There are so many explanations for RICS probate property valuation in UK, it is not difficult to become confused. You may even wonder if some lawyer is trying to tangle you up in knots, although that should not be the case. We prepared this simple guide for Avery Associates clients. They liked it so much we decided to publish it on the internet.
You Agreed to Be an Executor Not a Lawyer
Nobody told you that you would need a RICS probate property valuation, when you agreed to be an executor of a dear friend’s estate. You assumed you would honourably share their assets to their heirs, after they died and according to their wishes. But that was before somebody told you about probate, and things started sounding complicated.
Arranging a RICS House Probate Valuation Is Simple
We live in a highly differentiated world where we go to experts when we need something done. If we want a fancy meal we dine out at a restaurant. If the car needs a service we take it to the dealer. So if we need a property probate valuation we ask an expert to do the spade work. You got it right. It’s that simple!
When You Need RICS House Valuation for Probate
You need to ask the government to confirm your role as executor of the deceased estate. You may benefit from our advice if the estate is complex, but leave that thought there for now. This article has the narrow focus of explaining when you need RICS property valuation for probate.
The UK government’s main interest in the matter is getting its hands on any inheritance tax due it. It’s also unsurprising it suspects its citizens may try to keep the value of the estate below £325,000, which is the threshold between the nil rate band and 40% due thank you very much. Therefore it puts a few hurdles in place:
- Probate permission is subject to declaring the full value of the estate to HM Revenue and Customs (HMRC).
- This value must be its worth on an open market, without any undue pressure on buyers and sellers to agree terms.
So far so good, but where does a RICS probate property valuation fit into this? It’s dead simple really. A RICS probate valuation is an independent opinion expressed by a qualified person without any personal interest in the matter.
Sounds Expensive – What Does This Cost?
RICS valuers are members of Royal Institution of Surveyors in London, which is where the word comes from. The Institution lays down guidelines so the cost should be similar across the board. Besides, the estate pays for the cost. So why worry when the estate is paying you a pittance or less for all the work you are doing.
The Clincher: Why a RICS House Probate Valuation
This one could be a no-brainer depending on your situation:
- You have to get permission from the government to execute the will.
- The government will not grant this permission unless HMRC agrees the value.
- HMRC will not sign the release before an agreement over any inheritance tax.
- This pack of cards will self-implode if the estate value comes into dispute.
Therefore, it follows that any wise executor should commission a RICS assessment. This is a generally accepted way in England to value a property for probate. And especially because the deceased estate pays the RICS valuation fee.
How to Go About Arranging Your RICS Valuation
Avery Associates are a respected name in the South of England. We are approved valuers ourselves, although our specialism is collectible items of rare, unusual value. Therefore, we have created a panel of RICS property experts in good standing with the institution. This arrangement should not come at any extra cost. It is more an add-on service.
How You Benefit from the Avery RICS Service.
Performing the role of executor is a tiresome one, especially if you are also grieving for the deceased. Why tie yourself up in knots at the tax and probate offices, when the deceased estate could pay for professional services. Appoint Avery Associates and benefit from some or all of these choices:
- Professional RICS property valuations by our associates.
- Expert valuations of antiques, fine arts and other collectibles.
- Sale of unwanted items for good prices through our networks,
- Property clearances and home preparations for sale or leasing.
We are not high pressure sales people. Most of our business comes to us through referrals in Greater London and South of England. Please call 0800 567 7769 if you would like to explore working together, or drop us an email when convenient.
A Recent Avery Associates Review
Hi Jeffrey. Thank you very much for carrying out the valuation at my mother’s property and the subsequent house clearance in St Albans. On both occasions we were delighted with your level of service. The whole team were professional and friendly and I would have no hesitation in recommending your firm to future clients. Kind regards. L Naunton
Image: Summary of Exemptions and Thresholds available for Lifetime Giving
