Inheritance / Probate
Valuation to help permit a sale and determine tax payable
What is PROBATE?
Probate is the legal process of administering the estate of someone who has died. A property valuation is usually required before probate can be granted, and the valuation figure is used to calculate any tax due - even if the property is not sold.
WHO NEEDS TO GET A VALUATION?
If you are an executor, administrator, or personal representative, you are legally responsible for obtaining an accurate, professionally prepared valuation. HMRC can challenge valuations and may impose penalties if they are found to be negligent or inaccurate.
In recent years, HMRC have become more vigilant in their requirements for a Market Valuation. Their advice now is for a report to be undertaken by a Chartered Surveyor and for it to be compliant with the Red Book (RICS Valuation Standards), which is the gold standard of reporting standards by the Royal Institution of Chartered Surveyors.
WHY WEBSTERS SURVEYORS
RICS Accredited experts: All valuations are carried out by RICS Registered Valuers
Red Book compliant: Our reports meet the highest standards set by the Royal Institution of Chartered Surveyors (RICS), ensuring accuracy and credibility.
Fast turnaround: Most reports are delivered within a week of inspection and in most cases, we inspect quickly after being instructed.
Knowledge of HMRC accepted rules that reduce tax payable: In certain circumstances, we are able to apply discounts to our Valuations, citing case law as evidence and in the process, reducing the amount of tax payable. We also fully account for the condition of a property in determining the Market Value.
Supportive approach We understand that this is a sensitive time and handle every case with professionalism and empathy
What If I don’t want to sell?
Even if you intend to keep the inherited property, a valuation is still required if the estates total value exceeds the IHT threshold.
Market leading quality
Our detailed reports are compliant with Section 160 of the Inheritance Tax Act 1984 and the RICS Red Book. We provide clear evidence and thorough analysis to protect you from HMRC challenges.
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At Websters our Chartered Surveyors (who are also RICS registered valuers) have the necessary knowledge and expertise to carry out surveys across London and the South East.
We endeavour to provide valuation advice in compliance with the RICS Valuation – Global Standards, also referred to as the RICS ‘Red Book’. This document sets out the gold standard for undertaking valuations through a quality assured process, so you can have confidence that consistency, objectivity, transparency and a high standard of service is maintained.