Inheritance Tax Property Valuations
House Valuations for Probate in London and the surrounding counties
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 property 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 process; our RICS Registered Valuers will work with you throughout the process, and will also guide you through any and all necessary forms.
At Crest Chartered Surveyors, our utmost priority is to make the valuation process as easy as possible during a difficult time.
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.
For more information on probate, read our blog focusing on why you need an official house valuation for probate.
How Crest Surveyors Can Help with Complex Estates
We understand that every property is different and unique. Calculating someone’s assets for probate may be confusing and overwhelming, especially if the property they owned is a large estate, a grade listed building, if they owned a business property alongside their commercial property, or more.
To help you during this difficult process, Crest Surveyors are here to provide a thorough ‘Red Book’ valuation. This is a more formal and in-depth valuation that provides photographic evidence, a thorough written report, and a valuation that is as accurate as possible.
How Much Does an Inheritance Tax Property Valuation Cost?
Our Inheritance Tax Property Valuation prices start from £500, inclusive of VAT.
This cost includes:
- A written report detailing the condition of the property
- A valuation of the property
- A valuation of the properties assets including antiques, jewellery, car valuations, and more
- Photographic evidence
Our team will 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.
Finding the Right Probate Valuation in London for You
It’s important that you find a service that meets your needs, requirements and budget. At Crest Surveyors, we’re here for 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.
Unlike other forms of valuation, probate valuation is required by law, and it is important to get it right. Inheritance Tax Property Valuations submitted to HMRC pass through a high level of scrutiny, and financial penalties may be imposed if HMRC discovers that the true value of the property is greater than the value presented.
For the purposes of probate, the property’s value is calculated as a regular property valuation, to determine its open market value – what it might reasonably sell for if it was sold to a willing buyer on the open market.
An Inheritance Tax Property Valuation will usually take anywhere from 30 minutes to a couple of hours, depending on the size of the property and any particularities associated with the property. Crest Chartered Surveyors aims to deliver all valuation reports within 6 working days of valuation.
Book Chartered Surveyor For Valuations
For more information on Inheritance Tax Property Valuations, or to book a valuation, contact Crest Chartered Surveyors today, and one of our experts will be happy to help.