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What Does Valuation for Probate Mean?
Probate valuation in Blackfriars is done when it’s necessary to value the assets of a deceased person. When someone dies, relatives have the legal right to oversee his/her assets after death. At the next stage, the estate will be distributed according to the will and the law of Blackfriars.
Probate valuations are required by HMRC for inheritance tax purposes. During professional valuation, property and household items are valued for probate. Probate valuation in Blackfriars is done by RICS-qualified chartered surveyors.
In most cases, the probate process takes 9 – 12 months. The process is likely to take less time when a deceased person has a small estate.
Does an Heir Have to Pay the Capital Gain Tax for Inherited Property?
House prices in Blackfriars and the areas such as Surbiton, Wandsworth and others constantly go up. So, the value of properties in this area increases year after year. That’s the reason why an heir may be required to pay a huge tax bill.
An heir has to pay inheritance tax if the total market value of the estate is over £325,000. Additionally, your loved one’s estate can be subject to the capital gains tax.
Your loved one’s assets don’t have to be valued either too high or too low. If the valuation for probate is not correct, you will either have to pay more in taxes or come under suspicion of fraud.
And of course, an heir has to prevent these kinds of things from happening. That’s why an heir has to get an accurate valuation for probate and pay the correct amount. A valuation report has to meet HMRC requirements.
All assets of your loved one have to be valued. The total value of the estate consists of properties, house contents and other types of assets including financial assets such as bonds, shares and stocks as well as chattels, etc.
Different Types of Probate Valuations
Valuing a house for probate is a part of the probate process. After the death of your loved one, an executor has to do an assessment of the property and its contents first. Then, you’ll get a valuation report. Traditionally, the residents of the Blackfriars area get valuation reports within 72 hours after valuer’s visit.
There are two types of probate valuation services packages available for residents of the Blackfriars area. You can consider either standard or specialist valuation for probate services. You should take advantage of a standard package to get properties, furniture, house contents, vehicles and similar types of assets valued for probate in Blackfriars.
Let’s say that you need to value antiques, jewellery, fine art, coins and medals, rare books, etc. In this case, you need to consider the so-called specialist probate valuations in Blackfriars. So, an expert in a particular field will do the valuation of items.
Prices on standard valuation packages start from £325+VAT. You need to contact a services probate company to discuss the prices on a specialist valuation package.