Inheritance, Probate and Tenants in Common question

[Porky]

Hello all,

I wonder if anyone has any knowledge of the application for probate process regarding questions about the estate?

Basically, my parents' house is split between them 50/50 as tenants in common. Their house has a value of £220,000, there are no other assets and have been no gifts and there are no debts.

My father has recently passed away and I am filling in the gov.uk probate form.

The first question asks 'What is the total gross value of all assets like property, money and gifts in the last 7 years before taking off any debts?' - Here I don't know whether I should put £220,000 or the value of my father's half, ie, £110,000?

The next question - 'What is the net qualifying value?' and says 'Take off from the net value any assets passed to spouse or civil partner and money left to a charity'. This question is what makes me want to put £220,000 in the first question and £110,000 in the second question. Am I correct or should I put £110,000 for both?

Any help or advice would be appreciated.

Thanks

[Kingstepper]

I'd say £110,000 for first question then take off £110,000 (presumably left to your Mother) to give net qualifying value of £0.

[reggie747]

I'd say ask the advice of a solicitor rather than a watch forum !

[draftsmann]

The deceased person’s estate holds the half share so that is what should be shown.

Note also that you would normally expect a discount because a sale of half a house won’t fetch 50% of the house’s total value- see here: https://www.gov.uk/hmrc-internal-man...nual/ihtm15072

You should definitely seek advice on this.

[Kingstepper]

Unless there’s a lot more to the estate will be well under IHT threshold anyway (re. <50%).

[Porky]

Thanks all. There is no more to the estate than stated. Agreed that a solicitor would sort it, but the estate is very simple and it seems daft to spend several thousand just to get past this question. I did not want to get the form wrong and have it rejected. I just thought that there possibly was a helpful and knowledgeable chap on here who would be happy to chip in.

[kace]

In the past I've found calling them to be very helpful, they understood and explained to me what I needed to know, while the forms are daunting it's all pretty straight forward.

[jimyu]

I'd say £110,000 for first question then take off £110,000 (presumably left to your Mother) to give net qualifying value of £0.

This

[Ruggertech]

....and it seems daft to spend several thousand just to get past this question. I did not want to get the form wrong and have it rejected.

Sorry I can't help with your original question, but I am in the process of getting grant of probate for my mum who passed last year and aside from the registration fee the solicitors are charging a flat rate of £650 plus vat. Its roughly £1100 total including the vat and the registration fee so it won't be several thousand if that's any help.

[Kingstepper]

I did my Mother’s very recently and solicitor quoted £1100 + VAT + the probate fee. Anything more complicated would be £250/hour. Others might be happy paying this for a fairly simple task but I wasn’t.
Found the valuations etc to be far more time consuming TBH.

[Ruggertech]

I did my Mother’s very recently and solicitor quoted £1100 + VAT + the probate fee. Anything more complicated would be £250/hour. Others might be happy paying this for a fairly simple task but I wasn’t.
Found the valuations etc to be far more time consuming TBH.

Blimey, that is expensive, not a flat rate either.

[daveyw]

We were quoted 1% of the estate so £1100 quote seems pretty cheap

[Suds]

Just to add, there is a good chance that your parents also drew up wills at the same time which they just left with the solicitor for safe keeping.

[Kingstepper]

Just to add, there is a good chance that your parents also drew up wills at the same time which they just left with the solicitor for safe keeping.

Presumably his Mother would know this.