Valuation Mystique?Make Text Bigger
I recently inherited a mid- terrace house currently arranged as 2 flats. All interests in the house ie Freehold, leasehold ground floor flat and leasehold first floor flat are in my sister’s name.
The leases are relatively short 57 years at a small ground rent, but the Freehold has a relatively high value because of the short leases. Although the property would readily convert back to a single house it would require planning consent.
The valuation officer for probate purposes wants to value the property as a house as it gives a greater value.
Has anybody come across the situation before and how was the problem solved as I would not like to have to pay the additional tax, valuing the property as a house.
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