Property Valuations for Inheritance Tax Purposes

[BillER]

Good evening,

I am administering the affairs of a deceased relative. Her only asset was her home. For inheritance tax purposes how many valuations from different estate agents should I submit or would one valuation be enough?

Thanks for getting back to me.

Bill

One was enough for us from a local e.a. who valued s property for Probate

One should be sufficient unless it’s a very unusual/high value property. I would usually get a valuation from a surveyor though rather than an estate agent if the estate is taxable.

Make sure you pay for a probate valuation rather than ask for a sale valuation. The figures will differ significantly.

Is it liable for IHT, do you have an idea of its value.

We didnt have to oay the e.a. for a probate valuation

If you have no idea of value I would get a free estate agent valuation at first. If it was high enough for IHT to be due on the estate, I’d get a red book valuation from a surveyor. Better to get a surveyor one upfront then HMRC query the probate as that takes forever and probate isn’t quick to begin with.