It is so important to provide an accurate valuation of property assets when dealing with someone’s probate application following their death.  

Following a death the appointed executors have a legal responsibility to ensure that not only are the wishes of the deceased’s carried out, but that this is done within the law and this includes declaring accurate values of property left in the will.

All assets must be valued but not surprising usually the largest of these is their home, together with other bricks and mortar that they may have acquired during their life.

In simple terms the value of the assets are combined, the value of debts deducted and this leaves the taxable balance. Currently a person is able to leave £325,000 of assets before any Inheritance Tax is paid. The current rate for Inheritance Tax is 40%, which is of course once of the highest rated taxes.

Where the home of the deceased is left to a child (including adopted, fostered or stepchildren) the threshold can increase to £450,000. This means that a husband and wife could have a combined threshold of £900,000 under the current regulations.  

Applications for probate should be handled by an experience solicitor or accountant – this is not a service that we are able to offer. We are though able to provide accurate and detailed valuation reports whether the property assets are residential (rural & urban), agricultural or commercial.

Certain property assets, such as agricultural land, can attract 100% relief from Inheritance Tax. These assets still though need an accurate valuation as at the date of death.

Professional valuations from a RICS Registered Valuer are usual essential and always recommended. Obtaining a marketing valuation from an estate agent, or even worse from a website, is just not sufficient.

An accurate valuation as at the date of death will ensure the correct levels of Inheritance Tax are paid without cause for concern that there may be an investigations at a later stage. The valuation is also an important base value which may be used for Capital Gains Tax valuations in the future.

We have RICS Registered Valuers and qualified agricultural valuers (CAAV) who are able to provide you with a valuation that can be relied upon. Often the Inland Revenue will instruct the District Valuer to check values and we are used to handling such investigations on your behalf.

Contact us on 01299 896 986 or email ghb@gherbertbanks.co.uk for further information.