Both the valuation of a property and the valuation of chattels or household contents are a requirement when winding up an estate to be able to calculate inheritance tax liabilities.
Obtaining A Probate Valuation Of Property
This valuation should be as accurate as possible and estimates should be avoided. Estate agents valuations vary dramatically and if used for submission to Inland Revenue for inheritance tax purposes can sometimes be questioned by revenue inspectors especially if the property is not being sold straight away. A challenge by inland revenue of a property valuation can result in the inland revenue instructing the district valuer, which could quite likely mean a higher valuation, more tax to pay and a penalty. In some cases the estate agent concerned may use a RICS qualified surveyor to calculate the house value and this is far more acceptable and quite unlikely to be questioned.
Experienced RICS Property Valuers
Avery Associates have an experienced team of property valuers that are members of the Royal Institute Of Chartered Surveyors. Their work is carried out to the highest standard, providing a consistent level of accuracy, backed by legal indemnity and therefore a very wise choice when submitting a probate valuation of property. Our valuers have carried out countless property surveys for inheritance tax purposes and using our probate valuation service will eliminate the risk of investigation by the Inland Revenue. This is why we have become a popular choice by many legal professionals and solicitors who always act in the best interest for their clients, helping them to make the task of dealing with probate matters as trouble free and seamless as possible.
RICS House Contents Valuation For Probate
A much simpler process but still very important to have the valuation of chattels accurately assessed by a RICS surveyor, who will carry out the contents valuation in strict accordance with inheritance tax guidelines. This report should be formatted so as to comply with tax law. Our fine art and chattels valuers are also qualified to a high standard, each specialising in their own chosen field, so before a written probate report is sent out to the executors it is checked by our panel to ensure that the values are realistic, and reflect an open market value. Our report will be carefully prepared to ensure that the house contents or chattels are not over or undervalued and fair to all parties.
For free confidential advice and a breakdown of valuation fees call Jeffrey Avery directly on 0800 567 7769 or 0208 640 0044
