Page 34 - Killens At Home
P. 34

 Your property questions answered
Tom Killen is a Chartered Surveyor and Partner in Killens and primarily undertakes work in the Professional Services team of Killens and below answers common questions that arise in carrying out tasks.
My solicitor has advised me that I need a formal Red Book valuation for Probate purposes rather than a market appraisal from an estate agent. Do I really need this?
A probate valuation is often required where the estate of the deceased is taxable and therefore a calculation of the value of the deceased’s entire estate is required in order to assess the potential inheritance tax liability. Even if the estate isn’t taxable, a probate valuation may be required to prove this.
The executor of a will is responsible for ensuring that any Inheritance Tax due on the estate is paid correctly. If HMRC suspect that the Inheritance Tax has been miscalculated, it can have a serious impact on the estate, its beneficiaries and the executor(s).
Often referred to as a ‘Red Book’ valuation, probate valuations have to be carried out by RICS Registered Valuers who are regulated by the Royal Institution of Chartered Surveyors (RICS). Killens have RICS Registered Valuers that can produce valuations which can comply with the strictest RICS standards.
A “Red Book” report is far more likely to stand up to any scrutiny than a standard “Market Appraisal.” The report will go into detail on the background of a property and the valuer will carry out far more research.
A Red Book report details how the valuation figure was calculated and puts the Executors in a much stronger position should the valuation be queried by HMRC.
We also work with property owners to provide comprehensive assessments and valuations for the purposes of estate planning – thereby helping clients proactively reduce the tax burden for beneficiaries.
Whether you’re navigating the difficult probate process, or putting together your own estate plan, working with a professionally recognised valuer is the safest way to ensure you get a fair valuation and that you or your loved ones don’t pay any more tax than necessary.
I currently let a residential property and I have read in the news that it may be more difficult to terminate the tenancy. What is the position?
Section 21 of the Housing Act 1988 currently enables private landlords to repossess their properties from assured shorthold tenants by serving two months notice without having to establish fault on the part of the tenant. Hence it is sometimes referred to as the ‘no-fault’ ground for eviction.
On 15 April 2019, the then-Government announced: “Private landlords will no longer be able to evict tenants from their homes at short notice and without good reason.” This was followed by a consultation process in 2019 with the
consultation paper proposing the abolition of section 21.

   32   33   34   35   36