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Losing a loved one is never easy, and dealing with legal and financial matters can add to the stress. When it comes to property inheritance, a professional RICS Red Book valuation is often required for probate or inheritance tax purposes to ensure that any property included with the estate is accurately valued. Since the most valuable asset in most peoples estates is their property, obtaining a fair and independent valuation could make all the difference when determining the amount of Inheritance Tax (IHT) that needs to be paid. A clear and professional report can also minimise the risk of the kinds of conflicts that can very often occur when there is uncertainty about the value of the estate.
Most probate valuations require a historic or retrospective valuation backdated to the date of death. A historic or retrospective valuation is not just a random guess or an estimate based on inflation rates; it's a meticulous process carried out by experienced Chartered Surveyors who use historical data, local market trends, and their knowledge and expertise.
You are not required to have the property valued by a RICS Registered Valuer - you can get a valuation through an Estate Agent instead. However, do bear in mind that the process is more likely to be investigated by HMRC if a non-RICS accredited valuation is supplied.
A valuation can be disputed by HMRC if they believe that the valuation provided seems too low or inconsistent with other valuations locally. In these situations, a statement would be required from the non-RICS valuer (the Estate Agent) to explain any differences, and a new valuation can be requested. If HMRC finds that the value has purposely been adjusted to limit the amount of inheritance tax payable, a fine totalling 100% of the difference can be charged to the executor and beneficiaries.
Lockwood Chartered Surveyors are here whenever you need us for expert valuations and come recommended by Wills and Probate Solicitors.
What an excellent high quality company. Such a friendly, helpful and rewarding process. The documentation provided from the survey was so detailed and concise yet structured in an easy to read/understand format. The after service was brilliant with Andrew keeping me updated of the progress of the survey. Andrew was also very helpful when I contacted him regarding a couple of questions. I cannot rate or recommend Lockwood's highly enough. A first class highly professional company.
Excellent service with great communication pre and post survey. The level 2 report I received was very detailed and it allowed me to make an informed decision about the property purchase.
Very thorough and personalised service and excellent value. Lockwood also offers a drone aerial view of the roof which is well worth the extra investment.
Very professional
Very in depth survey
Excellent all round service
We would highly recommend Lockwood Chartered Surveyors. Their secretary Sandrine was very helpful and patient when explaining what the surveys could offer. Andrew completed our survey and was informative, thorough and professional. He also shared the report following the survey in a timely fashion. Thanks again!
Copyright Lockwood Surveyors Ltd 2025. Regulated by RICS | Lockwood Chartered Surveyors is the trading name for Lockwood Surveyors Ltd (Company No. 15564043) | Registered in England: Anglia House, 6 Central Avenue, Norwich, Norfolk, NR7 0HR.
Andrew was a brilliant choice when it came to instructing a surveyor for our property purchase. We chose Andrew from his 5* reviews and great reputation.
On the day of our survey, he called me before he was due to leave the property to ensure there wasn’t anything else specifically we wanted him to check, which to me shows care and attention to detail.
A few days later, we received a thorough report which helped to highlight a few things we never would have known about without Andrew’s help and expertise. His help also continued after the survey by suggesting recommended contractors for repairs which were needed.
Sandrine was also extremely helpful in the organisation of the survey and did everything she promised she would.
We would highly recommend Lockwood Chartered Surveyors.