Probate Valuation

[BarneyJ]

My wife and her sister are the sole beneficiaries of their mothers will.
My wife applied for a Grant of Probate as their was a property involved.
The value entered on the form was an estimation at £150,00.
There was nothing else of value.
The Grant states net value of estate not to exceed £151,000.
The house has now gone on the market and has been valued at £179,000.
Does my wife need to contact anybody?
Thanks

[Peter D]

How much time has passed between DoD and sale. When the propert sells there may be a CGT issue due to the apparent gain. Regards Peter

[BarneyJ]

The date of death was 14th Nov 2008.
The Grant is dated 23rd Sept 2010.
The house has just gone on the market.

[Peter D]

How did you 'Estimate' the value of the property and why has probate taken so long. What have you done with the property in th elapsed time. Regards Peter

[BarneyJ]

Hi Peter
My wife's sister was going to have the house but was unable to sell hers, this is why it's only just gone on the market.
The house has remained empty since the death.
The estimation was arrived by the sale of other properties near by.
Probate wasn't applied for straight away because Council tax has to be paid 6 months after probate is granted.