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 Her Majesty’s Revenue and Customs (HMRC) Inheritance Tax form. You must obtain this before you can get a ‘grant of representation’, which means that you will have legal ownership of it.
Property is usually the most valuable part of any will. It is for this reason that the professional and impartial advice of a Chartered Surveyors can be invaluable during this difficult and distressing period.
Why should I instruct a chartered surveyor to value the property?
It’s heavily advised by HMRC to instruct a Royal Institution of Chartered Surveyors (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 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.
If you have recently experienced a bereavement, our team can assist with this burden by providing a fully independent probate valuation. For expert and impartial advice, you can speak to our expert and friendly sales team. Call us on 01249 569010 or email via email@example.com for more information or to book in your valuation.
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