There are many reports that the property market is a ‘bubble’ with prices rising due to an easing of mortgage lending and the government’s Help to Buy Schemes. With prices in flux and the Government openly stating that the economy has turned a corner, it requires greater expertise to value a property for probate purposes. Avery Associates are able to provide an RICS property valuation report for inheritance tax purposes, which is conducted by our experienced property surveyors.
When valuing our surveyors follow the HMRC guidelines when valuing a property for probate:
Case law has established the following assumptions:
1. the sale is a hypothetical sale
2. the vendor is a hypothetical, prudent and willing party to the transaction
3. the purchaser is a hypothetical, prudent and willing party to the transaction (unless considered a ‘special purchaser’)
4. for the purposes of the hypothetical sale, the vendor would divide the property to be valued into whatever natural lots would achieve the best overall price (this is the principle of ‘prudent lotting’)
5. all preliminary arrangements necessary for the sale to take place have been carried out prior to the valuation date
6. the property is offered for sale on the open market by whichever method of sale will achieve the best price
7. there is adequate publicity or advertisement before the sale takes place so that it is brought to the attention of all likely purchasers
8. the valuation should reflect the bid of any ‘special purchaser’ in the market (provided they are willing and able to purchase)
Avery Associates RICS surveyors cover the whole of London and the South East and carry out probate property valuations on a daily basis. Last month saw our highly trained surveyors visit some very interesting properties from an old cottage in Hampstead to a large mansion flat in Mayfair.
For an accurate and compliant probate property valuation report at a very competitive price call our office on 0800 567 7769.
