Postby Ivor Goodbody » Fri Sep 04, 2015 9:50 am
I have a couple of new queries on this topic but did not wish to clutter the board with a new thread.
As an executor, I have been fortunate enough to sell the property in an estate for more than the professional probate valuation by a RICS- qualified surveyor. Less fortunately, it seems the District Valuer may now challenge that valuation. From what I read on the boards here, it seems even a top-drawer, by-the-Red-Book valuation may not be enough to satisfy the Revenue as to the value-at-death.
My first query is: can anyone tell me how the DV usually makes their own calculation in such cases, so that I can have some idea of what arguments to muster against any upward revision? Do they simply go on market comparables? Do they do a "drive-by", or do they actually visit the property under the new owner, interview the owner &c? I am concerned, for example, in case the new owner may already have begun extensive improvements to the property which they were mulling when I showed them round. I realise the DV is not supposed to take these into account, but I can't help thinking a better-looking house would be bound to sway the DV's judgment, even if only subconsciously!
Lastly, would my best response, in case of a challenge, be simply to point them in the direction of the surveyor we hired at such expense and ask them to clarify/negotiate with him?
TIA for all help. I have already greatly benefited from the wisdom and expertise on this board and hugely appreciate its existence.