in July last year and we had a valuation carried out by a RICS member (who were suggested by the solicitors acting as executors of her estate) last September. 

I submitted the valuation report to the solicitors who subsequently submitted this, along with the value of her other assets, to HMRC earlier this year. 

Today, I received an email from the solicitors with a form attached from the VOA who are requesting more information regarding the property. The solicitors gave no context as to why they would be requesting more information (this is true to form on the solicitors' part - they've been pretty shoddy throughout the whole process) but I am understandably worried. 

All the information requested by the VOA (e.g. number of bedrooms, is it a freehold or leasehold, is it in need of modernisation) was included in the valuation report.

Would anyone be able to provide any advice as to why they now need more information than already provided? The property is of a relatively high value (at least for the area we live in) and took us over the inheritance tax threshold, so would this be a case of them just double checking that? And if the VOA values the property higher than the original valuation report, would the additional inheritance tax have to be paid by the estate/living beneficiaries or would there be an opportunity for the RICS member/solicitors to remedy this themselves?

Any advice is much appreciated, thank you!

user1977

Presumably they're merely checking given the high value. I would just answer the questions. You can cross the bridge of what happens if they disagree with the valuation if you get there.

Marcon

OP, see https://forums.moneysavingexpert.com/discussion/6452819/valuation-office-voa-querying-rics-valuation which should reassure you that this is a pretty standard request. There's no reason the solicitors would have 'expanded' on why it was being made - doing so would have increased their fees without adding any value, so they are entirely correct in acting as they have in relation to this.

lincroft1710

Since the VOA hold records of virtually every property in England and Wales, it suggests that the RICS valuation is at odds with the info the VOA hold

madbadrob

The VOA probably have a different valuation for your property which is what the council tax banding would have relied on.  Therefore answer their questions and wait.  Once they come back to you then the negotiating can take place if necessary and if still cant be settled then there is an appeal system.  I dont see how you can claim againbst The RICS surveyor or the Solicitor in relation to their work unless you can clearly demonstrate negligence.  

As for who pays should the IHT figure is higher.  Well technically you wont have been granted probate yet and therefore you wont know the net value of the estate after IHT as been paid so apart from legacies that are "free of IHT" no payments of legacies should have been made. 

UNtil probate as been granted and the property sold (assuming that it is to be sold) you cant build a final set of accounts which is then used to pay each person.  Any increase in IHT liability should come from the estate and be shown in the final accounts.  Of course the VOA could go the other way and say the valuation is too high

Rob

GabyE

My mother died in July 2023. We paid the full amount of IHT due on my mother's estate soon after the six month deadline in February 2024 and received probate in July 2024. The following month, we were informed via our solicitors that the VOA were querying the valuation of my late mother's home in South West London. They took 3 months to look at Zoopla (or the VOA equivalent) and review the paperwork including the independent 'red book' survey carried out by an experienced MRICS partner from a respected local surveying firm. The VOA then demanded an inspection. The 'inspector' was a junior surveyor with under 2 years post qualification experience and a junior colleague. Neither had local knowledge. The 'opinion of value' that followed several weeks later was issued by the junior surveyor in his own name and gave a valuation that was 36% higher than our surveyor's valuation. We objected. The VOA 'boss' surveyor came down from Leeds to inspect the property himself. His response, which took more than a month supported his junior's opinion without offering any independent opinion. Factual errors in the junior's report remain uncorrected. There has been no attempt to negotiate or find common ground. 5 months on we are still at an impasse. The delays are unreasonable. It takes weeks to get a response to an email. Any increase in value will accrue interest dating back to February 2024 (6 months after my mother died) at the new increased rate of 4% above base (another gift from our chancellor's autumn budget). We are now looking at going to Tribunal. 

lincroft1710

GabyE said:

My mother died in July 2023. We paid the full amount of IHT due on my mother's estate soon after the six month deadline in February 2024 and received probate in July 2024. The following month, we were informed via our solicitors that the VOA were querying the valuation of my late mother's home in South West London. They took 3 months to look at Zoopla (or the VOA equivalent) and review the paperwork including the independent 'red book' survey carried out by an experienced MRICS partner from a respected local surveying firm. The VOA then demanded an inspection. The 'inspector' was a junior surveyor with under 2 years post qualification experience and a junior colleague. Neither had local knowledge. The 'opinion of value' that followed several weeks later was issued by the junior surveyor in his own name and gave a valuation that was 36% higher than our surveyor's valuation. We objected. The VOA 'boss' surveyor came down from Leeds to inspect the property himself. His response, which took more than a month supported his junior's opinion without offering any independent opinion. Factual errors in the junior's report remain uncorrected. There has been no attempt to negotiate or find common ground. 5 months on we are still at an impasse. The delays are unreasonable. It takes weeks to get a response to an email. Any increase in value will accrue interest dating back to February 2024 (6 months after my mother died) at the new increased rate of 4% above base (another gift from our chancellor's autumn budget). We are now looking at going to Tribunal. 

I don't know if there is an actual question here or if it is just a rant


One thing I would say is that the VOA receive details of 99.9% of all English and Welsh property sales from the Land Registry so will use actual sales evidence and not Zoopla guestimates.


If you are unhappy with the way the VOA have dealt with the matter then you can make a complaint via their website