What is a probate valuation?
When a family or friend dies and leaves property to you, you will need to get a valuation of the property even if you aren’t selling it, in order to complete the HM Revenue & Customs Inheritance Tax form. You have to this before you can get a ‘grant of representation’, which means that you will have legal ownership of it.
Why should I instruct a chartered surveyor to value the property?
It’s heavily advised by HMRC to instruct a RICS approved chartered surveyor to carry out the valuation of the property for probate. This means that the property will not be over-valued which could make it liable for inheritance tax.
HMRC are much more likely to accept a valuation that has been provided by a professional, especially if the value is over £200,000. If they believe that the valuation is incorrect, penalties can be applied on top of the extra Inheritance Tax, so it is in your best interests to get it right first time!
How do I go about getting a probate valuation?
Contact a chartered surveyor and instruct them to carry out a probate valuation – you can call us on 01249 569015 for more information or to book in your valuation.
You will need the following information:
· Date of death
· Name of deceased
· Proof that you are the executor
While the property is going through probate, it is likely that the property will be uninhabited. If this is the case, the property must be covered by unoccupied home insurance – it is the executor’s responsibility to organise this.
If you would like to find out more about probate valuations, get in contact with us here.