After an individual has passed away, it will usually be necessary for the deceased person’s family to ascertain a value for their money, assets and possessions (also known as their estate). Where an estate includes property, a Valuation Report will usually be required as part of the Probate process.
The purpose of the report is to confirm the value of the property/properties at the date of death of the deceased person so that the total value of the estate can be ascertained and any Inheritance Tax liability can be calculated. Only after this point can Probate be granted and the properties/assets be distributed as per the deceased’s wishes.
The team at Lea Hough have forged good relationships within the professional services community in Lancashire and are often instructed by Private Client/Wills and Probate Solicitors to carry out Valuations on behalf of their clients. Alternatively, where probate is being handled by a family member or other personal representative, we can be appointed directly.
Obtaining probate can be time consuming and family members often do not want the process to go on any longer than necessary. Instructing a Chartered Surveyor to carry out a property valuation report can speed up the process as HMRC are more likely to accept a Valuation provided by an independent professional. This is particularly the case where a property is one of a kind, of non-standard construction or in a very dilapidated condition, as it can be harder to establish an accurate market value in these circumstances.
A valuation for Probate purposes is conducted in the same impartial manner as any of our Valuation Reports.
If the property concerned is a residential house (which it most often is), we undertake a physical inspection of the property and take into consideration attributes such as size, location, condition and specification. We then assess data for other similar properties in the nearby area and take into consideration their sold values in order to place a value on the subject property.
Once all of this information has been gathered, we produce a Valuation Report and issue this to the solicitor/individual handling probate.
As a firm of Chartered Surveyors and RICS Registered Valuers, all of our probate/IHT valuations are undertaken in line with RICS Valuation standards. All valuation work for probate purposes is undertaken by Surveyors qualified under the RICS Valuer Registration Scheme, ensuring knowledge and competence in this particular field.
For more information or to obtain a quote for our Valuation services, please get in touch.