Hi there. I couldn't decide if this should be in property or legal and I have plumped for the latter. Apologies if wrong.
I am wondering about the following. My mother had a half-share in the family home with her brother. In 2008 the brother died and his share went to my mother as he had no family.
I understand that they had the property valued for CAT purposes at the time. The property was valued at €2m and her share €1m, generating a liability of €200k.
There was a property for sale 2 doors down and this would have had a large bearing on the valuation of my mother's family home. This was on the market for over €2m (2007) but ultimately sold for less than €1m (c. late 2009). This property would have been a better property than my mother's family home.
I ask because I was told it might be possible to appeal the valuation on the basis that the premise for the CAT liability would have been flawed because of the price of the comparable (but better) house close by was clearly unrealistic as it did not sell. Is there any basis on which my mother can revisit this?
PS I would guess the value of the house at the moment to be c. 750k (insofar as anyone can guess the price of a house these days).
I am wondering about the following. My mother had a half-share in the family home with her brother. In 2008 the brother died and his share went to my mother as he had no family.
I understand that they had the property valued for CAT purposes at the time. The property was valued at €2m and her share €1m, generating a liability of €200k.
There was a property for sale 2 doors down and this would have had a large bearing on the valuation of my mother's family home. This was on the market for over €2m (2007) but ultimately sold for less than €1m (c. late 2009). This property would have been a better property than my mother's family home.
I ask because I was told it might be possible to appeal the valuation on the basis that the premise for the CAT liability would have been flawed because of the price of the comparable (but better) house close by was clearly unrealistic as it did not sell. Is there any basis on which my mother can revisit this?
PS I would guess the value of the house at the moment to be c. 750k (insofar as anyone can guess the price of a house these days).