Probate valuation of property

[Latitude]

Should the value of a property be based on the date of death? It's been 4 years since the date of death and the administrators are asking for a current valuation to be used in their claim for 50% interest in the property. I have soley bourne all costs (mortgage and refurbishment costs post death) and provided a surveyors historic valuation as of date of death.

[EnglandPi]

Deleted

[des8]

Property valuations for probate purposes are normally taken at the time of transfer of the property which generally is date of death

The administrator(s) is (are) responsible for the valuation

[Latitude]

Should the value of a property be based on the date of death? It's been 4 years since the date of death and the administrators are asking for a current valuation to be used in their claim for 50% interest in the property. I have soley bourne all costs (mortgage and refurbishment costs post death) and provided a surveyors historic valuation as of date of death.

Thanks for your comment.

As the estate have not made any mortgage payments, upkeep, refurbishment costs or payments in any form against the property, Should the estates 50% equity not be based on the value of the property at date of death (2017 historic valuation provided by chartered surveyer) as opposed to current value (2021) that would take into account all of my costs\improvements made?

[Latitude]

The current valuation is it's value today

Thanks for your comment.

As the estate have not made any mortgage payments, upkeep, refurbishment costs or payments in any form against the property, Should the estates 50% equity not be based on the value of the property at date of death (2017 historic valuation provided by chartered surveyer) as opposed to current value (2021) that would take into account all of my costs\improvements made?

[Latitude]

Property valuations for probate purposes are normally taken at the time of transfer of the property which generally is date of death

The administrator(s) is (are) responsible for the valuation

Thanks for your feedback.

So if I understand correctly, the administrators should obtain an historic valuation from a chartered surveyer based on the property value as at date of death (2017) and their entitlement of 50% equity would be based on that 2017 valuation number?

I ask as the estate have not made any mortgage payments, upkeep, refurbishment costs or payments in any form against the property since date of death and the costs\improvements made be me past date of death have increased the property value considerably.

[des8]

So the administrators of the intestate estate are beneficiaries of 50% of the estate?
Are you the beneficiary of the remaining 50%, and it has been agreed you will buy out the other beneficiary?
If so has the property been transferred to your ownership already?

AFAIK if that is the position, then the valuation is taken at the time of transfer.
If it has not yet been transferred, the administrators could possibly sell the property on the open market.
In that scenario you would receive 50% of the sale price and claim from the estate ALL your costs (Maintenance, mortgage, insurance, council tax, improvements etc + interest on your disbursements)

[Latitude]

So the administrators of the intestate estate are beneficiaries of 50% of the estate?
Are you the beneficiary of the remaining 50%, and it has been agreed you will buy out the other beneficiary?
If so has the property been transferred to your ownership already?

AFAIK if that is the position, then the valuation is taken at the time of transfer.
If it has not yet been transferred, the administrators could possibly sell the property on the open market.
In that scenario you would receive 50% of the sale price and claim from the estate ALL your costs (Maintenance, mortgage, insurance, council tax, improvements etc + interest on your disbursements)

Thanks again for your feedback.

The property in question was owned by myself and the deceased as tennants in common @ 50% each. The administrators of the intestate estate are beneficiarys of 50% of this property, I am not a beneficiary of the estate, just our 4 children. The property along with the mortgage is in my name and the deceased.

I wish to buy out the beneficiary's (my children). I'm trying to establish if they have to accept the historic valuation value at date of death (2017) or if it must be a current value (2021). If its the latter, I'm hoping that I can claim all my costs as you have detailed above, as they are significant.

Thanks in advance.

[des8]

So your children are the executors and beneficiaries (and presumably adults)

It means that for the purposes of probate the valuation is as at the time of the testator's passing.

However they could transfer their shares of the property into their names, and EITHER then negotiate a sale with you for those shares at whatever valuation you agree upon. Probate would not come into the equation
OR attempt to obtain a court order forcing a sale. This would not be automatically given as you have a beneficial ownership interest as well as the legal interest.

Probably better to try negotiating, as cheaper and less stressful

[Latitude]

So your children are the executors and beneficiaries (and presumably adults)

It means that for the purposes of probate the valuation is as at the time of the testator's passing.

However they could transfer their shares of the property into their names, and EITHER then negotiate a sale with you for those shares at whatever valuation you agree upon. Probate would not come into the equation
OR attempt to obtain a court order forcing a sale. This would not be automatically given as you have a beneficial ownership interest as well as the legal interest.

Probably better to try negotiating, as cheaper and less stressful

Thanks for your previous feedback.

After providing proposals back in August, the administrators are still considering their position (3 months) with no timeline for response. What mechanisms are available to move this forward as I'm bearing all the significant historic and ongoing costs for the property. It's as if they are trying to delay for as long as possible (it's been a 4 year process to far!). What is a reasonable time to expect an actionable response and if nothing happens would mediation be the next step and then some form of court proceeding?

Thanks in advance.