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How To Value Property For Probate Purposes.

January 23, 2012 By Avery Associates

Unfortunately, because 40% tax is payable on inheritance over £325,000, valuing a property for probate purposes is an emotive issue.

Why Pay Inheritance Tax On The Property

Of course, there is an argument that says, why should any inheritance tax be paid at all?  No doubt the deceased will have paid tax on earnings, tax on savings, stamp duty on the purchase of the property or properties.  So yes, inheritance tax is one of the most unfair taxes around. So what can you do about it?

Why Its Important To Use A RICS Property Valuer

Well, it is important you get it valued by an RICS qualified valuer, who knows how to value property according to the RICS Valuation Standards, 7th Edition (otherwise known as the Red Book).  We will value it according to comparable transactions completed, whilst taking account of all variables such as size, location, condition, etc and then take an informed view.  Thus, we will give an honest appraisal of the market value of the property, and yes, we will do our utmost to protect the ‘innocent’ trustee of the deceased, by ensuring the value is probably low, ensuring the trustee pays as little tax as necessary.

Using Comparables To Reduce Tax Liabilities

Avery Associates will provide, where possible, comparables that back up the market value, but do it in the favour of the trustee (assuming he or she is our client).

If we can, and we invariably do, (using our professional expertise), ensure we can back up our conservative valuation, then we have assisted the ‘innocent’ trustee by keeping their inheritance tax bill, where most would say it should be, at an absolute minimum.

This article was compiled by Kieth Fraser MRICS

For more information call Jeffrey Avery on 0800 567 7769

 

 

 

Related

Filed Under: FAQS Tagged With: red book, rics, stamp duty

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.

More info

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Client Reviews

Margaret Campbell
Jun 24, 2022
 by Margaret Campbell on Avery Associates
Amazing Service and Support

Hello Pam / Jeffrey, As requested, sorry it is late …. I forgot☹️ I used Avery Associates for probate content valuation, clearance... Read More

Susan Arm******
Jun 2, 2022
 by Susan Arm****** on Avery Associates
Respectful Probate Valuation

Mr Avery did a wonderful job assessing the household contents for probate and I very much appreciate his respectful approach while valuing the items at... Read More

Your very welcome Susan

Patrick Macavoy
May 20, 2022
 by Patrick Macavoy on Avery Associates
A Seamless Experience

I had my late mother's flat to clear out. The contact with AA was a pleasure from day one, starting with the receptionist. Jeffrey then came out to look... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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