Avery Associates

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Valuation For Probate – Avoid Investigation – Use RICS Valuers

January 16, 2012 By Avery Associates

London probate valuers Avery Associates explain why valuations for probate have now become a serious matter for executors due to the high rate of INLAND REVENUE INVESTIGATIONS arising from unprofessional or inaccurate property valuations for probate carried out by unqualified probate valuers. An analysys of HMRC figures shows that there were around 9,368 investigations into inheritance tax valuations in 2010/2011. Thus yielding £70m additional tax raised, with beneficiaries forced to pay £24,600 on average extra per case.

IHT is typically paid on an estate worth £325,000 and over. Beneficiaries can face fines reaching 100% of the additional tax liability if an IHT property valuation is found to be incorrect and the tax officials consider ‘reasonable care’ was not taken in establishing the probate valuation.

We must stress that Inheritance tax does not just affect the wealthy, but the majority of areas in England where an estate may consist of little more than an average size property, and a member of the family may take on the task of administering the estate.

If a property is undervalued by £30,000, this may result in an additional £12,000 tax, plus, say, a 30% penalty of the additional tax, making a total of £15,600. A large sum of money to raise when the estate and its beneficiaries are possibly not in the cash position to cover this.

Jeffrey Avery & Associates offer an accurate RICS valuation for probate service and are able to professionally value chattels, buildings and properties, shares and assets, classic cars, book stamp and coin collections then prepare then prepare a written probate report that will be correct and ready to submit to Inland Revenue thus avoiding any risk of challenge from IHT officials. The probate report will be compliant, written in exactly the right format, and ready to submit to inland revenue for inheritance tax purposes. We prepare valuation reports on a daily basis and with the inland revenue being very familiar with our work, it is very unlikely that our probate valuations will be questioned.

Avery Associates offer a comprehensive probate valuation service for solicitors, executors and members of the public in London, Surrey, and South East England. Our Probate Valuation Guide provides more information on the the circumstances in which a probate valuation of property, house contents and chattels is required and what is involved.

Our initial assessment and a verbal indication of value and consultation will be provided free of charge, along with free advice.

We have all the expertise needed to provide accurate probate valuations of properties, and chattels including antiques, furniture, and collectables. Even when the contents or chattels have little or no value, you will need a written probate valuation to reflect this, thereby easing the bureaucratic process and preventing possible overvaluation by a layman, which could result in overpayment of inheritance tax. All valuations to include high value items, works of art, and antiques will be assessed by a RICS chartered surveyor. All property valuations are RICS ‘Red Book’ compliant.

Our fees, for providing an estate valuation report will vary, depending on the size the property and the value of the estate. Our fee, once agreed, is fixed. There are no hidden extras. (See our Probate Valuation Guide for more details)

We are aware that the circumstances in which probate arises are often difficult and we handle the process with empathy and discretion. Our aim is to make everything as easy as possible.

After we have provided a probate valuation and you have received a Grant of Probate, we can provide a Full House Clearance Service, and thoroughly and comprehensively clean both the buildings and the garden, so as to minimise delays, and to simplify the process of the preparation of your property for sale or transfer.

For more detailed information call Jeff Avery on 0800 567 7769.

Filed Under: FAQS Tagged With: 30% penalty, iht, reasonable care, undervalued

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

More info

What We Do

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Client Reviews

Oct 6, 2020
by Edward Harvey on Avery Associates
Probate Contents Valuation London

Dear Jeffrey, Following your recent valuations, one for the property and the other for personal belongings etc, at the property in Lower Road London... Read More

Oct 5, 2020
by Mr Wood on Avery Associates
House Clearance In Oxford

Dear Jeff. I can not thank you enough . The house clearance wen like clock work. What a great team you sent me. Mr Wood

Oct 5, 2020
by Michael Hasning on Avery Associates
House Clearance Abingdon

“Avery Associates have supported me as the Executor to my late mother’s estate. In the first instance I found their website an excellent source of information... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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