Valuations For Confirmation

Biscuit03

Hi,

We’re in the process of gathering information in order to complete the Confirmation form. We have a house and several pieces of jewellery and we wanted to check if we need to get written valuations for these?
Any advice would be much appreciated.

buddy9

House valuations are often estimated by the executor, particularly in the case of excepted estates. If the total estate is below IHT threshold and the house is to be sold it is commonly advised to adopt a generous but justifiable value to avoid/reduce concerns about capital gains tax.

(You need to be certain about the ownership status of the house rather than relying on what you may have been told or think. It is not uncommon for persons to misunderstand or be wrong about house ownership).

It is commonplace for executors to supply their own estimate of the value of household goods and personal effects.

Biscuit03

Thank you so much Buddy. The value of the estate will definitely fall below the threshold for IHT, so we can afford to be generous with the house valuation. I just wasn’t sure if we needed to get formal valuations, so your response is very helpful. Thank you.

Biscuit03

Good afternoon,

I am in the throes of completing the C1 Confirmation form, and I wonder if anyone would possibly have the time to cast their eyes over my 1st attempt. I've found this forum immensely helpful so I am hoping that I am not too far off the mark. With regards to the house, my fiancee's mother inherited the house after her husband passed away so I have assumed that the house is now her name only.

Any help with this would be greatly appreciated.

Kind regards

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buddy9

https://forums.moneysavingexpert.com/discussion/comment/81954845#Comment_81954845

I have a number of comments to offer on the draft C1. However in the meantime:

Firstly, you cannot assume house ownership has been inherited or make any assumptions about ownership. You need to be certain. You will be able to access the land register title to determine ownership. By email from Scotlis for £3+vat.

https://scotlis.ros.gov.uk/search

Secondly, are you the executor or writing this for the executor? The deceased is recorded as having a single child. You describe the deceased as your fiancee’s mother. The executor is described as son.

Biscuit03

Hi, Buddy,

Thank you for your response. I’ve taken your advice regarding house ownership and we have contacted ScotLis. My fiancée is named as the sole executor in the will, and he is the deceased’s only child.

Many thanks

Biscuit03

Hi, Buddy,

I've attached the document received from ScotLIS. The names noted within the document are those of the deceased, and her deceased husband who passed away 11 years ago.

Is this adequate to prove that the deceased owned the house?

Many thanks

Biscuit03

Sorry, forgot to add the attachemnt….

Search Sheet.jpg

buddy9

Slightly puzzled.

Your house entry in the draft C1 included reference to a title number - this suggests the house is recorded in the Land Register.

But your search sheet suggests the house is recorded in the General Register of Sasines.

What is the origin of the title number?

Biscuit03

We have 2 documents in an envelope marked “title deeds”. One is titled “Standard Security”, and the other is untitled but has been stamped by “Registers of Scotland General Register of Sasines”. I took the reference number from this document to be the title deed number - I am quickly realising that making assumptions is unwise when it comes to completing this form.

user1977

https://forums.moneysavingexpert.com/discussion/comment/81956678#Comment_81956678

Indeed. We can tell from the search sheet that it hasn't been registered in the Land Register. But also that there was a survivorship destination, so yes the property automatically passed on the first death. If you need a full description it's "[address] as more particularly described in Feu Disposition by Glenrothes Development Corporation in favour of [x] and [y] and the survivor, dated 17 February and recorded GRS (Fife) 8 March 1988".