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cost of obtaining land valuations - probate v estate agent

(3 Posts)
gingeroots Fri 30-Sep-16 14:31:51

I'm asking this because an executor has told me that the cost of having a small piece of land valued is likely to cost about £1000 .

Presumably different valuations meet different requirements and cost different amounts ?

An valuation for the Inland Revenue might be a different animal and meet more stringent requirements than one where an estate agent goes along and gives an idea of how much the land might sell for ?

Any views ?

For background - executor originally denied existence of land and is now being ( IMO ) unhelpful about it being valued ,citing £3000 odd to get the 3 valuations the beneficiaries have requested .

Collaborate Fri 30-Sep-16 23:26:40

Depends how specialised the land is. Commercial land may cost that much to value. I'm assuming that the estate has to pay IHT - if it's comfortably below the IHT threshold you'd not really bother with too precise a valuation.

gingeroots Sat 01-Oct-16 08:33:21

Thank you Collaborate .

It's residential land and the estate is well below the IHT threshold .

Unfortunately the land is not in the UK so I suppose it's possible that there is a whole different monetary scale for valuations .

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