Probate Valuation Guide Fees & Advice

How Much Will It Cost?

• Probate Contents Valuation – £450 (+ VAT) – RICS House Contents Valuation
• Probate Property valuation – £450 (+ VAT) – RICS Red Book Property Valuation

This price is fixed with no hidden extras. We include the research time to provide an accurate and compliant report that will not be questioned by HMRC.

Our probate valuation work is fully insured and indemnified against negligence, and all valuations are carried out at the highest level be it a high worth estate or a modest home contents, as anything less than having the chattels valued and signed off by a RICS valuer may put executors at high risk of challenge by HMRC.

Sometimes extensive research is required into unusual, rare, large collections or high value items. In this case there may also be an extra fee. (Limited to £250 extra but we will always discuss this with you before proceeding.)

The Importance Of Professional Valuation

Avoiding HMRC Investigation

HMRC has adopted what can only be described as an aggressive stance with Inheritance Tax.

The accuracy of an open market valuation of household contents for probate is now very important. RICS property and contents valuers prepare accurate written reports. This protects executors from HMRC investigation, harsh penalties as well as lengthy delays.

Many companies put executors at risk with HMRC by offering budget valuations carried out by unqualified individuals.

Avery Associates probate valuation of house contents are undisputed and we have a 100% track record with HMRC for providing accurate professional valuations of house contents, antiques, property and chattels.

We are fully insured and indemnified for all valuation work.

A Full Range Of Probate Services

Currently supporting a large number of law firms in the UK and with over 20 years’ experience working alongside solicitors, private executors and legal professionals, we are experts at providing a full range of services including, HMRC compliant probate reports of chattels and property, detailed reports including bequests, gifts and deceased wishes, sale of houses or commercial premises through auction or via one of our network of estate agents, complete reinstatement of land, garden and grounds, will search, document retrieval, trauma and deep cleaning, vehicle disposal and sale.

Click HERE to see the types of Probate contents valuation we provide.

Probate Valuation Companies – Some companies that offer a probate valuation services may just be house clearance companies and lack the appropriate expertise. This results in valuations that will be at high risk of scrutiny by HMRC, resulting in delays.

When valuing house contents for probate we always provide an accredited RICS probate property & contents valuation report on headed notepaper, this will include the individual value of bequests and wishes (if any) in accordance with the will.

This includes a valuation of:

• A House
• Personal possessions
• Antique and modern furniture
• Jewellery
• Paintings
• Works of art
• Car or boat
• Militaria, stamps, books, toys, coins, medals
• Vintage wines and spirits
• Vinyl record collections

Call our probate specialist, Jeffrey Avery, on 0800 567 7769

(For urgent or emergency international enquiries +44 7967 646499, 24 Hours a Day)

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Probate Valuation Of House Contents – FAQ’s

What Is A Probate Estate Valuation Of House Contents?

This is a valuation of the personal property of the deceased in and around their property. HMRC use this valuation for Inheritance Tax calculations.

What About Valuing A House For Probate?

The probate value of a property is the open market value in a sale by a willing seller to a willing buyer. Any peculiarities of the property (e.g. the fact that there is a buyer desperate for a flat in that particular building and willing therefore to pay a premium) must be ignored.

The District Valuer at the Capital Taxes Office will consider the valuation. If deemed too low, the figure will have to be defended. The solicitor acting will ask the valuer to justify the figure.

Our highly experienced RICS property surveyors will prepare an accurate valuation. To date we have never had a valuation rejected by HMRC.

Why Do I Need A Professional Probate Property Valuation And House Contents Valuation?

There are three reasons:

1. Certified professional valuations are less likely to be queried by HMRC.
2. An over valuation could lead to paying too much tax. Under-valuations also raise questions of potential tax evasion.
3. Items are often left to single beneficiaries, or there is family division. Itemised probate valuations simplify the working out of tax liabilities on these items.

What Form Does The Estate Probate Valuation Report Take?

We provide the documentation for probate valuations in the form of:

• A declaration of value.
• A schedule of higher value items.
• RICS chattels or house contents valuations as a fully written probate valuation report.
• RICS property valuations as a fully written and signed probate valuation report.
• Signed hard copies of documents. In addition, PDF format versions are also avaiable.

The date of death is the point of declared value.

Appraisal documents are normally supplied within 48 hours.

Which HMRC Forms Will I Need When Dealing With Pobate Valuations?

You will need to complete the following forms:

• Houses, land, buildings and interest in land – Schedule IHT 405.
• For jewellery, vehicles, boats, aircraft, antiques, works of art, or collections -Schedule IHT 407.
• Household and personal goods donated to charity – Schedule IHT 408.
• Jointly owned assets – Schedule IHT 404.

The forms are available online at:  www.hmrc.gov.uk/inheritancetax/.

You simply add our valuation totals to these forms when sending them to HMRC.

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HMRC Investigations

Read this  article by “Hacker Young“.  It clearly explains why it is so important to obtain a professional probate valuation report.

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Can You Help Realise The Monetary Value Of Antiques, Collectables, Or Other High Value Items?

Yes. We can also transport items to one of our recommended auction houses. In addition, we can advise you on the auction process. In this way, we help you obtain maximum value for the estate. We can also purchase the entire contents, including vehicles, directly.

Can You Also Carry Out A Complete House Clearance Of Furniture And Effects From The Property?

Yes, we can empty the property on your behalf.  This inlcudes all furniture, effects and personal belongings. We also clear garages and gardens in addition to outbuildings. We remove any rubbish and leave the property clean, tidy and ready for sale or transfer to a landlord.

What additional services do you offer to executors, solicitors and other professional organisations that assist in winding up an estate?

If requested, we can also:

• Drain down central heating and water tanks to prevent pipe bursts.
• De-commission the water services entirely.
• Isolate all electrical systems.
• Secure the premises by changing the locks.

This is most important where the property is likely to be empty for a while.

What About Items I Wish To Keep?

Any items you have bought from the estate can be moved from the property. We are also happy to transport these to a location of your choice.

I’m Not In The UK At The Moment – Can You Help?

International enquiries are also welcome. We have all the necessary facilities for individuals and companies that require our services while abroad.

Jeffrey Avery is available 24 hours to take urgent calls on +44 7967 646499.