Probate Valuation

Probate is a legal process that must be followed when someone dies. Applying for probate gives you a legal right to deal with the deceased’s property, money and possessions which are collectively known as ‘Estate’. During an early Probate process, it is necessary to establish the deceased’s Estate value to determine whether you will have to pay any Inheritance Tax.

For purposes of probate, it is recommended that you obtain the valuation of the deceased’s Estate if the value exceeds the current threshold set by the Government.

Current Inheritance Tax threshold is £325,000

The Estate won’t have to pay Inheritance Tax if:

  • Everything passes to the deceased’s spouse or a civil partner, a charity or a community amateur sports club
  • All assets in the Estate have a value below the Inheritance Tax threshold of £325,000

Inheritance Tax Threshold Can Be Higher In Some Circumstances

  • The threshold can increase to £475,000 (if married or in a civil partnership can be £950,000) if the deceased owned a main home or share of it and the Estate is passed to the deceased’s children or grandchildren (including foster, adopted and stepchildren). and;
  • Deceased’s Estate has to be worth less than £2m

It is necessary to obtain a valuation of assets for several reasons:

 

  • The value of the Estate needs to be determined for Inheritance Tax application as well as the Probate process
  • Estate value is needed to calculate any Capital Gains Tax due if assets were sold and increased in value after death
  • Obtaining an accurate valuation of the Estate allows debts to be repaid and the remaining Estate passed to the Beneficiaries

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Erikas GrigErikas Grig Chartered Surveyors
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Probate Property Valuation

In the majority of Estates, the property is often a single largest asset and HMRC requires that value of the property is assessed and reported accurately. You might feel that estate agent valuation would be sufficient to determine the value of the property. However, this approach is now largely redundant due to increased risk of inaccuracies that may be found in valuations produced by estate agents.

It is a requirement that property value is assessed of what it could fetch if sold on the open market at the date of death. This also applies to other assets in the Estate.

In most cases, estate agents are unable to provide retrospective valuations to the date of death. Valuations produced by estate agents tend to be higher than Chartered Surveyor produced RICS Red Book valuations resulting in you overpaying on Inheritance Tax.

When valuing the property it is important to assess all facts that might have an effect on the property value. Within the property, these can be development opportunities, significant repairs or legal encumbrances. These facts are not always visible to the unqualified and untrained person. Having professional valuer by your side can help you save significant sums on Inheritance Tax.

Erikas Grig Chartered Surveyors are expert valuers of property and contents for Probate purposes. We understand that in times such as these when emotions are high trying to navigate the process can be a daunting task. We can be your ideal professional partner leaving you with a secure sense of feeling that all assets will be correctly appraised and removing the possibility of HMRC penalties for incorrect Estate valuation.

We undertake residential and commercial property Probate valuations in a forensic way and by having experience behind us and access to the market-leading and most sophisticated property databases in the UK we leave no stones unturned.

Probate Valuation of House Contents

A major aspect following bereavement is to locate all personal possessions of the deceased’s. It might prove quite challenging trying to locate contents and chattels within the Estate. If you not familiar with the deceased’s possessions prior to death it can be difficult to understand whether the left items hold value.

The first step would be to make a list of any items that you think are of value. The common items that hold value are cars, jewellery, electronics, antiques and collectables.

If contents and chattels within the Estate have a combined value of over £1,500. HMRC requires that these items are appraised and reported for levying Inheritance Tax.

We have experienced contents and chattels valuers who will be able to inspect and appraise the left possessions seamlessly and provide you with the HMRC compliant house contents valuation report.

Probate Valuation Experts

Our Valuation Experience Spans

Probate Valuation Residential House Or Flat

Residential

Probate Valuation Retail Property

Retail

Probate Valuation Office Property

Office

Probate Valuation Industrial Property

Industrial

Probate House Contents Valuation

Contents 

What Our Clients Are Saying About Us

Michael Nardi

I have obtained genuinely professional advice from Erikas Grig Chartered Surveyors regarding the lease extension valuation. I cannot speak highly enough of the service this company offers. In addition to competitive rates, throughout the process Erikas Grig always kept me updated and always responded to phone calls and emails almost immediately. I will certainly continue to use Erikas Grig Chartered Surveyors for future lease extensions and recommend them to anyone who wishes to obtain professional advice and valuation for Section 42 purposes.
Thank you so much!

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Charlie Finnan

Erikas Grig has recently acted for us in a collective enfranchisement of freehold with four flats. From the beginning, he explained the process very clearly in much detail and provided a valuation with high and low premium figures which allowed us to budget for serving the notice. The whole process took 12 months to complete as the landlord's advisors were being extremely difficult and obstructive throughout the whole process. Erikas helped us greatly with negotiations and his knowledge of property law allowed us to buy the freehold from our landlord at a favourable premium.

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Allen Gates

I am pleased with Erikas Grig Chartered Surveyors for helping us to obtain a shared-ownership valuation of our flat in London quickly and at a reasonable fee. I highly recommend them.

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