I have a client who was gifted a house by her mother in 2003.
The mother bought it for £68k in 2000 and my client sold it in 2015 for £172,000. It was gifted to my client in November 2003.
The house was the mother's PPR so no holdover relief claim was required or made. Therefore my client's base cost would presumably be the value at the date of transfer.
Annoyingly nobody did a valuation of the house at the date of transfer. I have not had this before so my question is what do people do in this situation?
I can find various house price indices that would estimate the house was valued at the point of transfer between £115k and £125k, is it enough to take a few sources and take the average? Or do people get a 'proper' valuation report done by a third party. There are no comparable houses in the same street sold within a couple of years of the transfer.
Any suggestions welcome.