Valuations for deceased estate.

[LuvMyBubbles]

Hello,
My DH passed late last year, to finalise the estate we need to get valuations for properties at the time of his death.
Do I need a special valuation company to do this?
Or are the ones from real estate agents acceptable?

we had just one valuation from the agency and it was accepted..he did it slightly lower and mentioned that the house was unmodernised etc, it wasnt challenged, it helped save a little on the tax due. you could get 2 done to make sure no problems.

That's great

I'm sorry for your loss LuvMyBubbles

I've recently had to sell a loved ones property and for probate I got two local independent estate agents to do valuation reports. They were £40 but they were very thorough and compared what's been sold of the same type/size in the area including the sold price, what's on the market and detailed their opinion on how much they'd market the property for and what price they expected to achieve. I had to do IHT calculations so I wanted something official I could refer back to if challenged.

You really don’t need anything ‘official’ unless it’s close to exceeding the IHT limit. I just looked at recent sold prices for FiL’s house and added ‘£10k in case it went for more, his estate was nowhere near IHT though.
Even Estate agents only use an educated guess.

What about capital gains? If it's valued low and you sell it don't forget you pay tax on the gain, though there is a personal allowance.

@Changingwiththetimes

What about capital gains? If it's valued low and you sell it don't forget you pay tax on the gain, though there is a personal allowance.

Not if you were left it and it is your main residence.

I am in a similar position, need to go to probate but currently debating if to sell as is or try to make it more sellable.

We will be nowhere near IHT threshold though, the house is worth less than 100k. Makes me think I need to get moving on the valuation though.

(NE, still a bargain to be had, 3 bed, ok area)