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How To Get A Probate Valuation Of Property And Chattels For Inheritance Tax

July 6, 2018 By Avery Associates

Probate Property Valuation Made Easy

Perhaps you find yourself in the position of having to value a house and its contents for probate?
Do you know where to begin? There is a lot to ascertain when it comes to probate valuation of property and house contents valuation. It can be complicated and risky if you are trying to do it on your own with no previous experience.

Property valuations must be done

Providing valuations of the deceased person’s estate to HMRC is part of the probate property valuation. This is where the experts from Avery Associates can help save you time and stress by providing property valuations from Royal Institute of Chartered Surveyors compliant with current legislation.

‘Red Book’ Property Valuations

At Avery Associates we ensure that property valuations are conducted by qualified RICS surveyors that have professional indemnity insurance which means their valuations can be counted on.
The RICS has what is known as the ‘Red Book’ which provides the rules and industry standard for valuations of assets which is regularly updated. Avery Associates conducts ‘Red Book’ property valuations.

When is probate valuation needed?

Probate valuations are mostly conducted to verify if inheritance tax is due to be paid on the deceased person’s estate. However, probate valuations are also conducted to prove to a court that the value of the estate is exempt from Inheritance Tax status.

Avoid the pitfalls of Property Valuation

There are big differences between asking for your property to have a market appraisal by a local estate agent as opposed to getting your property valued according to ‘Red Book’ standards.
Market appraisals are mostly conducted by real estate agents who advise you as to what they think the property’s value is. Market appraisals are not formal property valuations. This is something to be aware of if you need to get a property valued for probate and avoid the glare of HMRC.
Using an RICS valuer means you have the assurance that your property will be assessed using strict guidelines and that this assessment will adhere to strict industry standards and will satisfy HMRC. Ensure your property is valued by a reliable professional.
Market appraisals do not provide property valuation reports which, in the cases of property valuation for probate, need to be submitted to HMRC.

Probate property valuation report

Property valuation reports are produced by RICS qualified valuer’s and are reliable documents for legal requirements for probate and Inheritance Tax calculations.
Property valuation reports are extensive and include:
• The age of the property
• How the property has been constructed
• Any special features of the property
• The types of internal fittings and chattels
• Any major/minor repairs that have taken place
• A narrative/comments section
• A sales analysis of the property
Property valuation reports are reliable documents. If you are getting your property valued for probate, then you need to ensure you receive one.

Do you need a Goods and Chattels Valuation for Probate

If you have to value a property for probate then you will also need to value the contents or goods and chattels.
Property is usually the most valuable portion of a person’s estate although legally the estate also includes goods and chattels which can be extensive and include:
• Furniture, carpets, curtains, light hangings
• Audio visual equipment
• Electrical goods
• White goods
• Specialised equipment such as cameras, telescopes
• Art and antiques including paintings and ornaments
• Jewellery
• Books
• Specialist collections e.g. stamps and memorabilia
• Musical instruments
• Clothing & shoes
• Personal effects: letters, writing, documents
• Gardening tools
• Motor vehicles

Professional valuations of assets

Obtaining professional valuations of property and goods and chattels is important when undergoing probate. It may be that the amount of the person’s estate is below the threshold for Inheritance Tax but sometimes a report of assets is needed to prove that it is so.
Avery Associates property and goods and chattel valuations comply with all the provisions of S160 of the Inheritance Tax Act of 1984. Contact Avery Associates for a free consultation today on : 0800 567 7769

Related

Filed Under: Probate Valuation Questions And Answers Tagged With: house contents valuation for probate, probate contents valuation, probate property valuation, probate valuation of house contents, Valuing Personal Possessions For Probate

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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Client Reviews

Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
Well done

This truly is a 'one stop shop' for all things relating to Probate valuations and clearance. Jeffrey is a 'facilitator' and full marks to him for finding... Read More

Kevin Anderson
Oct 26, 2021
 by Kevin Anderson on Avery Associates
Fantastic and Reliable

Our aunt was a recluse and hoarder. She died leaving two properties in London that were dilapidated and completely hoarded. Unfortunately, because everything... Read More

It was a pleasure to assist Kevin

T. Hackett
Aug 26, 2021
 by T. Hackett on Avery Associates
1st Class Service

Avery Associates Appraisal I have just moved house after almost 30 years of occupation. My initial choice of movers, Pickfords, decided at the last... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

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