Property valuation

Information and questions about the Law in Spain and Andalucia.
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gruff
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Property valuation

Postby gruff » Sun Nov 10, 2019 8:43 pm

My close friend died 7 weeks ago. She was UK resident with a house in Spain. Her Spanish will leaves everything to me. In her English will there is no mention of the house in Spain. I've been trying to get a Spanish estate agent to do me a valuation for the English probate but I'm getting blank looks. Do I need a valuation?

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Re: Property valuation

Postby Beachcomber » Sun Nov 10, 2019 9:08 pm

This. Is not something that Spanish estate agents are qualified to do. To obtain an official valuation you need to ascertain the valor catastral and apply the municipal multiplier.

You can use this calculator:

https://www.juntadeandalucia.es/agencia ... Urbana.htm

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Re: Property valuation

Postby morlandg » Mon Nov 11, 2019 9:03 am

Beachcomber. I have used this calculator in the past. Excellent. Off the top of your head - is there an equivalent one for Mallorca? Graham

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Re: Property valuation

Postby gerryh » Mon Nov 11, 2019 9:58 am

Using that calculator and my very low catastral value, my house is only worth €8120.
No I haven't missed off a zero.
So if I ever want to sell it then I will make a very large profit. :think:
Cheers
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Re: Property valuation

Postby peteroldracer » Mon Nov 11, 2019 11:15 am

"So if I ever want to sell it then I will make a very large profit." and a very large bill for the plus valor?
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Re: Property valuation

Postby Beachcomber » Mon Nov 11, 2019 11:39 am

Morlandg, I cannot find an official one but this may help:

http://calculadoras.abogadosymas.es/cal ... -baleares/

This is a third party web site so the usual caveats apply.

There is also this but it doesn't help much:

https://www.atib.es/ta/valoraciones/def ... px?lang=es

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Re: Property valuation

Postby Free at Last » Mon Nov 11, 2019 3:13 pm

If the deceased had made a Spanish Will regarding her assets in Spain and a UK Will regarding her UK assets, is it necessary for the Spanish property to be included in the application for the Grant of Probate in the UK? This seems to suggest they should be dealt with separately:-

https://worldwidelawyers.co.uk/2016/04/ ... countries/

When a friend of ours who was UK resident and owned a holiday home in Spain died a few years ago, his sister did not have to include his Spanish property or non-resident account in the UK probate application (which was handled by a solicitor). The payment of Spanish IHT, plus valia and the subsequent drawing up of the Escritura de Herencia to enable the assets to be transferred into her name was just handled by her Spanish lawyer.

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Re: Property valuation

Postby gruff » Mon Nov 11, 2019 4:27 pm

Thanks for the link.

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Re: Property valuation

Postby Beachcomber » Mon Nov 11, 2019 5:14 pm

I don't know what happens in the UK but I do know that in instances where the British non-resident owner of a Spanish property has died the executor in the UK has asked for a valuation of the Spanish property for inclusion in UK probate.

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Re: Property valuation

Postby chrissiehope » Mon Nov 11, 2019 11:55 pm

Yes, that's what happened when my husband died, half our Spanish property (jointly owned) was included in Probate. We are/were Non-Resident
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Re: Property valuation

Postby gruff » Tue Nov 12, 2019 8:36 am

Chrissie, was there a Spanish will, what was involved getting a valuation for probate?

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Re: Property valuation

Postby chrissiehope » Tue Nov 12, 2019 2:18 pm

There was a Spanish will, but I have a feeling it was superceded by the UK one. We had an English solicitor who is also qualified in Spain, but it was over 5 years ago now, & I can't honestly remember much about it, other than it seemed to take forever ! My 2 step daughters were involved, as my husband had left them his share, which complicated matters somewhat !
Sorry not to have been more help :-(
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Re: Property valuation

Postby gruff » Wed Nov 13, 2019 11:01 am

I've now been told the only true valuation is the cadastral value on the IBI?

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Re: Property valuation

Postby gruff » Wed Nov 13, 2019 11:03 am

Apologies, looking back that is more or less what has been said.

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Re: Property valuation

Postby Devils Advocate » Wed Nov 13, 2019 11:13 am

And yet it's nowhere near a "true" valuation is it?, bloody ridiculous. Hope everything works out for you, and I was very sorry to hear of your loss. Really hope you don't have too many hassles and expense sorting this, you don't need it.
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Re: Property valuation

Postby El Cid » Wed Nov 13, 2019 11:32 am

gruff wrote:I've now been told the only true valuation is the cadastral value on the IBI?
The value used for tax purposes is the catastral value multiplied by a figure from roughly 1 to 4 depending on the municipality.

It is not a true value and usually bears no relationship to the market value which is often higher or lower than the "official" tax valuation.

Sid

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Re: Property valuation

Postby Beachcomber » Wed Nov 13, 2019 12:17 pm

The multiplier for Iznate, if this is where the property is located, is 1,44.

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gruff
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Re: Property valuation

Postby gruff » Wed Nov 13, 2019 5:55 pm

Well, I return to the UK Friday and will discuss it with the Solicitor. Thanks to all.

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Re: Property valuation

Postby peteroldracer » Wed Nov 13, 2019 7:07 pm

It is not really much different in the UK, where Band "A" for Council Tax is based on "up to £44,000" - valuation date 1991.
Market values are based upon what people have paid for similar properties in the same area.
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Re: Property valuation

Postby vinuela vinny » Fri Nov 15, 2019 10:20 am

A very interesting and useful thread - thank you everyone


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