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When Probate Valuation is Required?
Death of a relative is always huge stress for the entire family. After someone dies, the probate process begins. The will for probate will be represented by the executor during the probate process. As a result, the assets of a deceased person will be distributed according to the will. Probate valuation in Aldgate is a part of the probate process. This needs to be done to get the property as well as household items valued for probate.
Probate valuation in Aldgate and surrounding areas such as Camberwell, Blackfriars and others need to be done for inheritance tax purposes. According to the inheritance tax act 1984, you have to pay an inheritance tax if the total market value of the assets that you are going to inherit is more than £325,000. The valuation for probate services in Aldgate is used to determine the value of a deceased person’s property, house contents, financial assets as well as chattels.
Why It’s Important to Get a Property Valued for Probate?
The prices on properties in Aldgate, Hampton and other areas constantly go up. That’s why you may have to pay a huge capital gains tax after inheriting the property of your loved one. Probate valuations need to be done to prevent these kinds of things from happening. The accurate valuation of a property for probate is done to determine how much exactly an heir has to pay in taxes. Valuation reports created by chartered surveyors have to meet the HMRC guidelines.
When probate valuations in Aldgate are performed, all assets have to be estimated and the correct amount has to be determined. During professional valuation, it’s necessary to get the real market value of house, furniture and other contents as well as financial assets and vehicles.
The estate of your loved one doesn’t have to be valued either too high or too low. Let’s assume that estate’s value is too high. In this case, you’ll be required to pay more than you have to pay. On the other hand, you can come under the suspicious of fraud if the estate’s is valued too low.
All assets have to be estimated in order to get the total value of your loved one’s estate. Take advantage of professional valuation services in Aldgate in order to get an accurate number.
How Valuation for Probate is Done
Home valuations for probate are done by services probate companies in Aldgate. First of all, an experienced valuer will visit your property in the Aldgate area. Once you get your house and its contents valued, it will take an RICS qualified valuer no longer than 72 hours to provide you with a probate report.
Standard and Specialist Valuation for Probate Services
If the value of contents is insignificant, customers can make use of the standard valuation for probate service. The prices on a standard package start with £300 +VAT.
However, a specialist package has to be considered if a house has expensive items. This type of service is recommended if such items as antiques, fine art pieces, jewellery and valuable collections of coins, medals, stamps, rare books or watches have to be estimated. In this case, the items have to be valued by an expert in a particular field. Contact the company that specialises in probate valuations to get a quote on the specialist service.