Hello all - I'd really appreciate some clear advice if at all possible.
My mum passed away in early October 2017, leaving her daughters her semi-detached home. At the time we had it valued by two local estate agents for probate - we were pretty certain it wouldn't go near IHT thresholds, and we were right. It was valued at £250,000 which we registered for probate.
Fast-forward five months to March 2018, when we had the property valued for the market. These valuations came in at between £330 - 360K, and it has subsequently just completed on a sale of £340K.
Obviously there is a clear, significant discrepancy between the valuation at death and valuation at the point of going to market (March) and sale - an increase of over 35% in five months, with no work other than maintenance under-taken on the property in the intervening period. We still aren't liable for inheritance tax, but we do now have a CGT bill. We think the change in property value is so significant as to make us want to query the original valuation and, if appropriate, change it.
My question is - can we do this, and if so, how would we go about it?
Many thanks in advance for any advice you can give.
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