They don't have to accept any valuation. Best advice would be to talk to them.My parents house has been left to myself and my two half siblings, 2/3 to me, 1/3 to them. I wish to buy them out of the property, do they have to accept the probate valuation or is a market valuation needed ? Thanks in advance.
I have yet to speak to my solicitor as the market valuation proposal was only put forward yesterday. Prior to that all three of us were working off the probate valuation quite happily.What does your solicitor advise as it might be a bit of a legal mine field with probate over market value in the current situation as some properties are deemed to be of higher/lower value since CV19.
Sound advice. Thankyou. Tbh I just want everything wrapped up, it seems to have been dragging on for ages, especially at £270 an hour for the solicitor dealing with the will(s).Is there a great difference between what the valuation was at probate and it’s current valuation?
If there‘s any difference then agree on a price between the two.
We have had a formal valuation for probate done by Savills, quite expensively at that. If the others are not happy with Savills opinion then we will just have to have another one done and, as Dingerr said above, split the difference.If there is to be a formal valuation best if the parties instruct a Chartered Surveyor to act for them jointly to avoid a dispute. If there was IHT paid and the estate disposes of the property to one of the beneficiaries it MAY under certain circumstances be possible to revisit IHT liability.
Best to be a bit formal and pay some fees to avoid the danger of subsequent family bickering