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Valuations for probate

Valuing Property for Probate | What is a probate valuation | Can a probate valuation be challenged | Why pay for a probate valuation | Probate valuations for shared property | How is a property valued for probate purpose | Trust and RICS valuations for probate

Valuations for probate


Why choose Willmotts?

Willmotts Chartered Surveyors have a team of registered valuers with experience of providing formal RICS compliant professional valuations for both residential and commercial property. We have the capacity to value both individual properties and larger portfolios.

Willmotts probate valuation surveyors are based in London, and we routinely provide professional, open market, RICS compliant, valuations for properties in the London and Southeast for inheritance tax purposes.

Willmotts Chartered Surveyors offer a comprehensive range of valuations, we routinely carry out house valuation for probate purposes but also conduct professional valuations for large commercial and industrial properties and portfolio valuations for probate purposes. We take great care in providing our clients with impartial valuations that are as reliable as possible.

Willmotts have been a fixture of the London property market since 1856.

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS compliant Red Book valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

Valuing Property for Probate


We are able to provide the essential probate valuation advice required by the executors appointed under the will when applying for an order to obtain the Grant of Probate and for submission of the relevant forms to HMRC as part of the estate Inheritance Tax calculations.  

In term of the information, we require to prepare a professional valuation this includes but is not limited to the name and date of death of the deceased (which is the valuation date) the property or properties addresses that are to be valued and a correspondence address.

 We would need tenancy and tenure information as well as any other information relevant to the valuation at the valuation date.

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS probate valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

What is a probate valuation ?


A probate valuation is process of valuing the assets owned by the deceased person for the purposes of assessing the financial liability payable by the estate from probate tax. Willmotts offer a professional RICS Red Book probate valuation service on both residential (such as a house or flat) and commercial properties. Our chartered surveyors have experience valuing residential, retail, office and industrial properties.
 
In the United Kingdom, probate valuation is a statutory requirement. If a person dies with an estate of more than £325,000 , it is required that the assets be valued for tax purposes. This process can time consuming with it not being unusual to take 6 months from date of death and involves several stages.

The estate will not need to pay inheritance tax if one of the below applies:

  • the entire estate passes to the spouse or civil partner of the deceased
  • the entire estate passes to a charity (or a community amateur sports club)
  • it has a value below threshold of £325,000
If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS probate valuation. 
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

Can a probate valuation be challenged?


If a figure deemed to be too low or inaccurate is submitted, it can be challenged by the district valuer. In such an eventuality having a red book valuation prepared by a chartered surveyors gives you the peace of mind that if a value is challenged there is a surveyor to stand behind the figure.

In terms of process for a professional valuation, the valuation date is set by the date the deceased passed away. If instructed a valuation is carried out by one of our registered valuers. The process is straightforward, to start proceedings one of our surveyors will inspect the property and measure up. The surveyor will then research the market, looking at transactions, speaking to local estate agents and calculate the market value, this is usually with reference to sold prices on the open market. The RICS red book compliant report we provide is detailed including evidence and additional information relating to statutory enquiries. In terms of cost, Willmotts offer reduced fees if you are selling you property through our agents.

For probate purposes the sale is supposed to take place at the date of death.  However, in some cases, such as the sale of a property close to the date of death a sale of the subject property may be accepted as representing the open market value at the valaution date.
It was Benjamin Franklin who said “in this world nothing can be said to be certain, except death and taxes” but, while the impact of death is unavoidable, paying the tax liability is something which can be limited with good professional valuation advice from qualified Chartered Valuation Surveyors regulated by RICS.  

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS probate valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

Why pay for a probate valuation?


A formal asset valuation for probate may seem like a costly luxury at a difficult time but a well argued valuation report from a qualified and experienced local valuer will carry more weight and focus on what the executors and beneficiaries really need more readily than a free marketing appraisal from an estate agent keen to show his capability to achieve the best price in the event that the property is to be offered later on the market.  A formal valuation and providing accurate property values can be worth the cost and could save you time and money in the long run, particularly if the figure you supply to HMRC is challenged by the district valuer.

It has been known for the HMRC to argue the case of Buccleuch v Inland Revenue Commissioners [1967] 1 A.C. 506 to push for estates to be divided into seperate units as a valuation assumption and Attorney General of Ceylon v Mackie [1952] 2 All ER775 and Gray v Inland Revenue Commissioners [1994] S.T.C. 360 to argue for valuing property together if it would return a higher figure than if sold separately.

The death of a loved one is inevitably a stressful time for anyone but it is important to deal methodically with the formalities to ensure that difficulties do not arise later.

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS probate valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

Probate valuations for shared property


We are able to include advice on the value of a part share in a property and are happy to tailor our report to suit your particular circumstances as we regularly do for the clients of a large number of solicitors.  Valuing a part share in a property is rarely as simple as apportioning the value of the assumed part share by the percentage owned.  

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS probate valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

How is a property valued for probate purpose?


It is important to ensure that the value submitted to HM Revenue and Customs reasonably reflects the market value of a property, but care needs to be taken to ensure that this figure properly takes into account the difference between “open market value” and “market value”.  

To elaborate on the process, one assumes a hypothetical sale on the open market. The assumption is that the sale is not forced and there is a willing seller and a willing buyer.

Importantly the market value may consider a special buyer ( a buyer who is prepared and able to pay more for an asset than anyone else), however, the market value will be less than what the special buyer is prepared to pay.

In terms of threshold, many smaller properties fall within the “ nil rate band ” especially where joint ownership by a couple means that the level is £650,000 rather than the individual’s allowance of £325,000 but it is still important to give full consideration of all the facts in reporting what appears to be a pointless exercise. This could however become significant in the event of a later sale at a higher figure leading to a profit which becomes chargeable to Capital Gains Tax. This is just one example of the benefit of taking professional advice from a qualified Chartered Valuation Surveyor, Regulated by RICS.  

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS compliant Red Book valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

Trust and RICS valuations for probate


We are also able to work with your legal representatives, tax advisors and accountants to provide probate valuation advice and input in the formation of trusts which will allow property owners to mitigate the impact of Inheritance Tax on their estate in the future. Recent examples of this type of work have been in the establishment of trusts for the benefit of children, often independent adults in their own right, whereby either a part share or the whole of the family home is transferred into a trust for the benefit of the children or grandchildren and rented back to the clients at the market rent.  

In these cases it is essential that both the donors and beneficiaries are represented by valuers (and not rely on estate agents reports) since HMRC may well challenge the findings and seek evidence that the value attributed on the gift and the rent charged on the lease back is at the true market level.  

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS compliant Red Book valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com

How to get a probate valuation


If you are the executor of a person's estate, or if you are an heir to someone who has left behind property, then you will need to get a probate valuation. A probate valuation is required by law in order to help determine how much money is owed to HM Revenue and Customs.

If you need a probate valuation, please get in contact with our chartered surveyors using the below details. Please do not hesitate to get in contact for a bespoke quote for an RICS property valuation.
Jonathan Davis MRICS | Director | 020 8222 9908 | j.davis@willmotts.com