Menorca Property Valuation for UK probate ( IHT )

Questions relating to buying or owning a property. Moving to Menorca Sub-forum: moving to, or living and working on Menorca
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beachstroller
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Menorca Property Valuation for UK probate ( IHT )

Post by beachstroller » April 27th, 2020, 10:14 am

Dear All, hope you are the best you can be under these terrible circumstances.

Trying to help an elderly friend.

Does anyone have experience for (sub 200k Euro property ) re who can provide an acceptable 'open market value' in Menorca for HMRC ( in uk they prefer Chartered Surveyors 'Arquitectos Técnicos ' on Spain? ) Must it be more than a Estate Agent?

I understand the Lockdown complicates things very much

Many thanks in advance for any direction/advice :-)

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kieronf
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Re: Menorca Property Valuation for UK probate ( IHT )

Post by kieronf » April 27th, 2020, 6:34 pm

I would suggest the local town hall is best as they can confirm the cadastral value of the property which, in Menorca, seems to be the only official benchmark in terms of a property's value. As far as an agent's valuation is concerned, we all know that you could go to twenty agents and get thirty different valuations - they seem to pluck prices out of thin air, and are therefore unlikely to be taken seriously by HMRC, let alone most savvy buyers.

The town hall is the way to go, not only because they will stamp the hell out of their official document, but they will officially value it at well below open market worth.

beachstroller
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Re: Menorca Property Valuation for UK probate ( IHT )

Post by beachstroller » April 30th, 2020, 10:19 am

kieronof,

thankyou you for the reply. I realise I missed writing the most important piece in my question -it was regards to a valuation for UK HMRC who are expecting something from estate agent/charrted surveyor?

"The town hall is the way to go, not only because they will stamp the hell out of their official document, but they will officially value it at well below open market worth."

I believe for value for Spanish Herencia they use a look up of rateable value for the WHOLE of balearics so the values can be very averaged amount which could be detrimental ( ie too high ) . This was told to me by a estate agent on the island couple of weeks ago.

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kieronf
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Re: Menorca Property Valuation for UK probate ( IHT )

Post by kieronf » April 30th, 2020, 11:02 am

beachstroller wrote:
April 30th, 2020, 10:19 am
kieronof,

thankyou you for the reply. I realise I missed writing the most important piece in my question -it was regards to a valuation for UK HMRC who are expecting something from estate agent/charrted surveyor?

"The town hall is the way to go, not only because they will stamp the hell out of their official document, but they will officially value it at well below open market worth."

I believe for value for Spanish Herencia they use a look up of rateable value for the WHOLE of balearics so the values can be very averaged amount which could be detrimental ( ie too high ) . This was told to me by a estate agent on the island couple of weeks ago.
The cadastral value is the official valuation of a property in Spain - anything else is just an approximate appraisal and, as such, is of no relevance in determining the property valuation - this might prove useful reading -

https://www.bbva.es/en/finanzas-vistazo ... stral.html

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Re: Menorca Property Valuation for UK probate ( IHT )

Post by beachstroller » April 30th, 2020, 5:09 pm

Thanks again, will take a look at link and land regisrty

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