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

 

What do we do?

Acting for the executors of wills, our Chartered Surveys determine the value of a site or building at the date of death for probate purposes. We will provide a detailed, evidence based report, in accordance with the RICS Red Book standards that provides our opinion of the value of the property in question on the date the owner died (known as ‘the date of transfer’) or the date the property was given as gift, if this occurred in the last seven years.

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. 

Our aim is to help you make sound financial decisions relating to property and 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.  

 

Turn around 

We aim to turn reports around within five to seven days of inspection and you will be able to talk directly to the surveyor working on your behalf should you have any questions when you receive your report.

To get a quote or to discuss your Probate valuation,

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Frequently asked questions about Probate Valuations

  • 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 

  • 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.

  • 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.

  • 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.

  • 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 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
  • 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.

  • 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.

Looking for more information about Probate valuations?

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Get in touch

Our friendly and professional team is on hand to answer your queries between 09:00 – 17:30 Monday to Friday.

During this time we aim to get back to you within 24 hours. Enquiries received outside of these hours or on bank holidays will be handled the next working day.

If your query is urgent, please call us for the quickest response on 01628 771221.