Probate Valuations

What you need to know when requesting a valuation of a property for inheritance tax and probate

If you are an Executor or Administrator of an estate you may need help valuing a property for probate and Stags Professional Services team offers guidance with probate valuations across Devon, Cornwall, Somerset and Dorset.

As part of the probate process, the Executor or Administrator must complete an Inheritance Tax return which will be either an IHT 205 or IHT 400 form. These specifically request the value of a deceased's property at the date of death.

The property must be valued on the basis of 'market value' as at the date of death. The Inland Revenue states that this represents: 'the price the property might reasonably be expected to fetch if sold on the open market at that time'. It is important to take into account all factors in arriving at the valuation. This may include the scope for development, repairs required to the property before it can be sold, recent sales of similar properties etc.

If the estate is taxable, a detailed valuation from a Chartered Surveyor should be obtained. Obtaining estimates from a few estate agents is not acceptable. When valuing the property a Chartered Surveyor will complete their report under industry recognised Red Book Guidelines. We have a number of RICS Registered Valuers who are experienced in providing valuations to the required standards and liaising with the acting solicitors (and accountants) to assist in the process.

In all cases the District Valuer at the Inland Revenue will examine closely the valuation on the probate form and therefore it is very important that an accurate valuation is recorded. The District Valuer may be instructed to act by HMRC and we are very experienced in negotiating with them and can assist clients to maxmise their claim for Agricultural Property Relief (APR) and Business Property Relief (BPR) where applicable.

If the estate is non-taxable then a market appraisal by an estate agent may suffice. If you wish to instruct us to sell the property, we will provide one without charge.

We can also value furniture, machinery and equipment.

To arrange a formal valuation contact our specialists:

Alex Rew

Toby Perry

Mark Neason

Sally Blowey

To arrange a market appraisal:

Contact your nearest office

Do you want to know what your property is worth?

Request valuation