Probate valuation

We conduct Probate valuations across London and the South of England, and can act nationwide when required. 

The expert knowledge you need with the personal service you expect.

Probate valuations

Acting for the executors of wills, our experienced Chartered Surveys determine the value of a site or building at the date of death for probate purposes.

We assess all kinds of residential and commercial property, including land, houses, bungalows, flats, including those of non-standard construction, to provide our considered opinion of its value.

We aim to help you make sound financial decisions relating to the property. A valuation conducted by a RIC registered valuer will ensure an accurate value of assets is reached to determine what taxes may be due during the probate process.

 

Probate valuation report

We provide a detailed, evidence-based report that provides our opinion of the property’s value on the date the owner died (known as ‘the date of transfer’) or the date the property was given as a gift if this occurred in the last seven years.

Our property valuations are calculated following the RICS Red Book standards (where the regulatory body sets out best practice guidelines for Chartered Surveyors).

 

Delivery time

We aim to deliver valuation reports within five to seven days of the property inspection.

You will be able to talk directly to the surveyor working on your behalf should you have any questions when you receive your report. You can rely on us, to be honest, sensitive, and explain everything clearly.

Contact us today and speak with a member of our specialist valuation team. They will take a few details, and talk with you about your situation before arranging a quote.

To get a quote or to discuss your Probate valuation,

CONTACT US

Why you should talk to us

Kempton Carr Croft is a trusted and established property consultancy. Regulated by The Royal Institution of Chartered Surveyors, our Chartered Surveyors, RICS registered valuers, and Property Consultants have a detailed knowledge of the local markets they serve. We won’t try to baffle you with buzz words or technical jargon, and you can always talk directly to the specialist working on your behalf.

Frequently asked questions about Probate Valuations

  • What is Probate?

    In the UK, Probate is the legal and financial processes involved in dealing with the money and assets (including property) of somebody who has died.

     

    If you have been named the Executor or Administrator of an estate, you need to be given a ‘grant of representation’ – i.e. be granted ‘probate’ – to have the legal right to pass on or sell their assets as directed in the person’s will.

     

    One of the first criteria of being granted probate is to provide an accurate valuation of the estate, which includes the deceased person’s property, belongings and cash, minus any debts.

     

    This will help HMRC work out if Inheritance Tax is due on the estate and, if so, how much. Inherited properties can only be sold once probate has been granted.

  • What is Probate Valuation?

    A probate valuation is a system to calculate the value of assets of somebody who has died. It considers all items of value (including money, stocks, shares, property and personal possessions) and removes any outstanding debt.

  • When do I need a Probate Valuation?

    A probate valuation is required when property (houses, buildings or land) is owned by the deceased and the property assets don’t pass directly on to heirs or beneficiaries.

     

    A probate valuation is particularly advisable if:

     

    – the property is of a non-standard construction

     

    – the property is the only one of its type in the area or if there haven’t been any recent comparable sales locally

     

    the property is run down and will need a lot of repairs

     

    – the property sits on a large piece of land that has the potential for development.

     

    – the property was shared by joint tenants or even a group of people as it will accurately calculate the value of the deceased’s share.

     

    – if the property is going to be sold

  • What is covered in a Probate Valuation?

    – Initial advice in respect of probate valuations

     

    – Inspection of the property

     

    – Reporting the Market Value at the applicable valuation date

     

    – Negotiating with HMRC should they raise any queries regarding the value provided (Please note that this element could incur additional costs depending on the level of work required. For example meeting with the District Valuer and making formal representation.)

     

    – Consultation prior to the valuation to ensure any specific concerns you have are considered in the inspection

  • Who should conduct a probate valuation?

    It’s important to secure an accurate valuation of an estate. Underestimate the value and you risk having to pay out more Inheritance Tax than you expected when the estate is sold, but if you overestimate, you may have to spend significant time trying to reclaim your Inheritance Tax over payment.

     

    HMRC has the right to challenge and investigate a valuation through its District Valuer Service (DVS), which can slow down probate being granted and if it does challenge a valuation, particularly one not supported by a professional surveyor, you could face hefty fines for having been ‘negligent’ in how you obtained the valuation.

     

    By instructing a RICS registered Chartered Surveyor to provide a probate valuation you have the peace of mind of knowing that they follow industry best practice guidelines on how to reach valuation figures and are bound by the codes of conduct of their professional body. This ensues you’re more likely to get an accurate valuation figure that will be accepted by HMRC.

  • How to determine the value of property in probate?

    The most reliable approach to property valuation is to instruct a Chartered Surveyor to conduct a probate valuation. The value the surveyor will give is defined as its market value, i.e. what it might reasonably fetch if sold on the market to a willing buyer, on the date the owner died (known as ‘the date of transfer’) or the date the property was given as a gift if that happened within the last seven years.

  • Can you conduct a desktop valuation?

    Desktop valuations, where an opinion of value is reached without an inspection of the property, are not RICS Red Book compliant and as such we don’t conduct them.

     

    We do however conduct desktop valuation updates. These desktop valuation updates are only suitable if we have visited the property on your behalf before, no significant alterations have been made, or the time elapsed since the inspection was conducted isn’t too great.

     

    Desktop valuation updates are commonly used when the validity of the original valuation has expired (usually after three months of valuation date) and a retype is requested to state that the original value is still correct and the market has not significantly changed.

  • Why is accuracy important in for Probate valuations and inheritance tax calculations?

    It’s important to secure an accurate valuation of an estate. Underestimate the value and you risk having to pay out more Inheritance Tax than you expected when the estate is sold, but if you overestimate, you may have to spend significant time trying to reclaim your Inheritance Tax over payment.

     

    HMRC has the right to challenge and investigate a valuation through its District Valuer Service (DVS). This can slow down probate being granted and if a valuation is challenged, particularly one not supported by a professional surveyor, you could face hefty fines for having been ‘negligent’ in how you obtained the valuation.

     

    By instructing a RICS registered Chartered Surveyor to provide a probate valuation, you have the peace of mind of knowing that they follow industry best practice guidelines on how to reach valuation figures and are bound by the codes of conduct of their professional body.

     

    This means you can be confident that will get an accurate valuation figure that will be accepted by HMRC.

  • Why do valuations differ between Surveyors?

    Registered Valuers may provide varying opinions of value because a valuation is an evidence based opinion with an element of subjectivity.

     

    When disagreements in value occur, courts are asked to decide if a value is correct but provided the valuation has been conducted in accordance with the RICS Red Book (where best practice guidelines are set out by the regulatory body for Chartered Surveyors) an opinion of value cannot be ‘wrong’, as long as it is within reasonable tolerances of the court’s opinion of value.

     

    This tolerance is usually up to 10% over or under the original valuation.

     

    Consumers should instruct a Chartered Surveyor, via the RICS find a surveyor service to find a surveyor with local market knowledge and adequate professional indemnity insurance to provide the confidence that the opinion of value can be relied upon subject to any qualifications in the valuation document.

     

    Kempton Carr Croft is a RICS regulated firm, has PII insurance cover and all valuations are conducted by qualified RICS registered valuers.

  • How much does a Probate Valuation cost?

    We cannot give you an exact quote until you have confirmed the property address(s) as every property is different however the professional fees payable will always reflect the particular requirements of your property and the time which it is anticipated will be devoted to the matter.

     

    Get a quote 

  • Do you conduct Probate Valuations in my area?

    Kempton Carr Croft’s Surveyors regularly provide valuations for properties throughout London and the whole of the South East of England. The team works from offices in Basingstoke, Camberley, Gerrards Cross, Maidenhead, London, Reading, Staines and Windsor.

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