A probate valuation london executors need records a property value at a particular date, and this guide from IQSURV, a RICS regulated firm, explains when one is used.
When a probate valuation london executors need is required
Speak to your solicitor about what is required for the estate. We provide the valuation and do not give legal or tax advice.
When someone passes away owning a property in London, the executors or administrators of the estate usually need to establish what that property was worth on the date of death. A probate valuation is the independent, written opinion of value that provides this figure. This guide explains what it is, when it is typically needed and what to expect.
What is a probate valuation?
A probate valuation is a valuation of a property as at the date of death. It is prepared by a qualified surveyor and sets out the estimated market value of the property at that specific date, not today’s value. The figure is normally used when applying for a grant of probate or letters of administration, and when completing estate paperwork.
When might you need one?
Executors commonly need a date of death valuation when they are dealing with the estate of a person who owned a home, a flat, a buy-to-let or another property. It can also be needed when a property is being passed to beneficiaries, sold by the estate or divided between family members. Whether a formal valuation is required in your situation is a question for the solicitor or probate practitioner handling the estate, and the tax position is a matter for an accountant or HMRC.
Why use a RICS regulated firm?
A valuation from a RICS regulated firm follows recognised professional standards and is carried out by a qualified valuer. That independence matters if the figure is ever queried by HMRC, a beneficiary or a lender. An informal estimate from an estate agent or an online tool is usually not the same thing, and it may not give the estate the same level of reassurance.
How is the value assessed?
The valuer considers the type, size, condition and location of the property, along with the layout and any alterations. They look at comparable sales around the relevant date and at market conditions at that time. Because the valuation is retrospective, the surveyor may ask for details such as the date of death, any known repairs or defects, and whether the property was occupied or let.
What happens during the process?
First, you get in touch and explain the situation, including the address and date of death. Next, the surveyor confirms what is needed and arranges access if an inspection is required. In some cases a valuation can be prepared with a limited or external inspection, depending on the circumstances and the instructions agreed. The finished report is then provided in writing for you and your solicitor to use.
Practical tips for executors
Keep a note of the date of death and have the property address and any title details to hand. Let the valuer know of any access issues, tenants or recent works. Share the report with your solicitor or probate adviser, who can confirm how it fits into the wider estate. Do not delay instructing a valuer, as it can be easier to assess a property when the circumstances are still fresh.
Probate valuations with IQSURV
IQSURV is a RICS regulated firm serving London, offering RICS valuations alongside Level 2 Home Surveys and Level 3 Building Surveys. If you are handling an estate and need a probate valuation in London, get in touch to discuss your situation or request a quote. You may also find our market valuation and RICS survey services useful.
Next steps after reading about probate valuation london
If this guide on probate valuation london raises questions about your own property, you may find our guides on RICS Red Book valuations and market valuation in London useful. The Royal Institution of Chartered Surveyors sets professional standards for the industry, and you can read more on the RICS website. To discuss your situation, get in touch or request a quote through our home page, or call 020 3780 5386.