wills - who is responsible for valuing a property?

hkjohn

Assume is best to get more than one valuation

Big question is, should the valuation be arranged by the will's executor of the deceased's solicitor?

Also, should valuations be paid for?

Peregrinus

hkjohn wrote: »

Assume is best to get more than one valuation

Big question is, should the valuation be arranged by the will's executor of the deceased's solicitor?

Also, should valuations be paid for?

It's the executor's job to administer the estate. That includes arranging any necessary valuations.

The deceased's solicitor has no role at all in the administration of the estate, unless appointed by the executor to advise, in which case he is now the executor's solicitor.

Estate agents will often provide a valuation for estate purposes at a modest cost or even free, if the property is to be sold in the course of the administration of the estate and they are to act in the sale. But, yes, if you want the services of a valuer you generally have to pay for them.

Thoie

Not a legal opinion, just from experience.

If the house is to be sold to a random stranger, the executor arranges that. They can agree on a particular estate agent with the rest of the family if they like, but generally you just sell it to the highest bidder.

If someone in the family wants to buy out others, the fairest thing is to get 3 "big" estate agents to do a valuation (you'll pay for each one), and take the average price. Otherwise there'll invariably be suspicions that someone got done out of something. In that scenario the inheritors should agree whether the valuations costs come out of the estate, or if the person wanting to buy it should pay for them.

beauf

Or was suggested to me that a red book valuation....

"A red book valuation is the name that is given by practitioners to a valuation report that adheres to the Royal Institution of Chartered Surveyor's Valuation Professional Standards, also known as the Red Book"

... raises less queries from tax office about the valuation. Tax office didn't know what I was talking about when I asked them.

Best to get a couple. Red book one costs about 300 ish in my experience. Might be worth it especially if there's more than one inheriting and might be arguments later.

It's also the value when the person died. If the legal process takes a while the property might increase or decrease in value over time until it's transferred and the tax if any due paid. If the tax office think it's undervalued they might come looking for that difference later. So be aware of that.

I'm no expert so I'm open to correction on all the above.

hkjohn

Thanks, guys