A Valuation for Probate will be required for Inheritance Tax Purposes (IHT) for any property that is worth more than £325,000. The Chartered Surveyor will be tasked with valuing the deceased’s property at the date of death.
It is important to note that even if the beneficiaries do not intend to sell the property, a probate valuation will still need to be undertaken for tax purposes.
As part of our probate valuation service, we are happy to talk you through the steps required and the forms you 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 and enables you to determine the amount of inheritance tax that requires paying.
We understand that probate matters can be an incredibly stressful time, we pride ourselves in ensuring the valuation is as easy to follow and time effective as it can be.
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 guidelines of the RICS Red Book.
Type of Factors that can affect the Valuation:
Probate Valuations determine the value of the property at a specific date and year. Given the nature of the property market, prices can widely vary year to year, as such our extensive research ensures that we are always abreast of year by year prices ensuring our valuations represent an arm's length figure.
The size of the property will have a direct effect on its value, our Valuers will not only establish the per square foot value, but will also take into account the local market factors, sales prices and market trends. This ensures our valuations also reflect the true market price.
Property Location is key to the value of the property. Our local knowledge ensures we are always well adverse with location factors that can both improve and effect the property value. Within all of our reports we confirm location factors that we believe are a credit to the final valuation.
Probate Valuation Fixed Costs:
Here at Berry Lodge Surveyors, we believe Valuation costs should be transparent, fixed and never include any hidden extras.
All of our Probate Valuations are set at fixed a cost and include the inspection, report, discussion, and recommendations once the report is complete and in the hands of our clients.