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What is the Purpose of a Probate Valuation?
Death of a loved one is a big problem for a family and there is no question about this. When the worst happens and someone dies, relatives of a deceased person have the legal right to inherit his/her estate. After that, the estate is distributed according to the will. Probate valuation in Camberwell, Blackfriars, Uxbridge and other areas needs to be done to calculate the market value of assets that an heir is going to inherit in the future.
Probate valuation in Camberwell is a part of the probate process. According to Section 160 of the Inheritance Tax Act 1984, an heir has to pay the inheritance tax if the total value of estate that he/she has inherited is more than £325,000. Assets can be also a subject of capital gains tax. So, probate valuations have to be done for HMRC inheritance tax purposes.
Why It’s So Important to Do Property Valuation for Probate
Properties in Camberwell, Hampton and other areas constantly add in value. That’s why property valuation for probate always has to be done correctly. If the probate valuation of property is correct, you’ll have to pay the correct amount.
A property doesn’t have to be valued too high. In this case, an heir has to pay a huge tax bill if he/she inherits someone’s property. A property in Camberwell doesn’t have to be valued too low as well. This can result in the suspicion of fraud.
The accurate probate valuations have to be done to prevent these kinds of things from happening. If you get the accurate valuation of assets for probate, you will not pay more than it’s required.
The estate’s total value is determined during the probate process. The total value of estate consists of properties, financial assets, household items, furniture, etc. Different types of chattels such as vehicles also add to the total estate’s value.
How to Value a House and Other Assets for Probate
First, you have to find reliable valuation services in Camberwell. Your assets have to be valued by experienced and RICS qualified chartered surveyors. After professional valuation is complete, an executor provides customers with valuation reports. Usually, it takes an heir no longer than 72 hours to get a report from a valuation probate services company.
Valuation for Probate Service Packages in Camberwell
There are two types of services probate valuation packages available for residents of the Camberwell area. You have to consider either a standard package or a specialist package. In most cases, people use a standard valuation for probate service package. The prices on standard valuation for probate service packages in Camberwell start from £300 +VAT.
The need for a specialist package arises when collections of antiques, jewellery items, rare books, coins and medals, watches and fine art items have to be valued. These types of items have to be valued by a valuer, who is an expert in this particular field. The prices on a specialist valuation service package have to be discussed upon a request.