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.
Ruth Ivimey-Cook
James WhiteleyI felt like Mr Lockwood went above and beyond throughout the survey process. He saved me a lot of time, and potentially wasted money, by correcting me on the type of survey I needed. Mr Lockwood was extremely thorough in his report and ALWAYS answered any call or got right back to me if he was unable to do so. I really felt he was extremely supportive in a delicate matter. You get what you pay for with Lockwood surveys. HIGHLY RECOMMEND
Alex Garcia WylieWe recently used Lockwood Chartered Surveyors, and I was very impressed with the service provided by Andrew. He was extremely responsive from the outset and proactive in addressing my initial enquiry. The survey was conducted promptly, within the agreed timeline, and the resulting report was detailed and comprehensive. Andrew was also very accommodating to my specific timeline requirements and took the time to clearly answer all of my questions. I found the entire process to be efficient and professional, and I wouldn’t hesitate to recommend his services.
Graeme BrookeAndrew fitted a valuation survey at relatively short notice. He arrived on time and did a first class job in turning the report around for me. I was happy with the valuation & justifications. Any questions pre & post survey were turned around in a prompt & efficient manner too. I wouldn’t hesitate to recommend or use again in the future.
Lewis HoskinsWe used Lockwood chartered surveyors for our RICS help to buy valuation and I highly recommend. Andrew was quick to respond and talked us through the process. Thank you for providing a great service.
Christie JadeVery speedy & straightforward RICS Valuation for my Help To Buy Redemption. Andrew was very helpful & accommodating towards my tight time restrictions.
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The whole process was really smooth. We went for a Level 3 Survey with the additional drone/raised camera package. The level of detail in the survey was excellent, and highlighted some issues that we were unaware of. Thank you very much!