Inheritance / Probate Valuations

It is a professional assessment of a property's open market value as at the date of death, prepared to the standard in section 160 of the Inheritance Tax Act 1984 — broadly, the price the property might reasonably be expected to fetch on the open market at that date. Our reports are formal "Red Book" valuations, prepared to RICS Global Standards and accepted by HMRC.

For any estate at or near the inheritance tax threshold, or where the value may be questioned, a formal Red Book valuation by a RICS Registered Valuer is strongly advisable. An estate agent's appraisal carries less weight with HMRC and can be challenged by the Valuation Office Agency (VOA), which risks delays, further enquiries or additional tax.

We assess open market value at the date of death using completed comparable sales and detailed local knowledge, and we reflect the property's real condition and circumstances. Poor condition, or a tenancy in place at the date of death, can legitimately reduce the value — and therefore the tax.

The nil-rate band is £325,000 per person, with a residence nil-rate band of up to £175,000 where a main home passes to direct descendants — a combined £500,000, or up to £1 million for a married couple or civil partners. Both are frozen until April 2031, and inheritance tax is charged at 40% on the value above the available bands.

Yes. HMRC can refer a valuation to the Valuation Office Agency (VOA), which may dispute the figure. A properly evidenced Red Book valuation by a RICS Registered Valuer, backed by completed comparable sales, substantially reduces the risk of a successful challenge.

The valuation date is the date of death. Open market value is assessed as at that date — not the date the property is inspected or eventually sold — which is why a retrospective valuation by a qualified surveyor is often needed.

In some circumstances, yes. Where a property was let on the date of death — normally at arm's length, to an unconnected tenant rather than to family or friends — a buyer would take it subject to that tenancy, which can reduce its open market value and therefore the inheritance tax. Whether a discount applies, and how much, depends on the type of tenancy and the wider circumstances.

It can. Most couples own as joint tenants, where the surviving owner automatically inherits 100% of the property. Where owners instead hold distinct shares as tenants in common, only the deceased's share forms part of the estate — and a share in a property can, in some circumstances, be valued at a discount to its arithmetical proportion, which reduces the inheritance tax. The right approach depends on the ownership and who else occupies the property.

Our inheritance tax (probate) valuations start from £500+VAT for the most straightforward properties. The fee reflects a full inspection by an RICS Registered Valuer and a properly evidenced Red Book report built to stand up to HMRC scrutiny. We'll give you a clear, fixed price when you request a quote.

We're normally able to provide your report within about a week of inspection, and can often work to tighter deadlines where an estate is under time pressure. We'll confirm timing when you instruct us.