Valuation for Probate

What is Probate?

What is Probate?

Probate is the process that gives a deceased person’s estate value so that taxes can be assessed and paid. Who does the appraisal? The executor of the estate organises this with the help of a solicitor. 

What is a Manchester Probate Valuation?

Why do you need exactly this valuation for probate for London, Manchester, Bristol, Birmingham, Kingston or Cardiff? The fact is that you need to be able to arrive at an estimated value of the estate, taking into consideration the main property, apart from other properties, house contents, share holdings, cash, stock and any other assets. 

Valuation for probate is needed in order to establish whether there is sufficient value in the estate to cover any liabilities left behind by the deceased and whether there is an inheritance to pass on to any beneficiaries.

Why is a Probate Valuation Necessary?

The deceased person’s assets, which can include land, money, investments, and household goods, need to be accounted for. This is the job of the executor, who usually hires a solicitor to help administer the estate, which collectively ensures that the estate is legally and financial accountable in a usually context. 

Determining the total “worth” of the estate is certainly part of it. Calling in a professional fee appraiser for your household goods (not usually done for items like photographs) is always recommended. 

Taxation on Inherited Wealth in Manchester

Inheritance Tax is presently levied on estates exceeding the value of £325,000, an estate is defined as all the property, money, and possessions you have at your death – by law, inheritance tax must be based on the fair market value of these items at the time of your death. For any house contents, including high-value items, antiques, and expert collections, the figure must reflect what each item could have earned on the open market the day before you died – so, in effect, it’s a tax on the value of your estate at your death. 

If your house is jointly owned, the amount that appears in the probate inventory should reflect only the portion of the house that you owned and that was included in your estate – if you were a tenant in common, that’s the amount that your house was worth at your death. 

Our panel of specialists in probate liabilities and asset valuation is on hand to resolve disputes with HMRC over the value of estates quickly so that the estate can be liquidated to the heirs in a timely manner.

Ensuring the Probate Valuation is Accurate

It is very necessary to have accurate valuations because HMRC will compare their own valuation against yours – they are also interested in what they call “single items” that are worth at least £500; for any other contents of the house, they just require that you give them a ‘single figure.’ 

The main items they are interested in (which they say can be valued at £500 or more) are high-end contents like property, goods of an antique nature, professional-quality art, watches, clocks, and hobby collections like model trains (as most hobby collections are considered by HMRC to be of a much higher value than most people claim). 

The valuers HMRC use have lots of resources at their disposal, and they are very thorough. After doing their own top-level comparison, they will do a more in-depth look if they still think your claimed value is too low.

Manchester Inheritance Tax Valuations

 Receiving valuations for capital gains and inheritance tax allows you to:

  • Avoid potential land disputes: unfortunately, there can be a lot of disputes when dividing up a benefactor’s estate, but RICS surveyors can help with their exact valuations.
  • Your inheritance will be processed right away: RICS surveyors will provide you with the information required for this activity.
  • Give closure: at the time of losing a loved one, completing the taxation responsibilities might be the last thing on your mind. However, professional RICS surveyors will surely assist.

Carrying out probate, calculating the tax contributions due, and distributing the deceased’s estate are all tasks for which our panel of sympathetic RICS valuers can do the hard financial work on your behalf. Our teams serves Manchester and many other locations across England, including London, Bristol, Birmingham, Kingston, and Cardiff.

How Long Does Probate Valuation Take?

Probate valuation does not take long to organize (1-2 weeks), but it needs to be done properly. When an executor or solicitor instructs the probate property surveyor, a member of the RICS probate valuation team visits the property and carries out the necessary detailed inspection in a week or two and issues the report within a few days. 

Surveys of Commercial Property

If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether. 

Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.

Contact

Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:

The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.

Scroll to Top