IHT valuation of property from 25 years ago

[not4profit]

We inherited a part share of a commercial property when a relative died 25 years ago. No one seems to have any records of the valuation of the property at that time. IHT was paid on the estate and we have found the total value of the estate from probate records but we have no idea how that figure was made up. Estate was house, cash, shares/investments as well as this property.
We contacted the solicitor firm who dealt with the estate but they cannot help.
We are likely to be selling the property and will need to establish a value for CGT purposes.
Can anyone suggest how the valuation could be found or re-calculated?

IHT was paid on the estate and we have found the total value of the estate from probate records but we have no idea how that figure was made up.

Really? what documents do you have?

The record I was able to access from government probate registry showed the value of the estate

But don’t you have any docs from when the estate was going through probate?

Sole beneficiary and joint executor (solicitor being the other executor) was elderly relative who has no idea where records are. Probably long since lost. This property was passed down under a deed of variation exercised at the time.

Won't the solicitor have the documents?

It was only 25 years ago!

the solicitor in question has seriously fucked up if they have no records whatsoever

iHT threshold was around £230k then and the estate only just crept in. Very ordinary family not at all used to dealing with important stuff like this.

You might be a “very ordinary family”

but the solicitor should have records of this

Thank you, that is interesting- just checked back and can see that we actually asked the solicitor about the deed of variation, not the probate value. So they should have details of that? Do you mind me asking what the record keeping obligation is on the solicitor (who was also joint executor as referenced above)?

They couldn't find any records pertaining to the deed of variation - is that a surprise to you after 25 years?

You pop the solicitor an email

please can you confirm the valuation of the property at the time IHT was paid.
thanks

I don’t think the solicitor has screwed up - at the firm I worked in we kept probate files for 21 years in case of these kind of queries, but that was a decision made by the firm, there was no actual requirement to keep them that long. I believe the requirement was just to keep them for 7 years.

Bear in mind that storing files (either digitally or on paper) does have costs, and clients are unlikely to reliably pay an annual fee to cover that!

@not4profit - I’d suggest asking HMRC what evidence they would accept for a valuation from 25 years ago, my guess is they would tell you to find a surveyor in the area and ask them for a historic valuation. You’ll have to pay the surveyor to do this. But check the HMRC requirements so you know exactly what you need first.

I don't know if this will help but I had a solicitor assist me with my late husband's will. He wasn't the executor, I was, he just took on bits I couldn't do. !0 years after everything was completed, he sent me all the relevant documents. Can I ask have you done the basic stuff? looked online on websites to see what simiiar local properties sold for? Done a REALLY thorough search of the elderly relative's house?

Just saw your latest post - if you haven’t actually asked about the valuation then it would be worth asking the solicitor, but don’t go in with an attitude that they must have the answer and are negligent if they don’t, 25 years is a long time to keep paperwork!

This is absolutely not the case. Solicitors do not have to keep records of completed jobs for 25 years! Seriously, where would they store it all. Depending on the area of law, it's usually maximum 7 years then records are securely destroyed.

Thank you all this is really useful. We will email the solicitor regarding the valuation specifically.

We realise we may need to get a historic valuation but if we can get to the IHT records, that is easier.
Elderly relative definitely doesn’t have anything, house was downsized to a small flat years ago and there is nowhere else to look sadly.

their submission to HMRC for a tax liability…. I would be very surprised if this hasn’t been digitally stored

worth the op emailing as doesn’t appear to have asked

Valuation Office Agency should be able to come up with a value