House Valuations for Probate
We provide RICS-accredited probate valuations in London and the home counties. Contact our team to discuss your requirements.
When a loved one dies, a house valuation is one of the first steps that is taken in the probate process. This process is often conducted by appointed executors who are to carry out the desires of the deceased, as stated in their will.
House valuations for probate are necessary in order to file inheritance tax if the deceased’s estate is worth more than £325,000. This valuation must be submitted to HMRC as part of the estate assessment. We provide our clients with a quality probate valuation assistance and our RICS-registered valuers will work with you throughout the process.
At Crest Chartered Surveyors, our utmost priority is to make the valuation process as easy as possible during a difficult time.
What Is Meant by Probate Valuation?
Probate valuations provide the market price of a property at the time of the owner’s death. This means that the market price will need to be calculated in the past, which requires an expert RICS-registered surveyor. Alongside visiting the property to value it, they will review the market fluctuations at the time of death to come to an official value for the property at this time.
The valuation is equal to the price that a willing buyer would reasonably be expected to have paid if found on the open market at that time.
What Is Included in Our Probate Valuations?
All of our probate valuations are completed by RICS-registered surveyors with years of experience in dealing with all types and sizes of property. Our probate valuation package includes:
- In-person inspection
- Photographic evidence
- In-depth written report
- Accurate valuations
If you need a probate valuation in London or South East England, you can contact our team with any questions or to arrange your valuation. We do everything we can to ensure that we provide a stress-free service in an already stressful time.
How Much Does a Probate Valuation Cost?
Our House Valuations for Probate prices start from £500, inclusive of VAT*.
At the end of the valuation process, you will receive:
- A written report detailing the condition of the property
- A valuation of the property Photographic evidence
This enables you to continue the probate process knowing that your property is valued correctly and you will be able to use these documents if required for any legal proceedings.
Our team will also provide you with regular contact detailing the stages and progress of your valuation. This includes ensuring that your valuations are scheduled at a time of your convenience and providing you with answers to any questions you may have during this time.
*Properties valued at £1 million or above may be charged at a higher rate. We will confirm the quote at the time of booking. You can also get a better estimate on our price calculator below.
How Crest Surveyors Can Help with Complex Estates
We understand that every property is different and unique. Calculating someone’s property for probate may be confusing and overwhelming, especially if the property they owned is a large estate, a grade-listed building, and more.
Crest Surveyors offers thorough red book valuations that include formal, in-depth valuations, photographic evidence, a written report, and an accurate valuation. We’re also able to offer accommodations for your specific needs and requirements. Get in touch if you require a more complicated probate valuation so that we can discuss your requirements.
Probate Valuations in London & The South East of England
It’s important that you find a service that meets your needs, requirements and budget. At Crest Surveyors, we’re here every step of the way. Whether it’s asking for advice on probate, any queries relating to the property, or any other additional questions.
At Crest Chartered Surveyors, we offer a quality service that you can trust, whilst always providing the quickest and most cost-effective solutions for your survey and valuation needs.
Probate Valuation FAQs
What Happens to a Property During Probate?
When a house or estate is in probate, that means the process of inheritance begins for those outlined in the will. A valuation from a RICS surveyor will need to be conducted to ensure that the correct value of the property is determined. This will need to be calculated to ensure that the correct amount of inheritance tax is applied. If the market value of the property is not provided by a professional, then you may end up paying more inheritance tax than required.
It’s important to note that HMRC may also choose to challenge your property valuation if it is not conducted by a professional RICS surveyor who has experience in valuing properties in the local area. At Crest Surveyors, we specialise in inheritance tax property valuations in London and its surrounding areas.
Probate is granted once your application has been approved by HMRC. This means that you will then have the authority to sell, rent or live in the property. While you can’t sell the property until you have full ownership, you can put the property on the market while the probate application is in process.
Is a Probate Valuation Different from a Normal Valuation?
Probate valuations follow much of the same process as a normal Property Valuation. However, there are some key differences that mean that you will need to choose the correct one.
Standard property valuations are counted from the moment the surveyor is completing the report. However, house valuations for probate value the house at the time of the owner’s death. This means that an extra step is needed to analyse the fluctuations of the property market at this time and value the property accordingly.
Who Can Carry Out a House Valuation for Probate?
While estate agents will often offer probate valuations, the only way to protect yourself from any legal proceedings is to go through an accredited surveyor. The surveyor must be registered with the Royal Institution of Chartered Surveyors (RICS) in order to be fully qualified.
This can be particularly important if your property has any non-standard construction elements, is particularly run down, or if the property has potential for development.
This ensures that if there are any complications with the probate process, an RICS valuation will be held in much higher regard than that of someone like an estate agent.
Who Is Responsible for the Probate Valuation of Property?
In legal terms, the person who’s named as executor of the will is responsible for calculating the total of all of the deceased’s assets – including their properties. This could be more than one person in some cases.
If nobody has been named or no will has been made, an administrator will be appointed who will be responsible for the property valuation.
When Do You Need a House Valuation For Probate?
A house valuation for probate is required for all properties inherited in an estate worth more than £325,000. If the value of the estate is on the edge of this bracket, it’s best to get a probate valuation to ensure that it doesn’t seem like you’re avoiding inheritance taxes by reporting slightly under the threshold.
In cases where the estate is worth less than £325,000 or the entire estate is being passed to a spouse or civil partner, this is not required and an informal valuation from an estate agent could be considered.
You can find out more about if you need a probate valuation in our guide: Do I Need an Official House Valuation for Probate in the UK?