Probate & Inheritance Tax Valuations

When applying for the grant of probate an RICS Red Book valuation should be obtained 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.

The report is produced by an RICS Registered Valuer and HM Revenue and Customs will therefore accept it as being suitable for use in determining the value and a challenge of the figure submitted would therefore be very rare. If you are acting as Executor to the estate it is clearly beneficial for you to obtain an RICS Probate Valuation in order to submit an accurate valuation to the HMRC. We understand that dealing with probate and providing the various information to HMRC can be an incredibly demanding, we can assist you by providing a fast turnaround and ensuring that our valuation report is as easy to follow. 

Lockwood Chartered Surveyors comes recommended by Wills and Probate Solicitors.