Property valuation for IHT, not necessarily the sexiest of topics, however, it is one that requires attention.
To start with, where is the best place to obtain your valuation?
We all know that a RICS is historically the first port of call for most legal professionals, however, is this report 100% reliable?
A couple of years back I was asked to value a property for probate on a taxable estate by a very reputable law firm in London, Mackrell Turner Garrett. The beneficiaries were disputing a valuation provided by a RICs surveyor and the solicitor handling the estate administration contacted me following a recommendation from a colleague.
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We completed our research and issued our report.
Around 3 weeks later the solicitor contacted me and informed me that Counsel had chosen to take the information within my report over the RICs.
What is interesting here is that the RICs cost just under £4,000 where my report was only £150+VAT.
If we look at the word ‘compliance’, one of the things that is taken into consideration when you act as a professional executor, is how you use the estate’s funds. Why spend hundreds, potentially thousands of pounds on a report that is not necessary?
So what is the PLG Probate Valuation Report?
Working with leaders in the sector, we have been able to create a fully HMRC compliant valuation report that covers Section 160 Inheritance Tax Act 1984 and Taxation of Chargeable Gains Act 1992.
It is informative and usually issued within 48 hours of attending the property, so much quicker than other more recognised methods. We have also ensured the report is easy to read. The writer of the report contacts the executor to discuss its contents and answer any questions they may have, ensuring the customer care box is ticked properly.
What about ‘Trusts’?
The Property Ladder Group works with Trust organisations too. The reports we issue are specifically Care Act Valuations and are used and accepted by councils across the UK.
Do Courts accept them for Court of Protection Matters?
Yes, in fact, we are relied on heavily by firms such as Professional Deputies to provide the complete property solution as we make the process much more cost-effective whilst giving our customers peace of mind knowing that PLG can provide documentation and paperwork to support every piece of advice that we provide.
The PLG Aftercare Promise
All too often you will engage the services of a company who will happily take your money and provide the service you have paid for, but maybe be a little slower off the mark to provide an aftercare service.
At PLG we have our aftercare guarantee. This ensures that if you ever require assistance following a Property Ladder Group valuation, you will receive the full support of the team to help resolve the situation in which you find yourself.
COVID-19, what has been the real effect for sellers?
The first thing to realise is that we have no idea how long we will be living with Covid, with many experts believing this will simply be part of our lives now moving forward.
Yes, vaccinations are expected to be a huge weapon in the fight to save lives, but will they keep us all 100% safe? Is there still a chance those with underlying health issues could still be affected by this awful virus?
Moving forward, many of us will be hesitant to allow strangers into our homes with personal safety being our priority, but what is the alternative? I mean, if we want our property valued we have to have someone visit, don’t we?
The PLG App
Here at PLG we identified that there had to be another way to value property and that the way we have seen inspection – this vital part of the process – needed a ‘freshen up’ as it has been the ‘same old’ for years; so, we created an app.
This new tech has given our clients and their customers the ability to value their property without the need for anyone to visit. By completing the step-by-step prompts we can have a fully HMRC compliant report with you in the matter of a couple of days whilst keeping the sellers away from estate agents or surveyors.
In addition to the safety aspect customers also benefit from a more sympathetic approach. If you have just lost a loved one, do you really want an estate agent walking around the property you are commissioned to deal with on behalf of the estate saying ‘how saleable it is’.
Ultimately, PLG is here to offer cost-effective solutions to our customer’s individual requirements. There really is no one-size fits all, and each case you work on will vary slightly, so our job is to ensure you are supported completely throughout.
In addition to valuations, PLG also offers:
- Vacant Property Insurance
- Property Sales
- Clearance, Clean, General Property & Garden Maintenance, Valuation and Sale of Collectable Items, Vehicles, Art & Jewellery
- Mortgage and Financial Advice
So, if you are a legal professional that is ever required to deal with property matters, engage with PLG and see for yourself why law firms across the UK are relying on us to be their service provider of choice.
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