London Probate Property Valuations
Dealing with a property following a bereavement can be one of many things that need to be sorted at a difficult time. We aim to make arranging the property valuation as straightforward as possible. If you are applying for probate and there is property in the estate, you will need to establish its value. This may be required to determine whether there is any Inheritance Tax (IHT) to pay and can also be important for calculating any Capital Gains Tax (CGT) if the property is later sold.
As RICS Registered Valuation Surveyors, our experienced team provides independent probate valuations for residential properties across London. Our valuations are carried out on site and comply with the RICS Red Book professional standards. We do not conduct desktop valuations.
You don’t need to be based in London or attend the property yourself. We can handle instructions remotely and, where necessary, liaise with estate agents, solicitors, tenants or other keyholders to arrange access to the property. Once the inspection has been completed, we will send you a clear, independent valuation report electronically. If you have any questions about the report, our team will be available to help.
If you are an executor, administrator, solicitor or other professional and need to arrange a probate property valuation in London, please get in touch. We can explain what we need from you and take care of arranging the inspection.
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 Battersea and Hampstead, 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.
Common Questions When Valuing a Property for Probate
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.
Which Areas Do You Cover?
From our offices in Islington and Fulham, our property valuations team covers the whole London area – including Central London, South East, South West and North London. View a full list of our locations here.
