A Valuation for Probate / Probate Valuation is needed for Inheritance Tax Purposes (IHT) for any property worth more than £325,000. The Chartered Surveyor will be tasked with valuing the deceased’s property at the date of death. Even if the beneficiaries do not intend to sell the property, a probate valuation is still required to be undertaken for tax purposes.
As part of our probate valuation service we will guide you through the necessary steps required and the forms you will also need to fill out to apply for the necessary grant of representation. This gives you the legal right to deal with the deceased’s estate so you can determine the amount of inheritance tax owed at the time of death.
We understand only too well how probate matters can be stressful. As a company, we pride ourselves in ensuring the valuation process is one which is both easy to follow and time effective and efficient. We stop at nothing to make this as straightforward as possible.
All of our Surveyors who undertake probate valuations are both RICS Chartered Surveyors and RICS Registered Valuers with all of our valuations complying with the rules and guidance of the RICS Red Book.
That said, there are three main factors which need to be considered in any Probate Valuation, such as:
- Valuation date. Probate Valuations determine the value depending as to the specific date and year. Based on how the property market operates, prices can widely vary year to year. To help work around this factor, our extensive research ensures we are always up to date when it comes to year by year prices to help ensure our valuations represent an arm’s length figure.
- Property size. The size of the property will also impact on its value. Our Valuers will not only establish the per square foot value, but will also assess the local market factors, average sales price trends and overall market trends. This enables great accuracy of our valuations and a capability to be able to reflect the true market price.
- Property location. Location is key to the value of any property. Having good local knowledge helps us to ensure we are always well up together when it comes to location factors that can both improve and have an effect on the overall property value. Within all of our reports we will always disclose any location factors that we believe are a credit to the final valuation.
Servicing Berkshire, Buckinghamshire and London, please contact us with enquiries you may have regarding Probate Valuation Surveys. Please visit our Contact page and submit an enquiry form or contact us on 01494 67 78 78 or by email at firstname.lastname@example.org