Probate Valuation London

First-rate house contents valuation from the experts

Clearance Solutions provide a range of professional probate valuation service in London and UK. We help solicitors, executors, administrators or private individuals. Our services focus on valuing personal possessions for probate. Ensuring everything in the deceased’s house is accounted for.

We have over 15 years of experience providing an accurate and efficient probate service, and all our packages are fully HMRC compliant. Get in touch now for free, no-obligation probate valuations in London or UK.

What is a probate valuation

A probate valuation is a process of determining the value of a deceased person estate. The content is valued at their Open Market Value. Following a bereavement, probate is the legal right to oversee the dead person's affairs. This is before distributing the estate according to the will.

A significant aspect of the probate valuation process is valuing house contents for HMRC inheritance tax purposes ( known as goods and chattels in legal terms ). This is where Clearance Solutions can help you, for example, with Section 160 of the Inheritance Tax Act 1984. A Professional valuation for probate purposes of house contents involves determining the monetary value of these items, which is included with all other assets when determining if the estate is subject to inheritance tax (if the total value of the all the assets is above £325,000 the estate qualifies — correct as of 2021).

Why probate property valuation is important

Due to rising property prices, a family’s death can leave relatives with a hefty inheritance tax bill. To ensure you are paying the correct amount, it is essential to obtain a swift, accurate probate valuation report accordance with HM Revenue and Customs guidelines. Value your loved one’s estate too high, and you could end up paying more tax than you need to. Value it too low, and you could be suspected of fraud.

While most estates’ value will come from property and financial assets, house contents can make a big difference to the final figure. Clearance Solutions can help you reach an accurate number. We do it by providing an expert valuation of house contents to combine with the rest of an estate’s total value. Contact us to get FREE advice or quote in UK and London.

How our professional valuation works

Our probate property valuation service involves an experienced, qualified, independent valuer visiting your property to appraise its contents, including cash reserves, insurance policies and bank accounts. The probate valuer will return a full probate report to you within 72 hours of the visit.

Due to high property values, many estates fall over the inheritance tax threshold – even if the contents' value is modest. We would recommend our probate contents valuation service to most customers. Prices start from £295 +VAT for our standard package, though customers with extensive valuables collections should consider our specialist package, with prices available upon request.

How to value property for probate

If a property has to be valued for the probate process, there are three options open to you. Bear in mind the 2022 Inheritance Tax rate is 40%, and your tax-free threshold is £325,000.

Most people opt for the easy solution and search for similar properties in surrounding neighbourhoods to establish a comparable value. Assessing values from online estate agents will also give you a better understanding of the property’s worth.

But, if the value is suspiciously below the £325,000 tax threshold, then HM Revenue & Customs (HMRC) could challenge that figure on the basis you could be trying to evade paying taxes.

A second option is to obtain three valuations from local estate agents to establish a relative average value when submitting probate and tax forms.

A safer alternative is to utilize a Royal Institution of Chartered Surveyors (RICS) qualified property surveyor. They will offer a more realistic valuation than one from an estate agent and consider any repairs required before the house can be marketed.

Surveyors can also advise on property renovation or expansion that can increase its eventual value. A RICS-backed valuation will also offer a stronger case against potential HMRC objections.

Using one of these options will help establish the overall value of an estate left to a spouse, civil partner or qualifying charity, and whether any tax is due.

Estate agent's market appraisal vs chartered surveyor

Most people turn to estate agents to get a free house valuation. An estate agent will look into recent property sale prices in the neighbourhood to come up with a house value. It is worth knowing that they are not unqualified to provide you with an accurate probate value of the deceased's estate. You need RICS valuation, and the District Valuer may examine it.

The main difference between market appraisal and valuation is that a market appraisal simply estimates a property’s worth, but a valuation is a more formal procedure with written reports.

Specialist house contents probate valuations

If your house contents and chattels are worth a significant value, we recommend our property valuations service. A Royal Institute of Chartered Surveyors (RICS qualified) accredited valuer, or another expert in a particular field will carry out a detailed survey. The expert will provide you with an accurate estate valuation.

Jewellery

Rings, necklaces, earrings and other articles of jewellery will be the most valuable possessions in a home. Because the jewellery market value is unique, only specialists can make sure everything is accurately valued.

Our expert evaluators can determine the market value of precious metals like gold, silver and platinum. Including valuable stones and gems like diamonds and pearls.

Art and antique probate valuations

Some estates will include highly-priced works of fine art or valuable art antiques. In these cases, Clearance Solutions can advise on finding specialist evaluators to value these items, as the art market has its own idiosyncrasies.

Valuable collections

Our specialist package is suited to any houses with valuable collections of the following:

• Cars
• Watches
• Stamps
• Coins & Medals
• Rare books

Complimentary services

We are happy to recommend professional assistance for your property valuation, such as house clearance. Have you got probate questions? Our team can advise you on valuations of chattels for Capital Gains Tax, including any other assets like stocks, shares and bonds.

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