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Is it Critical For Executors to Get a Professional Valuation For Probate

May 29, 2015 By Avery Associates

The majority of executors that have instructed us to carry out either a property or house contents valuation for probate, expressed great concern in ensuring that those valuations are accurate and going to be provided by a reputable and experienced firm using RICS surveyors that have a good reputation with Inland Revenue

Those concerns are very well justified due to the increasing number of investigations into probate matters and estate administration following IRS targeting and investigation of IHT. Over the last two years in and revenue you have raised over £100 million in penalties and tax accrued from challenge and revaluations by the DV

Taking this into account and bearing in mind that the executor is legally responsible to obtain and provide accurate values of Property and chattels for submission to IRS for inheritance tax calculation. So it makes good sense to instruct a firm of professional valuers preferably RICS qualified to provide the required valuations
Executors should also avoid the risk of investigation by not choosing firms or house clearance companies that offer budget valuations and have little experience and may compromise your position with inland revenue. These type of valuations carried out by non professionals and are likely to be rejected by Inland Revenue.

A written valuation for probate purposes has to be laid out in the correct format and in accordance with Inland Revenue guidelines. It should reflect a realistic open market value which can only be provided by an experienced valuer who is constantly aware of current market values. Those values should be unbiased and not prejudiced in any way i.e. possibly a house clearance company may show a conflict of interest and could be looking to purchase the house contents and provide low values in their own interest

The valuation report should be laid out methodically and detail items of £500 or over separately along with special collections of stamps books or coins if present, it should also include personal possessions collectables, jewelrey, motor vehicles, boats, electrical items and general household goods and anything else that forms part of the estate. The report should be presented professionally in a bound folder for submission to the Inland Revenue and have the correct wording on the opening page

Avery associates provide over 1500 valuations a year and to date have not had any reports rejected by Inland Revenue. We work for over 100 law firms along with a large number of legal professionals accountants and private individuals. Our sole aim is to make the whole process of valuation for probate as seamless as possible

Jeffrey Avery MD

Related

Filed Under: FAQS Tagged With: inland revenue, investigation

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

What We Do

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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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