I disagree with the RICS valuation after probate. What can I do?

Skypist

Hello, the Executor of an intestate Will (through an appointed solicitor), arranged for a RICS valuation for the property which is to be apportioned. Probate was already issued before I knew. The valuation seems to be at least 40K short of what I think the property would sell at (considering neighbouring property selling prices) so I'd like a second RICS valuation.

Can I do this myself, and would it have to be accepted by the Administrating solicitors? It makes a big difference as the estate will be divided between two beneficiaries. As a consequence, I have no idea who would actually "own" the property when beneficiary one (surviving spouse) passes away. The property is worth around 60% more than his 322K entitlement.

Flugelhorn

a lot of people think that properties are worth more than the valuation - a friend struggled to see property only for relative abroad to refuse to agree to the offer as they were convinced it was "worth " more.

does the surviving spouse not own the property now?

born_again

Get 3 estate agents to value it.

Just remember that the price seen, may not be the price paid, as a property is only worth what a buyer is prepared to pay. 🤷‍♀️

, I have no idea who would actually "own" the property when beneficiary one (surviving spouse) passes away. 

Perhaps advise them that they need to get a will to save the problem 🤷‍♀️

Keep_pedalling

There is no such thing as an intestate will. An intestate estate is one where the deceased failed to make a will, so can you clarify what you mean here please.

You say you don’t know how the property was held. If it was as Joint tenants then the whole thing passes by survivorship to the joint owner and does not form part of their heritable estate.

elsien

if you are not an executor, I’m not sure you have any case to insist on anything. The executor appears to be acting correctly, even if you disagree with some of the outcomes.

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81979724#Comment_81979724

No, the property was never in the surviving spouse's name, only the deceased's. So as of now (as per intestate) the surviving spouse will be entitled to 322K of the value of the property and offered to "buy me out" using the remaining cash entitlement, and based on the low RICS valuation.

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81979747#Comment_81979747

Sure, the deceased failed to create a new will after marriage, so it became intestate.

Joint tenants weren't mentioned by the appointment administrating solicitor, only the intestate rules. The deceased owned the property in their own name until a marriage late in life (a couple of years ago).

Skypist

The executor did act correctly in appointing an administrating solicitor to process the intestate assets and obtain a RICS valuation. I found out about this very late on. So are you saying there's no recourse if a beneficiary would like a second RICS valuation before accepting payment and signing over the property?

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81979830#Comment_81979830

OK thanks for the clarification. The first thing I would do is check the ownership status of their home via the land registry.

https://www.gov.uk/search-property-information-land-registry.

It is unfortunate that your parent failed to make a new will at the time of their marriage which has left this mess.

Using a RICS valuation would be considered the gold standard where probate & IHT returns are concerned so you think you are on a hiding to nothing in trying to challenge it.

born_again

https://forums.moneysavingexpert.com/discussion/6666008/cash-inside-intestate-property-not-declared

OP has a 2nd thread. Might help people

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81979850#Comment_81979850

Yes, checked ownership and it was only in the deceased's name.

Definitely a massive mistake not to have made a will after marriage. Not what she would have wanted but I can only assume dementia set in and it was forgotten about.

Can you repeat your last sentence please? I didn't get what you were trying to say..