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.
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.
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.
Recent Testimonials
"I am very satisfied with the professional and friendly service we received from CVP Surveyors. From the first phone call, Claudinia was very helpful and knowledgeable. I would definitely recommend them."
Katarzyna Matyaszek
"Claudinia reorganised her diary in order to accommodate our survey, which we needed at short notice that Friday. She worked out of hours over the weekend and into the evening in order to deliver her report on the Monday. We spoke multiple times on the phone to answer all of my questions, which was enormously helpful. I would strongly recommend using CVP."
Oli Dugmore
"I'm very happy with the level 3 survey provided by Claudinia and her team. The detailed report and Claudinia's advice over the phone helped me negotiate a better purchase price."
Sam Harris
Clear, confident advice
With every survey we will speak with you to establish any areas of concern, we call once you have received the survey or valuation to go through our report and allow you to ask any questions you may have.
Contact Us
Please provide some information so we can best respond to your enquiry
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.
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.
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.