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Where Taxpayers and Advisers Meet

Query re Agents' Valuation for Probate

Claudius
Posts:7
Joined:Wed Aug 06, 2008 3:26 pm
Query re Agents' Valuation for Probate

Postby Claudius » Tue Jan 15, 2019 11:21 am

I secured tbe services of a property specialist - HMRC-recognised - to arrange valuation for my mother's house after her demise. Three valuations resulted in one being extremely aberrant, such that a fourth valuation was done.
The specialist spoke to the "aberrant" agent and could not get a real handle as to why he came up with his figure. Here are the "achievable" values reported:
975,000 aberrant
725,000
575,000
650,000

The specialist has still come up with a final probate value which is higher than tbe average of these four figures above. So, although it is accepted that the first figures has issues associated with it, otherwise a fourth valuation would not have been sought, the value still forms part of the calculus here.

Should I accept the figures derived? I've asked why the first value cannot be ignored but cannot get a clear answer. It seems to me that in situations such as these, one could end up paying more IHT than expected. purely on an "aberrant" agent.

Not sure what to do next. Any thoughts gratefully received.

Thank you.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Query re Agents' Valuation for Probate

Postby AGoodman » Tue Jan 15, 2019 2:53 pm

None of these are valuations - if it were a valuation, you would only need one.

It sounds like you have been to four estate agents for a free market appraisal - i.e. at what price they would advertise the property. This is of course subject to some normal variation but the agents also factor in that they want to win your business so some might aim high to be more attractive to you, others may aim low for a quick sale. Quality may also be variable.

What profession is the "HMRC recognised" property specialist? (I've never heard of them). I would expect a surveyor (who can provide a proper valuation) to form their own view based on the local market and recent sales, not rely on the average of several market appraisals.

Best solution - ask a qualified surveyor to value the property.


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