propery valuation for probate application

[sippysoppy]

in dealing with my brothers estate, we have obtained a formal surveyors valuation from a reliable well established company for £650,000. the solicitor then said 3 valuations are needed and we got 2 estate agents in for a 'time of death' market appraisal, who gave figures of £675,000 and £700,000,one saying he wouldn't go lower so he didn't get any calls from HMRC-I feel they have given higher prices precisely to cover their backs and to try to get us to have the flat marketed by them in future-the solicitor says we have to use the highest figure, not the formal report, which is going to have a big effect on IHT. the idea of having to get more estate agents in feels like a waste of time and stress.can we just submit the surveyors valuation?

I just used an average of the valuations, and noted the figures, and the average, on the probate form.

Sorry for your loss, by the way.

I have just had my dad's property valued for probate, the solicitor(who has been a bit of a stickler in other respects) was perfectly happy with one surveyor's valuation and report.
I suggest you ring the probate helpline (no is on govt website) and check. Or just ask the solicitor why 3 are needed.
Sorry for your loss.

I have done this 3 times in the last 3 years. Each time all that was required was the RIC's chartered surveyer's Red Book valuation. HMRC challenged one of them but he could defend it successfully, I have my doubts that an estate agent could have done that.

Sorry for your loss.

Do you have to sell to pay the IHT? I would use the average of the 3, and then if it sell for a different amount, then if more pay the additional tax to HRMC, and if less ask for a refund.

I had to sort out my sibling's estate, and submitted a surveyors report. Additional tax was paid on the difference between the valuation and the sale price.

If you aren't selling the property, then I would ask the probate helpline for advice.

Sorry, I wish I had expressed sympathy for your loss yesterday. It is hard having to be executor when it just reminds you of your grief.

Thought I'd mention that in a rising housing market the house might sell for more than the Red Book valuation. If the surveyer can defend his valuation (which he should) then the extra money is subject to Capital Gains tax not IHT. This is advantageous because CGT has a 0% band (£11K I think) and then the rest at a much lesser rate than IHT .

Sorry I spelt surveyor wrong again!

Definitely use a surveyor and not an Estate Agent. HMRC challenged what we thought was a fair valuation on my DB's estate and we lost. It was so stressful and we had to find £18,000 within 4 weeks, it was a nightmare.

tthanks all, and thanks for the condolences-trying to keep a clear head with all this is difficult sometimes! I've spoken to the probate helpline and they told me to use the surveyors report, I've emailed the solicitor and said this so hopefully he is going to agree!