London Probate Property Valuations
If you are applying for probate and there is property in the estate, you’ll need to conduct a probate property valuation. You need to value the estate to know if there is any inheritance tax (IHT) to pay. It is also important to know the value of a property when someone dies so that you know whether there is any Capital Gains Tax (CGT) due if the property is later sold.
As RICS Registered Valuation Surveyors, our expert team assess the value of any residential property in London on site. All our valuations adhere to the Red Book standard, which is the professional standard set out by the Royal Institution of Chartered Surveyors (RICS). We do not conduct desktop valuations as these do not adhere to RICS Red Book standard.
Our Residential Property Valuations can be carried out across London. Our completely independent and impartial team of qualified surveyors will assess your property before sending you a valuation report.
If you or a client requires a property valuation for tax purposes, then please get in touch.
Why Choose Barnes and Barnes for your Probate Property Valuation?
We have valued thousands of London properties over the last 20 years. From our offices in Islington and Fulham High Street, we survey and value properties across Central London, South West London, South East London and North London areas.
Our surveyors are all Chartered Surveyors and members of RICS, giving you peace of mind that we adhere to external professional standards.
Whilst we understand turnaround time is important, we also want to make sure you get a quality report and valuation that delivers the information you need.
Our team regularly receive feedback on our customer service, so you can rest assured you or your client is in good hands.
I commissioned a probate valuation survey from Barnes & Barnes of my late father’s flat in Islington for inheritance tax purposes. I do not live in Islington and needed an accurate valuation from professionals who are familiar with the area and know the local property market. Grant carried out a thorough survey and the valuation report was well-reasoned and easy to follow. I was and am very pleased with the service I received.
What is the Probate Property Value?
The value is the open market value i.e. the price the asset might reasonably fetch if it was sold on the open market at the date of death. This represents the realistic selling price of an asset, not the insurance value or replacement value.
Why do I need to value a probate property?
You need to value the estate so that you know if there is any inheritance tax (IHT) to pay. It is also important to know the value of a property when someone dies so that you know whether there is any Capital Gains Tax (CGT) due if the property is later sold.
Do I need a surveyor for probate valuations?
You’re likely to have two choices for your probate property – use an estate agent or appoint a chartered surveyor.
Estate agents will be able to give you a market value, what the property is worth. Their services are free. An estate agent may not value to the same guidelines as a Chartered Surveyor who will have to value in accordance with “red book “ requirements as prescribed by the RICS, but bear in mind you will need to pay for this service. An incorrect valuation could lead to HMRC disputing the tax liability.
HMRC “strongly recommends” that people use a professional valuer such as a RICS Chartered Surveyor to make sure you get an accurate value for the property.
How long do I have to get the property valued?
The actual on-site valuation will normally take between 1 to 3 hours. The full valuation report is usually available within 2 – 3 weeks. The process of granting probate can take anywhere from 12 to 24 weeks.
Can You Sell a House under Probate?
You cannot legally sell a house while it is under probate. However, you can put it up for sale, conduct viewings and agree on a price with a prospective buyer, but you cannot exchange contracts and complete until probate is granted.
What happens if the sale price is higher than the Probate Value?
If the property is sold quickly after that Grant of Probate and the sale price is more than the value used for Probate, HMRC may try to substitute the sale price instead of the probate value and recalculate the IHT liability.