Misguided Price on Family Home

ThomasKilal

hello
our family are in possession of a 5 storey Georgian Building on the Northside of Dublin with space for a car park at the back of it. my solicitor has valued it at 300k. in the mean time i have made contact with Citizens Information Service and they have Quoted 800k for a building like this from Dublin City Council

my question is why do you think there such a difference from my Solicitor quote and the Council.

listermint

Citizens information giving out house valuations now are they....


Yeah...

pwurple

Your solicitor is not a valuer. Citizens advice also not a valuer.

It’s like asking a dentist to repair your car.

Get the right person for the job.

Steer55

Since when did solititors become valuers? Get it valued by estate agents and look at what similar properties in the area are going for.

cnocbui

Would your solicitor perhaps have the payment of CAT in mind?

Plumbthedepths

Why not use a professional whose job it is to you know.....value properties?

ThomasKilal

thanks for the replies , ill talk to a an estate agent

Bicycle

cnocbui wrote: »

Would your solicitor perhaps have the payment of CAT in mind?

CAT (Capital Acquisitions Tax) is payable on an inheritance. And is paid at time of probate.

However, it may take time to sell a property, after probate. And the value of the house may go down as well as up.

Generally what happens is a conservative (e.g. low) valuation is given for CAT purposes and CGT (Capital Gains Tax) is then paid on the amount of profit made following the sale or disposal of the property. This allows flexibility. So, for example, the valuation for probate (and CAT) was €500,000 but the property subsequently sold for only €400,000 you would have paid €165,000 in tax. However, if the property was valued at €300,000 and sold for €400,000 the CGT would cover the shortfall, you would have paid €99,000 followed by €33,000 thus saving €33,000.

beauf

Is there any reason not to deliberately under value a house then?