An executor of a deceased estate has a duty to research all the assets thoroughly, and determine a fair value for estate duty. The heirs may also keep an eye on things if there are several, to make sure they receive their equitable share. UK property data on the HM Land Registry is often invaluable in this regard, if you find yourself in this position.
Dual HM Land Registry Website Data
You may have to do a multiple search of UK property data to get the full picture. That’s because your subject property(s) will almost certainly abut others, and there could be covenants and restrictions involved.
However, the property will need to be registered as freehold, or leasehold for the information to be available from HM Land Registry. This is probable, unless the property is very old, or has not changed ownership for a long time.
Access UK Property Data Sets First
It is often useful to take a broader view of how the property market is trending. After all, a property value for estate purposes is what it is worth in the present moment, not the past. Begin your research by investigating these three sources:
- Visit the UK House Price Index to research trends from 1995 going forward. Extract UK property data based on location, tenure, price paid, or property type over a defined period of time.
- Build a UK Price Paid Report to create a bespoke record based on location, tenure, price paid or property type over a defined period of time. This enables you to zoom into a particular category.
- Create a Standard Price Paid Data Report to generate aggregated information. Narrow your area of interest from the whole of England, all the way down to a postcode over a defined period of time.
A curious executor, or heir could also use the UK House Price Index Search Tool to drill down into a specific subset of the indexed UK property data. Filtering is available by property categories or sales volumes, enabling more focussed results.
Example of HM Land Registry Report
Specific UK Property Data Searches
Once you have an overview of general property trends in England, or a specific area, then you can conduct specific research regarding your subject property(s) of interest. This becomes quite detailed at this stage. Run your eye down for a general overview, or focus on a topic that interests you. Viewing is free, but each download may cost you £3.
UK Property Summary Data on Land Registry
An individual property summary from UK Land Registry provides the following information:
- The physical property address, based on data held by Royal Mail.
- The property description, for example title number, owner and so on.
- Whether the tenure of the subject property is freehold or leasehold.
- Details of any restrictive covenants limiting the use of the land.
- Whether there are any easements granting rights-of-way over it.
Details of the Title Register for the Property
This category of UK property data provides the following information fields:
- The title number, which is the unique identifier of the property.
- Who owns the property, and the price for which it last sold.
- Details of any mortgages, restrictive covenants, and easements.
An individual title register may not list covenants and / or easements. However, if it does not, then it will tell you where to search for the information.
UK Land Registry Title Plan
A title plan amplifies the property description by identifying the general extent of the land. It also provides references to any adjoining land, and any easements, covenants or areas of land removed from the title.
When You Need an Accurate Property Value
Here’s a handy link to get started if you want to explore your subject property of interest further. However, by now you may be wondering whether assessing property for probate purposes really is your cup of tea. The Gazette public record defines the responsibilities of an executor in England and Wales as follows:
- Registering the death, arranging the funeral, valuing the estate.
- Sorting the deceased’s finances, placing a notice, keeping estate accounts.
- Paying any inheritance tax, applying for probate, distributing the estate.
It is practically impossible to perform the above duties diligently, without accurately valuing a deceased estate. Avery Associates values residential properties and commercial premises according to criteria laid down by the Royal Institution of Chartered Surveyors.
Give us a call when convenient, and we’ll explain how Avery Associates could help you arrive at an accurate value of fixed property, and movable assets. This is an essential first step towards closing out a deceased estate correctly, and legally too, which is important.
More Information
When to Do Your Probate Property Valuation
