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Ask the Expert, Charlotte White of Balfours

09/12/2019

What is a Probate Valuation?

Till Death Us Do Part

It happens to the best of us and all that is left behind is the evidence of our lifetime of work; our Estate and as with everything in life, nothing is free and that includes dying. 

On death, our Estate is taxed at a rate of 40% on anything over the £325,000.00 threshold – there are some reliefs available for various business and agricultural property assets.  But in general terms, if your Estate (including any property, land, stocks, shares, art, jewelry, cash etc.) is worth say £525,000.00 then £200,000.00 is liable to be taxed at 40% meaning that £80,000.00 of your Estate will be heading to HMRC (this may be subject to various other reliefs available).  So, if losing a loved one is not hard enough, you then have the paperwork to deal with and tax to pay. 

It is possible to carry out indicative valuations during lifetime but on death the value of your Estate property will involve a fully compliant RICS ‘Red Book’ Valuation.   Technically these are for the purposes of Inheritance Taxation but are commonly referred to as being ‘Probate Valuations’.

The valuation requires the Executors of the Estate to instruct a property valuation report to be completed on their behalf.  The valuation process follows the order of:

-        Written instruction received, agreed and confirmed;

-        Valuer physically inspects the subject property;

-        Valuer undertakes due diligence, desk top enquiries and gathers appropriate comparable evidence;

-        Valuer compiles report – normally c. 50 pages with appendices;

-        Valuer signs and issued the report to client (and legal representative).

The granting of probate can be long and arduous – obtaining a robust property valuation report in a timely manner can ease this process and enable the legal element to be dealt with more efficiently at what can be a difficult time for relatives.

 

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Prime Property To Let in Ludlow

29/11/2019

The external allure of this three bedroom town house reflects perfectly its surrounds in the heart of the mediaeval market town of Ludlow. Four Pelican Court, found not far from the Castle Square in the town centre, has been launched to the market to let with Balfours.

Perfect Balance

Step inside and the finish achieves a perfect balance between its origins, centuries ago, and a new millennium lifestyle. The high standard of finish incorporates oak flooring and doors, and a bespoke kitchen with slate floor. There is a generous number of sash windows enabling natural light to flood in.

The accommodation comprises of an entrance hall, sitting room, kitchen and utility room. The bedrooms are found on the first and second floor, with a master bedroom with en-suite and two bedrooms sharing a generous family bathroom.

Head of Lettings at Balfours, Charlotte George MARLA, comments: “This is a beautifully restored and updated three bedroom town house with the benefit of gas central heating and allocated parking. It is one of those properties which has total appeal and is completely practical too.”  Balfours are marketing Four Pelican Court at £1,200pcm.

For further details please visit our Property Lettings Page.

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Property Sales – Amid Political Turbulence

28/11/2019

Prospective property vendors can take steps to progress their aims, despite the current uncertain political climate, according to one of Shropshire’s leading estate agents.

Addressing professionals at Balfours Xtra, near Shrewsbury, yesterday (Nov 26) Charlie Giffard, associate partner country house sales, acknowledges: “People have a wait and see approach, but there are real opportunities by initiating bespoke marketing lines for each client.

“Our aim is to have a good knowledge of the market and our clients’ objectives: What is driving their sale, personal, health or work reasons? When things are slow the first reaction is to look at the price, in reality we are not seeing an erosion of values the market is just quieter.”

Charlie told a packed audience, bespoke marketing – with incentivised structures, including “off market” whilst the market is so uncertain – enables everything to be ready to launch and promote when the time is right. Meantime with fifty per cent of Balfours buyers coming from outside the area a deal may well be brokered without even “going live with promotion.”

Ludlow sales manager, Scott Kemsley explained how some opportunities go against the current market trend: “As an agent you think this project or land is ‘market proof’ – and we can go to market regardless.”

They concluded that it is a discretionary market, but by understanding and working with the market, nationally and locally, while maximising marketing technology, quality photographs, floor plans and maps to manage and achieve client aspirations is the way forward, in readiness for when market confidence returns.

