Probate Valuations
We are an RICS regulated firm that provides Probate Valuations calculated following the RICS Red Book standards for residential properties. Our valuers have comprehensive knowledge of the local markets they operate and will provide an accurate market value of the asset that can be relied upon during the probate process.
We provide the following:
● Market value as of the date of the deceased (known as the date of transfer)
● A thorough inspection of the property that assesses overall condition, size, along with any locational features that would have an impact on the valuation.
● An accurate and compliant report submitted within 5-7 working days with supporting evidence for submission to HMRC.
● Further to this our valuers are available to answer questions, liaise with solicitors and assist with any further queries with HMRC as necessary.
Contact us today to get a quote or to discuss your Probate Valuation requirements.
FAQ's
Common Frequently Asked Questions for Probate Valuations
What is probate?
● Probate in the UK is described as the legal and financial processes involved in dealing with any money and assets of a person who has died.
● This process helps HMRC to work out if any Inheritance tax is due on the estate of the deceased.
● The first stage of being granted probate is to provide an accurate valuation of the estate inclusive of the property, possessions and money minus any debts of the deceased.
Do you really need a probate valuation?
● In short yes as HMRC requires accurate valuations of all assets particularly when considering property for calculating Inheritance Tax.
● Estimates can be challenged so by obtaining an accurate a market valuation of a property from one of our RICS qualified valuers it will help to avoid any challenges and subsequent penalties or request for additional tax. These can also be relied upon between beneficences to help avoid any conflicts arising.
What does a probate valuation report include?
● The RICS compliant report will provide information of the property's attributes inclusive of its location, size, condition and any features that will have an impact on its value.
● An assessment of the property's Market Value as defined by the RICS Red Book at the date of the deceased:
● Market value is the estimated amount for which an asset and/or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
● The will be supported with a clear and transparent methodology of the valuation process along comparable evidence used to support the Market Value making it simple for HMRC to review and accept.
Where do you cover?
● We can provide residential property valuations throughout the North West, Essex and East London.
● The team are based across our Manchester and London offices.