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How is a property valued?
Mummy_Bean
Posts: 50 Forumite
Stupid question but for Inheritance and Capital gains purposes who decides what the property is worth - can a estate agent do it, or just from Zoopla/ Nationwide house price index or an official valuer?
TIA
TIA
0
Comments
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It's estate agents, in writing. They produce a physical letter stating what the valuation is for (purpose) and the amount. They do these for probate valuations, it's just not something they advertise as such.0
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It should be a RICS qualified surveyor who does the valuation if a historic valuation is required. If HMRC think there may be a problem with the valuation when applying for probate they will refer the valuation to the District Valuer who will give their opinion which is what HMRC will ultimately use if different to the original valuation.0
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When I've been an executor, the estates haven't been anywhere near the IHT threshold. Therefore I gave estimated valuations for the property based on recent sales of similar properties.
HMRC are only interested in accurate valuations if IHT is payable, or if the estate is close to the threshold.
From your other thread, you seemed to think that the estates are below the IHT thresholds relevant at the time. So possibly this is one thing you don't have to worry too much about.
As you will be getting Estate Agents valuations for the purposes of the sale, I would put the average of these on the IHT form.0 -
We have written estate agent valuations from January to use for her date of death...but they vary between 260 - 290 - was just hoping I could use the higher one to reduce any Captial Gains implications.0
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If HMRC suspect that that's what you've done, then expect to be asked to back it up. The RICS historical value would be the way to go.Signature removed for peace of mind0
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On the advice of my solicitor, I got three different estate agents to give me a written valuation. We put the average of the 3 valuations in the IHT return (the estate did have to pay IHT but the house was only about 25% of the total value). HMRC accepted the valuation.0
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