Valuing an estate for probate – it needs to be right
January 17, 2018

The valuation of a property is an essential part of applying for probate after someone dies. It is often a tough time for families and friends, but it’s a process that needs to be followed before an estate can be distributed.

Our advice is to instruct a professional like our qualified team at Hawkesford. Often the property is the most valuable asset in an estate, so it’s vital that the executors avoid any risk by having the valuation professionally handled. If the estate is substantial, then you may get involved in negotiations with HMRC – even more reason to have an experienced professional behind you. 

Obtaining an accurate valuation will save you time and worry. It may be tempting to apply a low valuation, but HMRC will often challenge what they see as artificially low valuations. Figures from 2011 show that HMRC raised £88m in tax during the year in challenging and readjusting probate valuations. Not only will HMRC land you with a higher tax bill, they may fine you if they think you have been negligent in applying an unrealistic valuation. This is the last thing you need during an often sensitive and sad time for your family.

Simply using an estate agent’s valuation leaves you open to scrutiny from HMRC,  however if we or another Chartered Surveyor is instructed to value the property, the valuation office will negotiate with us.

We realise you will probably be going through a challenging time and we will work with you sensitively and professionally, allowing a smooth process and one that results in the fairest outcome for you and your family.

Get in touch now for advice and information on our valuation service.