Obtaining a property valuation for probate purposes can easily fall to the bottom of a long to-do list. The valuation of probate property and contents, however, is an essential part of the process that has to be dealt with sooner or later and, given the nature of both wills and the detailed nature of sorting through an estate, it is best to start this process sooner.
With best practice being to obtain valuations from multiple local property professionals, it can also be a time-consuming task and often lead to confusion should the valuations vary.
Accurately valuing a home … not all valuations are equal
Although a local estate agent can give you an idea as to the market value of the property, this will be more akin to a market appraisal which due to the nature of their work, can be an inflated view rather than a direct indication of the true market value of the property.
In the case of estates that are liable to pay Inheritance Tax, the valuation must also be able to stand up to scrutiny from HMRC. An often-overlooked fact that can lead to complications further down the line, leading to additional work.
To satisfy HMRC, property valuations for Probate are required to reflect a ‘realistic selling price’ on the open market at the time the owner died. The valuation must be able to withstand scrutiny should its accuracy be called into question, whether by an Executor, a beneficiary of the estate or the HMRC themselves.
Even if the estate is not liable to pay Inheritance Tax, an accurate valuation will help the individual administering the estate fulfil their duty of care and also give them a report to fall back on in the event of questions from other parties involved in the process.
If you are unsure if the estate is liable to pay IHT, you can find out more on the government website: gov.uk/inheritance-tax
How we value property
To provide our recommendations we thoroughly research the local area; data and a scan of comparable properties that have been marketed and sold recently. We then detail these properties in our report along with other important factors that impact the value to provide a thorough and detailed explanation as to how we have arrived at our valuation.
Once our report is completed, we will return the report to you and the property valuation specialist that completed the report will be on hand to explain the report in full to you and answer any questions you may have.
There is no obligation to use any of other services and the team will happily revisit the report with you later in the estate administration process should further questions arise.
Which valuation report is right for me?
The first step is to decide what kind of report is required; in some instances, our Property Valuation Report (Desktop) may suffice, in more complex cases, for example a larger property consisting of multiple buildings and land, our Property Valuation Report (Full) will be more appropriate.
Whichever report you decide is required your report will contain recommendations on what we believe to be the market value of the property.
Some of the benefits of using us to value probate property
- Clear, concise and easy to use report
- Clealry evidenced value value of the property
- In an easy-to-read, easy-to-use format
- In situations where negotiations with HMRC are required, we handle these on your behalf
- A single flat fee
- Quick – reports turned around within 1 working day