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.