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Hi all
I've inherited a property, submitted IHT400 and paid the taxes due. After 2 weeks I applied for probate, sending in the original will. A few days later I get confirmation from HMRC that based on the information I've provided they've paid the taxes due from the money held on account (the money I sent them). They then say "if you have not heard from us by 23 November 2021, you can assume that we have no questions to ask about the information or values you've given on the form IHT400". At the same time, only a few days after applying for probate, I get an e-mail saying they've approved my probate application and I'll get the grant within 10 working days!! (yay)
I'm getting to the question I promise.
The house is in a fairly bad state, pretty much untouched for 40 years, no central heating etc but in a good area. My intention is to refurbish it and rent it out. Because of it's condition I employed a chartered surveyor to value it (good move I think despite the cost) and it was valued at quite less than it's neighbouring properties due to the cost needed to refurbish it to the same standard.
Here's the question:
I want to start on the property straight away following grant of probate but HMRC state the 23 November date as the time to assume that they have no queries about the values I submitted. Is it safe to start once probate is granted or should I wait until November? I've taken videos & pictures as proof of it's condition plus the RICS report.
I'm the sole executor & beneficiary and the estate was simple - one property, one bank account & little possessions.
Many many thanks in advance
I've inherited a property, submitted IHT400 and paid the taxes due. After 2 weeks I applied for probate, sending in the original will. A few days later I get confirmation from HMRC that based on the information I've provided they've paid the taxes due from the money held on account (the money I sent them). They then say "if you have not heard from us by 23 November 2021, you can assume that we have no questions to ask about the information or values you've given on the form IHT400". At the same time, only a few days after applying for probate, I get an e-mail saying they've approved my probate application and I'll get the grant within 10 working days!! (yay)
I'm getting to the question I promise.
The house is in a fairly bad state, pretty much untouched for 40 years, no central heating etc but in a good area. My intention is to refurbish it and rent it out. Because of it's condition I employed a chartered surveyor to value it (good move I think despite the cost) and it was valued at quite less than it's neighbouring properties due to the cost needed to refurbish it to the same standard.
Here's the question:
I want to start on the property straight away following grant of probate but HMRC state the 23 November date as the time to assume that they have no queries about the values I submitted. Is it safe to start once probate is granted or should I wait until November? I've taken videos & pictures as proof of it's condition plus the RICS report.
I'm the sole executor & beneficiary and the estate was simple - one property, one bank account & little possessions.
Many many thanks in advance
