House Price Valuation in a Falling Market

[richarda0109]

Hi

I am trying to price the value of my house but I am trying to get the LOWEST valuation possible. This is prior to transfer into a Trust. Has anyone done this before and who do you speak to?

Regards
Richard

[Hyper10]

From my own experience, I wanted to buy a house but it had to be an arms length purchase. I got 3 local reputable agents to value it and took lowest of the 3, took off 2.5% notional costs and that was the figure. HMRC were made aware of the transaction on my tax return and never queried it. The rationale stands up as it hard to value something exactly.
IMO you can take lowest, in my case the differential was small between 2nd and 3rd so not material and 2.5% as there was no agents fees in purchase.
I was at the time made aware by my accountant of the issue of transferring of assets at either over or under value and this you need to watch out for and need proper advice in this regard
Don't imo waste money on a formal valuation as it appears to carry little more credibility in these matters.
The agents didn't mind as they knew no sale but they handled the subsequent letting

[surveyor]

You do need a credible valuation to transfer into a Pension Trust, and there will be a requirement to do this at Market Value.

Best thing you can do is call round the local Chartered Surevyors to see who is feeling the most negative at the moment.