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New Build Four Bed Contemporary Character

27/11/2019

This four bedroom property encapsulates everything aspired to in 21st century living, including character.

On the market with Balfours Estate Agents Shrewsbury, 4 Bridgewater Place, Harmer Hill is found just six miles north of Shrewsbury. Yorton train station is less than two miles away, providing regular trains to Crewe and Shrewsbury, with onwards travel to Manchester and London.

Abundance of Natural Light

Alistair Hilton, Head of sales at Balfours praises this new build design. “Number Four has a large welcoming hall, offering a wonderful flexible space with glazing to three aspects. An abundance of natural light is a theme throughout the property. The reception hall opens through to a magnificent open plan dining kitchen and sitting area. A generous study, utility and cloakroom are also to be found. 

The kitchen boasts handmade solid wood units, with granite work surfaces and the latest appliances, including Grohe instant boiling water tap. Centre stage in the open plan space is a log burner, which can adapt to gas; the ground floor is equipped with underfloor heating too. For the sitting area views across the fields are framed by bi-fold doors opening to provide a terrace room.

The same elevated views are to be found from the master bedroom, again with bi-fold doors, this time to a balcony; this together with a second bedroom benefit from en-suite. A family bathroom serves two additional bedrooms. The garden and double garage complete the package.

Four Bridgewater Place is marketed with a guide price of £530,000.

For further information please visit our Property Sales Page.

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Search is on for Best Dressed Tree

26/11/2019

The festive search is on for the best dressed Christmas tree, with the winner set to receive a case of Tanners champagne.

The popular annual competition is co-sponsored by Balfours and Tanners who are inviting photograph entries to be submitted.

Abigail Barker, property sales office manager explains: “The Christmas tree is a centre piece in so many homes; people take great pride, with decorations evoking special memories and anticipation of the Christmas to come.”

Entering couldn’t be easier, simply upload a photo of your Christmas tree to Instagram, Follow instagram @balfours_propertyprofessionals and @tanners.wines. To enter use balfoursbestdressed or email This email address is being protected from spambots. You need JavaScript enabled to view it..  Entries should be submitted by adults, 18 years and over, entries close 5pm Wednesday, December 18.

 

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Winter Protection

25/11/2019

After what must be one of the wettest autumns on record, followed by the first cold blast of winter, it is a timely reminder to ensure homes are equipped to take us through the winter months.

“This is particularly the case for rental properties, where landlords will save time, money and stress for all involved by taking a few precautionary steps,” says Head of Lettings at Balfours, Charlotte George MARLA.

“If a boiler hasn’t been serviced in the last nine months, then it is a good idea to have it serviced before it is put under pressure during the winter. This will throw up any weaknesses and may well prevent a major breakdown.”

According to Charlotte there are two other essentials to consider as we all stay inside more. One is to protect pipes with lagging, particularly external pipes and pipes in out of the way places, such as the loft.

“For the properties we manage we co-ordinate with both parties to ensure that these matters are done and signed off, and we would encourage landlords who are managing their own properties to take the same approach,” Charlotte explains.

These matters can be overlooked, either because the tenant is long standing and everyone assumes someone has done what nobody has, or in the case of a new tenant they may well not be aware, but in any case such responsibilities do ultimately fall to the landlord.

More heat in the house could mean a higher risk of fire. Since 2015 it is a legal requirement that a smoke alarm be fitted on each floor of a rental property – and regularly checked. The onset of winter is an obvious time to ensure alarms are fully operational. Finally, if a room has a solid fuel burning appliance, such as a woodburner or open fire, then a carbon monoxide alarm should be fitted in each room with such an appliance.

Charlotte concludes: “For landlords it really is worth ensuring your tenants are both safe and comfortable and that all equipment is fit to provide incumbents with cosy conditions – it’s also good advice for all of us in preparation for winter.”

 

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