The will provided that the executors should specify the price at which a beneficiary could exercise an option to purchase property in the estate. The will provided that the market value at the date of death should be used. The probate valuation was not appropriate, and it was wrong for the valuer to seek to amend his valuation to take account of an increase in property prices after the date of death. The valuation could only be governed by matters known to the valuer at the time of the valuation. Since the option was intended to be exercised immediately, the trustees did not have to allow for the costs of ongoing repairs, nor for money expended by the beneficiaries on the property.
Citations:
Times 13-Apr-2001, Gazette 07-Jun-2001
Jurisdiction:
England and Wales
Wills and Probate
Updated: 17 June 2022; Ref: scu.82242