Probate Valuation – How Much Will It Cost?
Avery Associates Guarantee 100% HMRC Acceptance For All Of Their Probate Valuation Reports
All Of Our Reports Carried Out By Avery Associates In-house Professionally RICS Qualified Probate Valuers
- Probate Contents Valuation (visit) – £450 plus VAT – 100% HMRC Compliant House Contents Valuation
- RICS Probate Property Valuation (visit) – £450 plus VAT – 100% HMRC Compliant (Red Book) Property Valuation
- Online Probate Contents Valuation – £300 plus VAT – 100% HMRC Compliant House Contents Valuation (No Hidden Extras)
Unlike other companies offering low price online valuations with many hidden extras, our price of £300 for an online probate contents valuation is fixed with no hidden extras including the research time needed to provide an accurate and compliant report that HMRC will not question for modest and low value deceased estates, however if it is clear to our senior valuer that a visit is necessary, or if you prefer, one can be arranged. However, although some valuations are clearly low, we always recommend an on-site appraisal, as this protects the executors from scrutiny, questions, or possible HMRC investigation that could lead to financial penalties.
We Value Property For Probate
Avery Associates RICS Surveyors conduct our Red Book probate property valuations, and our work is fully insured and indemnified. All valuations are carried out by a RICS registered valuer to the highest level; this also applies to Avery Associates guaranteed compliant probate house contents valuation, be it a high-worth estate or a modest home contents, as anything less than having the chattels valuation overseen 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. (It is usually 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 an aggressive stance with Inheritance Tax.
The accuracy of an open market valuation of household contents for probate is now very important. Our RICS property and contents valuers prepare accurate written reports. This protects executors from HMRC investigation, harsh penalties, and lengthy delays.
HMRC Investigations
Read this article posted recently on moneyweek.com. It clearly explains why it is so important to obtain a professional probate valuation report.
Many companies put executors at risk with HMRC by offering budget valuations by unqualified individuals.
Avery Associates probate valuation of house contents are undisputed. We have a 100% track record with HMRC for providing accurate house contents, antiques, property and chattels.and we are fully insured and indemnified for all of our valuation work.
Avery Associates Offer A Full Range Of Probate Services
Our firm currently supports a large number of probate law firms in the UK and with over 20 years’ experience working alongside solicitors, private executors and legal probate professionals.
We are experts at providing a full range of probate valuation services including, HMRC compliant RICS probate valuation reports of house contents, ie: this includes collectibles, antiques, general household goods and anything classed as chattels, RICS Red Book Probate property valuation, probate valuation of hoarded property contents, 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.
How To Avoid HMRC Investigation
Most people have never had to deal with Probate and may not understand how critical is it to instruct a qualified probate valuation company and may not reralise that a large number of companies that offer probate valuation services may just be probate house clearance companies and lack the appropriate expertise to carry out an accurate probate valuation of house contents and chattels. This results in valuations that will almost certainly be at high risk of scrutiny by HMRC, resulting in delays and possible investigation.
When valuing house contents for probate Avery Associates RICS valuers always provide a Section 160 HMRC compliant 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. It will also detail separately individual items and jewellery having a value exceeding £1500 in accordance with Inheritance Tax guidelines.
Click Here to see the types of Probate Contents Valuation we provide.
This includes a valuation of:
- Domestic & Commercial Property
- Personal Possessions
- Antique and Modern Furniture
- Jewellerey
- Collectibles
- Paintings
- Works of Art & Bronze Sculptures
- Classic Cars & Motorbikes
- Militaria & Medals
- Vintage Toys & Juvenalia
- Coin Collections
- Stamp Collections
- Books & Ephemera
- Whiskey Vintage Wines & Spirits
- Vinyl Record Collections
Call our probate specialists on 0800 567 7769 and for urgent or emergency international enquiries +44 7967 646499, 24 Hours a Day
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. We are a company that values property for Probate
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:
- Certified professional valuations are less likely to be queried by HMRC.
- An over valuation could lead to paying too much tax. Under-valuations also raise questions of potential tax evasion.
- 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 Red Book 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.
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 and Jeffrey Avery is available 24 hours to take urgent calls on +44 7967 646499
