Probate Valuation - London & Surrey
What is a Probate Valuation?
The purpose of getting a probate valuation in London or Surrey is to make an estimate of the deceased person’s estate, including the main property, other properties, cash, stock, shares, house contents and any other possessions. The probate valuation also reveals whether there is sufficient value in the estate to cover any liabilities left by the benefactor and whether there will be any distribution to the beneficiaries.
What is “ Probate “ ?
Probate is the name used for the process of valuing a deceased persons assets and levying tax, Death duties, upon that value. The Executor is responsible for this assessment and for seeing that the correct tax is paid. In practice a solicitor usually deals with this on behalf of the Executor and takes his/her fee from the Estate.
At Harding Chartered Surveyors, we aim to be direct, open, and honest. As members of the Royal Institution of Chartered Surveyors (RICS), we must abide by strict ethical standards. We benchmark ourselves against the client feedback we receive. We deal with complex matters but interpret all the jargon for you and give you a common-sense opinion.
Our surveyors are always more than happy to spend time discussing matters with you.
We also aim to make a pressing period less stressful by providing the timely valuations you need to get your loved one’s affairs in order. Our RICS Chartered Surveyors comply with stringent guidelines and use 60 years of combined experience to provide accurate inheritance tax, probate and capital gains tax valuations in London.
Contact our professional and RICS registered valuers to arrange the valuations that will bring you closure and help you avoid legal disputes.
Purpose of a Probate Valuation?
The assets of the deceased including properties, cash, stock, shares, and house contents (chattels), known collectively as the “ Estate” of the deceased. Dealing with the Estate is normally done by a Solicitor acting for the Executor( s ) of the Estate. Values are obtained from experts in chattels, stocks, shares and property The values are totted up and form the bulk of the estate for Tax purposes. It is essential to use experts to provide these valuations who will be accepted as experts by HMRC.
The aim of commissioning a probate valuation is to calculate the total value of the Estate. Using a professional valuer ensures that there will be an accurate assessment of values used as a base for tax calculations. This will reduce the possibility of disputes with HMRC which may delay the grant of Probate
The threshold for Inheritance Tax is currently ( 2020 ) £325,000. and it includes all the properties, house contents, and money. By law, valuation has to be based on current market values, so that the figure put against any house contents, including high-value items, antiques and specialist collections, reflects the worth of each item on the day of the death. If the benefactor's property was owned jointly, then the value of it should be divided by according to the number of people sharing the ownership to calculate the true value owned by the benefactor. If their home was co-owned as tenants in common, then the value is calculated based on the benefactor's share in the property.
In most cases the property element of the Estate is by far the most valuable single item
Harding Chartered Surveyors are expert at providing accurate valuations of property assets for tax purposes and have liaised with HMRC on many occasions to ensure the values are accepted and any disputes resolved as quickly as possible and the liquidated assets of the Estate are distributed to the beneficiaries..
Why Correct Figures are Crucial?
Correct figures are important because HMRC will carry out their own valuation for reference. The tax office is interested in individual items that are worth at least £500. For all the other house contents they require a single-figure evaluation. They particularly look at high-value contents such as properties, antiques, paintings, watches, clocks, and specialist collections.
They will use online databases and comparisons with other artwork of the makers and artists. If they don’t accept the valuation because they think it is too low, then you will have to submit evidence to support the valuation given.
HMRC have extensive databases of property transactions throughout the country much of which is not available to the public.
Probate is not granted until HMRC are satisfied as to the true values of the Estates assets and the assessment of tax liability is crystalised.
Why you need Inheritance Tax Valuations in London
Obtaining valuations for capital gains and inheritance tax allows you to:
- Avoid Potential Legal Disputes
Unfortunately, disputes are far from rare when distributing a benefactor's estate, but our skilled chartered surveyors can help prevent issues arising by providing accurate valuations.
- Resolve Your Loved One's Will Efficiently
Our RICS surveyors can help you distribute the deceased's estate efficiently so that you can concentrate on coping with your loss.
- Achieve Financial Closure
The last thing you need is to think about tax obligations following the passing of a loved one, so let our chartered surveyors do it for you.
The burden of calculating tax contributions and distributing the deceased's estate doesn't have to rest on your shoulders entirely because our compassionate RICS surveyors can do much of the hard work for you. If you want to learn more about getting a capital gains tax, inheritance tax or probate valuation in London or Surrey, don't hesitate to have a no-obligation chat with our professionals by calling 020 3598 6730.
How long does it take to receive a Probate Valuation Report?
RICS Valuers at Harding can respond quickly to instructions received from Executors or solicitors visit usually visit the properties within a week or 10 days, sometimes even sooner. Then Following the inspection, compiling the final valuation report takes a week or ten days. We will provide you with as many detailed copies as you need, both for yourself and for tax purposes.