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Seeking a Probate Valuation?

Bereavement is never easy for anyone. When a beloved family member or friend dies and leaves their property to you, you will need to get a valuation of a 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.

As property is usually the most valuable part of any will, it is strongly recommended you use an RICS qualified Chartered Surveyor in order to undertake an unbiased and professional evaluation of the property, during what can often be a difficult and distressing time.

Please be aware that you will be required to provide the date of death, the full name of the deceased and proof that you are the executor of the will, at the time of instruction.

If you instruct a Valuer who isn’t RICS qualified, you can run the risk of having the property over-valued and unfortunately, this could leave you subject to 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!

By determining an accurate value of the property, you will then be able to effectively divide any estate between the named inheritors.

Register Interest - Probate Valuation

How long should Probate take?

The administration of an estate  is not always straightforward and can be  complex and time consuming. It can be difficult to put a timeframe of how long the process will take. A Grant of Probate is usually issued within about three/four weeks from the date the Probate Registry receive the application papers.
This is providing that all Inheritance Tax (IHT) has been paid before the application is submitted. Paying the IHT before the Grant has been issued can cause problems, as the Executor usually cannot access the deceased’s assets to pay the tax. However HM Revenue & Customs will usually agree that IHT on the property can be paid in instalments, until the property is sold.
Probate Valuations
It’s likely that the property will be uninhabited during the Probate period. If this is the case, the property must be covered by Unoccupied Home Insurance – it is the executor’s responsibility to organise this. Contact our financial consultants with reference #WATYBM20202 for advice and guidance.
If you are in a position where you need to request a Probate Valuation, our Client Services Team are more than happy to help you during this difficult time. Make contact with your Local Surveyor or send an email to: survey@watsons-property.co.uk.
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