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Where Taxpayers and Advisers Meet

valuation on 2nd probate

jane 1960
Posts:2
Joined:Tue Apr 30, 2024 7:03 pm
valuation on 2nd probate

Postby jane 1960 » Tue Apr 30, 2024 8:29 pm

in 2017 my uncle died and left me a house 385,000. i done a deed of variation and gave 85% to his wife and 15% to myself. in 2020 my aunt died and the house was valued. I can not remember seeing any estate agent to value it, but as in a a very stressful state was not aware of the value given as I did not receive any documentation.

When i asked the solicitors which dealt with it could they work out what I would be liable in CGT. they gave me the figure of my part and aunts, and said it was valued at 400.000

I have questioned this with them and they tell me that agents gave valuations and it can not be changed. This is obviously quite some time ago had I have known this I would have got onto it but as not selling at time never thought anything more as it was for probate.

However I was told to look on House Metric so did another estate agent that I met recently it clearly shows that the house was severely under priced.
I went to one of the estate agents and asked him to look back to 2020 and he advised me that it was very under valued at the time. but solicitors assures me that 2 valuations were done and they were approx the same.

Its obvious that it was under valued as the other same houses were a lot more and infact one of the houses was in a terrible state and that sold for 460,000 in 2010 now my was valued at a lot more but am selling for less. which would mean less cgt to pay but that is not why I am asking I feel I have been duped Is there anything I can do to get these ridiculous valuations revoked or is it to late.

pawncob
Posts:5190
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: valuation on 2nd probate

Postby pawncob » Thu May 02, 2024 11:32 am

You don't say whether uncle's estate was liable to IHT. Varying the will took 85% of the value out of IHT, but 15% may have been chargeable, and a higher valuation would have resulted in more IHT being paid.
With a pinch of salt take what I say, but don't exceed your RDA


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