by John Glynn | Feb 3, 2022 | Classic Bike Valuations, Motorcycle Probate Valuations
As Honda’s biggest CBR from the late 1980s to the mid-1990s, the Honda CBR 1000F built a reputation as a solid but somewhat bland sports tourer, praised mostly for its long-distance ability and comfortable riding position. With a 140bhp engine fed by a 22-litre fuel tank in a package weighing c.270 kgs wet, the CBR was not lightweight, but it excelled in its design brief: to cross countries at speed and in comfort.
The engine was fitted with a balancer shaft to soften vibration and a rear-mounted alternator to reduce width. Often referred to as the Hurricane by US enthusiasts, the CBR 1000F was a sales success. UK buyers took to the model and the bike is a regular offering on eBay and Bike Trader.
Other than an upgrade to the cam chain assembly, which proved troublesome on early models, and a switch to slightly bigger wheels, the technical evolution was relatively static throughout the life of the model and later versions now look a little obsolete versus later CBR1000 RR ‘Fireblade’ model. In fact, the introduction of the original Fireblade c.1992 cannibalised sales from the CBR1000F and eventually led to the end of CBR 1000F production in 1997.
Motorcycle News sums up the Honda CBR 1000F as follows:
“The sports-touring Honda CBR1000F was always in the shadow of more exciting motorcycles, yet had a decade long production run. It had its good points, such as a comfortable riding position, good build quality – except for early camchain tensioner problems – and respectable handling. But the Honda CBR1000F is so bland it makes Katie Melua look like a brazen rock chick.”
Howmanyleft suggests that 131 CBR1000F-L models were taxed at the end of Q3 2021, with 439 listed as SORN. Some 380 bikes with the L model year code were registered in 1990, with 162 registered in 1991 and 22 in 1992.
Order an online classic motorcycle valuation for your Honda CBR 1000F here.
by John Glynn | Jan 1, 2021 | Motorcycle Probate Valuations, Classic Bike Valuations
A survey on lessons in probate best practice by the Financial Times in mid-2020 revealed some interesting information, which those handling probate asset valuations (including classic motorcycles) should keep firmly in mind when the duty as executor is required.
Maintaining up-to-date records
Perhaps the most important point was to ensure that, when one agrees to be an executor, one should keep up to date with the person who has nominated you to ensure that their will and other key documents – any shareholdings, property deeds, insurance details and all of their bank statements and information on other assets – are readily available in a file for when the worst happens, and that you as their executor are aware of their intentions.
Keeping executors in the loop regarding all financial affairs and changes to documents including the will is an important part of the process but, executors should also make time for their nominees! A friend recalls how his mother pleaded with him to sit and discuss her will for two or more years before she died. He put her off until it was too late, only to find that she had cut his two sisters out of their inheritance. Sorting that out between siblings after the reasons for the decision have died is never going to be pleasant. Knowing that his mother felt that she had to make such a decision was not easy for him, either.
Source Accurate and Reliable Asset Valuations
The survey emphasised the importance of reliable asset valuations, especially in estates worth more than the £325,000 individual inheritance tax threshold. One reader advised that, in their experience, the district valuer may be called in to verify information submitted if it was felt to be unreliable.
The most important thing to remember about a probate valuation is that it should be calculated as a selling price on the day of death. Having the experience to see past asking prices and inflated dealer opinion to know the market trends, adjust the asset value for history and condition and to create a report that HMRC can rely on as accurate and complete is the purpose of my classic and vintage motorcycle probate valuation service. This is particularly true of rare and very vintage motorcycles, where observation data is hard to come by.
Be Aware of Probate Delays
HMRC insists that any inheritance tax owed should be paid by the end of the sixth month after death. However, grant of probate may take up to eight weeks to arrive, so much of the time available will be eaten up by the waiting period.
This makes it even more important to have access to as many documents as possible from the start. Up to seven years of bank statements may be required to check for money given as gifts – or any other gifts dispersed. One man who received a £450,000 cash gift through an offshore account ended up being fined £87,000 in court (via an anonymous tip-off) and came to regret the decision not to advise his father’s executors of the transaction. The executors were not prosecuted but the risk is there.
Solicitors versus Chartered Accountants
Solicitors were given a hard time by some respondents, with many recommendations to use Chartered Accountants in their place. A personal experience with a local probate solicitor was not great and, while that might have been an exceptional case, the process of engaging an accountant rather than a solicitor to assist with probate generated more positive feedback due to lower fees and quicker turnarounds.
The full FT article on probate best practice as advised by private executors is well worth a look. Contact me to discuss my efficient and affordable online probate valuation service for vintage motorcycles and classic cars.
by John Glynn | Feb 25, 2020 | Motorcycle Probate Valuations, Classic Bike Valuations
It’s been a busy start to 2020, with a caseload including several requests for probate valuations on old motorcycles. I’m always sad to hear of another old biker leaving the club, but anyone into classic bikes will be all too aware of the fact that most enthusiasts are getting on in years. It will also be noted that there aren’t many wives or children to be seen at bike meets and exhibitions. Leaving a collection of old bikes behind for the family to dispose of can therefore be like leaving a spaceship in the garage: where do people start to put a value on something that may be entirely alien to them?
About classic motorcycles in probate
Probate is the process of administering the estate of a deceased person. It revolves around organising their belongings including money, assets and other posessions, valuing them for inheritance tax purposes, paying all taxes and debts and then distributing the items as inheritance. If there is a will to work from, then the executor will be in charge of probate. Executors carry out their duties once a Grant of Probate has been issued.
Having dealt with probate cases and valuations for many years, the process it is not always pretty. Family wounds can be reopened when the money starts to rise, but there is also the issue of unscrupulous solicitors using the affairs of the deceased to clock up remarkable bills and also handing probate valuations to local associates – auctioneers or car dealers – intent on bringing the dead person’s property into their business at a knock down price and selling it on for far more.
While most solicitors are entirely honest – and I am privileged to work with many great law firms – I have served on several cases where the legal conduct was appalling. Anyone who is going to appoint a solicitor to handle their will and look after probate valuations should know just hope awful it can be for the survivors when the letters and emails start flying around at £100 a time but no progress is made, or dodgy dealers start knocking at the door asking to see the classic cars or bikes left behind by the recently deceased “for a quick cash offer”.
My classic motorcycle probate valuation service is very straightforward and reasonably priced. I have no ulterior motives regarding sale of assets, I don’t ask complicated questions that the bereaved families may have no way of answering and I do a lot of research to support the most sensible price based on the conditions of probate. Email some pictures and details of the bike, pay a small fee of £55 and I will send a signed letter of valuation that is accepted by all official bodies including HMRC.
Recent probate valuations include a 1963 Lambretta Li 150, a rare Zundapp KS601 Sport from the 1950s and a Yamaha FS1-E. There are a lot of old motorcycles sitting unused in garages and sooner or later they may have to be valued. Drop me a line if you need my assistance.
Main image shared under commons licence ©E.Zorilla on Flickr
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