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Probate Headache? Why An Accurate Valuation Of The Property Is Critical

March 24, 2016 By Avery Associates

Dealing with a bereavement means handling many things, not the least of which is disposing of the deceased’s property according to their Will. However, before any of the estate can be inherited, a valuation of the property of the deceased needs to be established and any inheritance tax liability paid in full.

The deceased’s property is probably the most valuable part of their estate, and it is also the part most susceptible to rapid changes in value. No wonder therefore that most probate headaches involve establishing an accurate market value for the property, as it stood at the time of death. Valuing an estate for probate involves many different tasks as well as specialised knowledge. No thorough valuation of the property can occur without understanding aspects like gross and net internal and external areas of a building and the features of a property.

The laws surrounding property valuation are intricate. This leaves a lot of room for mistakes if you are planning on doing a property valuation yourself and you do not possess the knowledge to carry it out. Any mistakes made during a property valuation can end up costing you dearly.

The implications of an inaccurate valuation of the property

An accurate probate valuation is one of the most important roles of a will’s executor. Sometimes, an executor will try and avoid the additional costs of hiring an agent to carry out the valuation. However, doing this can often lead to a property and its contents being undervalued, which can be very bad news for an executor.

Increased Investigations

Recently, HMRC has increased the number and frequency of investigations into various estates. These investigations resulted in millions of additional pounds being added to their coffers from corrected valuations. Included in this figure are the numerous fines which were levied as the result of under-valuations.

How severe can the fines for undervaluation be? They are proportionate to the amount undervalued. In other words, if an estate was undervalued by £20,000, an additional £8,000 would be charged in tax. In addition to that, HMRC would add a penalty of 30% to the amount of additional tax charged. The grand total? A whopping £ 10,400, payable to HMRC within six months of the valuation being completed.

At the end of the day, the question should be whether it’s worth the risk to value a loved one’s estate yourself if you have no experience.

What is the next Step?

If you have no experience with property valuations, the best advice is to seek the advice of a probate specialist. This will show HMRC that you took reasonable care to ensure a valuation that was both accurate and true. This page contains information and resources that can help you obtain a thorough and proper valuation of your loved one’s estate.

If you need further assistance, our team at Avery has the needed experience. For more information about the many services we offer, call Jeff Avery on 0800 567 7769.

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Filed Under: FAQS Tagged With: headache, property

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.

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Client Reviews

Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
Well done

This truly is a 'one stop shop' for all things relating to Probate valuations and clearance. Jeffrey is a 'facilitator' and full marks to him for finding... Read More

Kevin Anderson
Oct 26, 2021
 by Kevin Anderson on Avery Associates
Fantastic and Reliable

Our aunt was a recluse and hoarder. She died leaving two properties in London that were dilapidated and completely hoarded. Unfortunately, because everything... Read More

It was a pleasure to assist Kevin

T. Hackett
Aug 26, 2021
 by T. Hackett on Avery Associates
1st Class Service

Avery Associates Appraisal I have just moved house after almost 30 years of occupation. My initial choice of movers, Pickfords, decided at the last... Read More

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Tel: 0800 567 7769 or 0208 640 0044

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