What is a Probate valuation?

After someone dies, probate is the legal process of dealing with their assets which can include bank accounts, vehicles, jewellery and, probably the largest investment anyone makes, property.

A probate valuation will take into account all of these items (deduct outstanding debts) to calculate how much inheritance tax (IHT) is owed. At this moment in time, the nil-rate band for IHT is £325,000, assets above this figure are taxed.

Why is it important?

It’s essential to get an accurate estate valuation in order to minimise IHT and meet Inland Revenue standards who can investigate if they think a valuation is just over or under the threshold to recoup tax. A standard property valuation by one of our Sales team is not enough for probate and you’ll need to instruct one of our qualified and experienced RICS surveyors who provide a report for you.

It is important that a correct valuation is provided as otherwise, this can cause penalties imposed by HMRC, in addition to the unpaid Inheritance Tax. A professional appraisal by a RICS chartered surveyor is strongly recommended.

At Readings, our sales service is designed to be a cost-effective way of selling an empty property. By providing a complete, end-to-end service designed to help handle everything from valuation through to legal completion, we’ll help to ensure the process runs smoothly, providing real value for all parties.

Valuation report

Our RICS qualified surveying department are able to produce a probate valuation report to comply with the Inheritance Tax Act 1984. The valuation report cost will be deducted from our sale fee, if we are subsequently instructed to market the property for sale.

We can provide a free market valuation if no Inheritance Tax valuation is needed.

Marketing

We sell property by both private treaty and auction. We will make recommendations on the most suitable method of sale for each property. Our experienced sales team will actively market the property and keep you up to date with offers and developments. We can provide written recommendations on offers received both in terms of price and timescale. If needed, we can arrange for an energy performance certificate to be prepared.

Accompanied viewings

We can carry our accompanied viewings and our team are experienced in showcasing key property features and benefits.

Securing a sale

All potential purchasers are financially verified, where we ensure that they are in a position to proceed with the purchase.

Additional support

We support you with every aspect of the vacant property sale including:

• House clearance
• Liaise with chattels auctioneers
• Securing property
• Weekly weekly house visits conducted to comply with insurance requirements
• Repairs
• Vacant property support
• Arrange boiler service if required
• Return mail found at the property to your offices

Our people

Choose Readings and you’ll benefit from the support of friendly, talented property professionals with extensive experience handling every aspect of the probate sales process.

We have surveyors in Leicestershire covering; Leicester, Loughborough, Hinckley, Wigston, Melton Mowbray, Market Harborough, Oadby and Wigston, Coalville, Ashby-de-la-Zouch and Shepshed.

Discuss with our team by contacting us, today.