House Valuations for Probate
What you need to know when valuing a property for inheritance tax and probate
Often, getting a valuation for probate purposes can be an emotional and stressful time. If you are an executor or Administrator of an estate and need help valuing a property for probate, we are here to help.
At times like this, you’ll benefit from a friendly and sympathetic approach coupled with our extensive experience and professionalism.
Guiding estates through the often difficult process of managing a house throughout the probate process we can help with valuing the property for you, through to the actual sale.
Get in touch now by calling 01325 776 424
Why do you need to get a property valuation for probate?
As part of the probate process, the Executor or Administrator must complete an Inheritance Tax return. This will vary depending upon the size of the estate and whether Inheritance Tax is payable.
The Inheritance Tax Return specifically asks for the value of the deceased’s property at the date of death.
What are the rules for valuing a house for probate?
It’s important that the house must be valued on the ‘open market value‘ at the date of the deceased’s death. HMRC defines this as ‘what the property might reasonably be expected to fetch if sold in the open market at that time’
In arriving at the valuation it is important to take into account all factors in arriving at the valuation such as development opportunities, repairs required, or recent sales of similar properties etc.
What is the best way to get a house valued for Inheritance Tax?
In all cases, the District Valuer at the Inland Revenue will examine closely the valuation on the probate form and therefore it is very important that an accurate valuation is recorded so as to avoid the District Valuer requesting evidence in support.
If the estate is taxable a detailed valuation from a Chartered Surveyor should be obtained. Obtaining estimates from a few estate agents is simply not acceptable. When valuing the property a Chartered Surveyor will do so by reference to the industry recognised Red Book Guidelines.
If you need help ensuring a property is correctly valued for probate and inheritance tax contact us now. We help clients across the UK and provide expert advice on all aspects of probate house valuations.