Beware Of Phoney Valuers
Would you ask the receptionist at a doctors surgery for an accurate medical diagnosis, no you wouldn’t – So why would you ask a house clearance company to provide an accurate probate valuation of the house contents which is one of the most important documents needed to present to HMRC for Inheritance tax calculations.
Only Use A Qualified Valuer For Probate
As a professional probate valuer I an amazed at the amount of executors who try to save a few pounds when providing chattels valuations for probate and risk using house clearance companies, amateur or fake valuers who advertise as experienced appraisers. HMRC are very aware that executors sometimes use these types of unqualified valuers and if they consider the valuation to be inaccurate they will almost certainly challenge the figures. They will ask on what basis the valuation was done, if it was on the statutory basis and evidence of how the valuer arrived at the figures submitted. When challenged and rejected it will be the executor in the firing line and found negligent and not the valuer. Penalties will be significant and imposed directly to the estate and the executors will be held responsible for any such negligence.
Accurate Valuation – A Must
An accurate open market valuation for probate should be carried out by a professional valuer who has an all round knowledge of the items that can be found during a house contents valuation. This knowledge is based upon years of experience and training, usually from an auction background and qualifications in valuation such as RICS, not from random prices speculated by an amateur who just retails household goods. Some of the household contents might be antique as well a the presence of jewelery, silver and high value art and collectibles all of which need to be appraised and valued by an expert not just for tax purposes but to act impartially in the best interest of the deceased estate. This also safeguards executors and beneficiaries by making sure the true values are achieved for the estate and not biased which might be the case when using a house clearance company or amateur to provide a probate valuation where there is almost certainly a conflict of interest.
Avery Associates act professionally and independently to provide the highest standard of appraisal and valuation for the purposes of probate