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Valuations for Probate

(10 Posts)
moonbells Tue 07-Mar-17 13:52:15

I'm sure this is trivial.

When assessing an estate for probate, do I have to get several valuations of the house from local estate agents, or is one enough?

We also have a charge against half of it for Mum's nursing home care, but the Wills were written so Dad can stay there. We only declare her half I assume!

Any help appreciated, it still hasn't sunk in that she's gone sad

ICancelledTheCheque Tue 07-Mar-17 17:53:23

Sorry for your loss sad

I lost my DM last year and for probate purposes (if the estate is lowish value) a rough valuation will do. My solicitor just used zoopla and didn't even bother with a proper valuation.

The only exception would be if you are at or close to the limit for inheritance tax, I guess?

thesandwich Tue 07-Mar-17 17:56:28

So sorry for your loss. We found the probate helpline really useful- number on the forms.
Good luck

whataboutbob Tue 07-Mar-17 19:41:07

I'm also in this position and will be ringing the probate helpline this week to check if I need to use an estate agent or I can just check rightmove. Will post again after I've spoken to them.

moonbells Wed 08-Mar-17 09:40:33

Thank you all. Not at IHT limit - not even close! But I want to get it right (and swiftly before they change the fees).

I'm still in practical mode and feeling numb and empty. I'm expecting the meltdown to be any day now, what between the funeral and Mother's Day.

So sorry, whataboutbob.

Beachedwh4le Wed 08-Mar-17 09:47:35

Generally you can use the rateable value, if it's not close to any tax thresholds it's unlikely anyone will ever even look at it, and if it turns out to be a little bit wrong you can do a correction later. Good luck with it flowers

whataboutbob Wed 08-Mar-17 21:50:26

I rang the helpline today and the guy said it was up to me whether i used Rightmove, an Estate Agent or a Surveyor. However if it was close to the IHT threshold (which in our case it will be) HMRC would be less likely to query a valuation by a surveyor than a DIY one. I think I might ask a surveyor to do it as I know there are issues with Dad's house and it's probably best to know about them at this point. It's also in poorer condition than ones in the same street sold recently so his estimate could well come out lower. That's my reasoning anyway!.

thesandwich Wed 08-Mar-17 22:02:06

Sounds like a plan bob. We got probate through today- all quite straitforward so far. Good luck everyone!

whataboutbob Thu 09-Mar-17 09:58:01

Oh well done sandwich. Compared to caring for an elderly relative getting probate must be a doddle! I'm still in negotiations with the solicitor to get her to renounce then I'll apply for probate.

thesandwich Thu 09-Mar-17 15:16:23

Thanks bob. Sorry to hear you are still wrangling- what a pita. Good luck when you get there.

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