What happens if you sell a property for more than the probate value?

wheeler1970
wheeler1970 Online Community Member Posts: 13 Connected
in Everyday life
I did probate two years ago when my brother passed away, the house I live/lived in,when filling the forms in it asks for the value of said property which I based on a identical property on the next street which was £220k so I put that as the value of my brother’s, but I’m in the process of selling the property which has gone for 310k more than the probate estimate so does that mean I could end up paying tax on it, his estate was just the house he had no money so it hasn’t exceeded the £325k probate threshold.
thanks. 

Comments

  • MW123
    MW123 Scope Member Posts: 1,146 Championing
    Hello Wheeler1970

    When you estimate the value of a property for probate purposes, it's typically based on its market value at the date of death. As long as the estate's value remains below the threshold, there should not be any tax implications resulting from the property sale. In your case you are still under the current band as your brothers estate had no other assets.  Inheritance tax is usually applicable if the total value of the estate exceeds the nil-rate band, which is currently £325,000. 

    While it seems unlikely that you have anything to worry about, it's always a good idea to seek professional advice to gain reassurance and clarity regarding tax-related matters. 
  • wheeler1970
    wheeler1970 Online Community Member Posts: 13 Connected
    MW123 many thanks for your response,I’ll speak to the solicitor that’s dealing with the sale. 

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