Has anyone had any experience of an estate agency substantially undervaluing a house for whatever reason they may have for doing so. When I say substantially, I mean a third lower than comparable houses in the immediate vicinity have recently sold for.
This is an executors sale and the deceased had no direct descendant(s). As far as I am aware the estate will be divided into multiple bequests to more distant relatives.
This might sound a daft question but is a house valuation for probate meant to be the same as what the house would expect to sell for on the open market?
Are houses sometimes undervalued to keep estates below IHT thresholds?
Does the house have to be sold and its sale price realised before probate is granted?
Advice from anyone who has recently dealt with an estate sale would be much appreciated.
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