An executor needs a formal property valuation for probate when the deceased's estate includes residential or commercial property and an application for a Grant of Probate is required. In practice, this means the vast majority of estates that include property will … [Read more...]

A probate valuation is a formal, professional assessment of the assets within a deceased person's estate, carried out to establish their open market value as at the date of death. Solicitors need one because HMRC requires accurate, independently verified asset values … [Read more...]

A deferred payment option can apply to probate valuation fees, though it is not a standard arrangement offered by all valuation firms. Where it is available, deferred payment typically means that fees are settled from the estate once probate has been granted and funds … [Read more...]

The executor in the probate valuation process is legally responsible for identifying, recording, and obtaining accurate valuations of all assets belonging to the deceased's estate. This duty is not discretionary; it forms a core part of the executor's legal obligations … [Read more...]

To begin a probate valuation, a solicitor should provide the valuer with the grant of representation or confirmation of their authority to instruct, the full address and title details of any property, a schedule of known assets to be valued, and contact details for the … [Read more...]

A probate valuation typically takes between two and five working days to complete once a valuer has attended the property. The exact timescale depends on the complexity of the estate, the volume and nature of the assets involved, and whether the valuation covers … [Read more...]

Turnaround time matters when instructing a probate valuer because delays in receiving a compliant valuation report directly stall the Grant of Probate application, extending the estate administration timeline and increasing pressure on executors, beneficiaries, and the … [Read more...]

Undervaluing a property in a probate estate carries serious legal and financial consequences. HMRC has the authority to challenge any probate valuation it considers inaccurate, and where undervaluation is identified, executors may face financial penalties, interest … [Read more...]

A probate valuation directly affects inheritance tax liability because it establishes the taxable value of the estate. HMRC uses the figures declared in the probate valuation to calculate whether inheritance tax is due and, if so, how much. An accurate valuation is … [Read more...]

Probate valuers assess properties with sitting tenants by applying a discount to the open market vacant possession value, reflecting the reduced price a buyer would pay for a property they cannot immediately occupy or redevelop. The size of that discount depends … [Read more...]