General Chat

Well have to send hubbies will to probate . Have to send a form detailing his assets and this looks straightforward .

We bought our house a new build in 1967 and were advised then to have it as tenants in common.

The assets form wants to know the value of his share of the house ,ie 50% of its current open market value

I stopped off today to try various estate agents who could give me its value but only one was open due to a power failure in our high street .

So Jackson Estates were open and I explained what I wanted . NOOOO I am not looking to sell!!! Well in that case it's £99 !! for an evaluation
I would be happy to pay a fee as its their time but £99 is a bit steep. Would think £25 a better fee

Thieving bees !!! I have been online and Zoopla do a guesstimate based on the local market and the last time next door changed hands

We are the original owners from new so they have no records of our house but next door is a good guide

Not impressed !!!

Ann that is way over the top I think most estate agents will not charge if you explain what has happened its far too much if I was you I would shop around good luck

I suggest that you call into another agents and tell them you're thinking of selling then ask them to value.

Yes think that's what I have to do . Awful though you have tell white lies !!

That is a rip off, either do as suggested and don´t tell that you arent selling or check a Zoopla average.

I am presently acting as executor. (And not for the first time.) To value the home I walked up and down the local high street and made a note of the prices of all similar properties.

Then went in to my solicitors and we agreed that the mid-point price would be a good number to use. In this case the IHT total was less that the threshold - thus no tax to pay. But many homes are now so pricey that the IHT threshold is likely to be reached.

https://www.gov.uk/inheritance-tax

I don't think Inheritance Tax is payable on the family home, if it is going to a surviving spouse.

Might be an idea to look for other houses that have been sold near you then you can get an some idea of value.

Try Zoopla.

Need to check to be double sure, but I agree with Bob that if all jointly owned assets are going to the survivor then there's no IHT to pay at that point, only on the second death.

But as tenants in common I don't automatically inherit his half of the house . He can will it to anyone although they can't sell the house without my consent

His will though leaves everything to me so it has to go to probate to get the house into my name as sole owner

What a palaver !!

Just say you're considering down-sizing. To make it more plausible, ask them about fees etc. if you advertise through them

I was in the same position with tennants in common when my husband died, one Estate Agent quoted £250 for a valuation for probate! So I went to another firm and told them I wanted a valuation as I was thinking of moving and needed an idea of what the property was worth first so I could look around. They were happy to come and do a free quick valuation and if I wanted to proceed they would call again to measure up etc.
Sometimes it pays to tell a white lie and if I ever did decide to move in the future I know which Estate Agent I would go to.

bob and BrianW

Be careful not to confuse a requirement to pay IHT with the reliefs available to spouses.

The lengthy IHT400_Notes ( Guide to completing your Inheritance Tax account ) can be accessed via the link I posted above.

A fairly straightforward explanation:-

http://www.englishwill.co.uk/tenants.html