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Valuing an Estate for Probate
Unfortunately, people die and nothing can be done to prevent this from happening. If the worst happens and your loved one dies, you will have the legal right to inherit his/her property.
Before the estate is distributed according to the will, the relatives of a deceased person can oversee the property and the contents of their loved one. The value of your loved one’s estate is determined during the process of the probate valuation in Greenford.
Valuation of property and household items in Greenford and surrounding areas such as Uxbridge and Acton is done for inheritance tax purposes. If the assets that you are going to inherit cost more than £325,000 then you will have to pay the tax according to the inheritance tax act 1984. The estate can be also subject to capital gains tax.
The professional probate valuation in Greenford needs to be done after a person’s death to determine the market value of his/her assets. Probate valuations in London help determine if an heir is subject to inheritance tax or not.
Why Do I Need Probate Valuation?
The situation on the real estate market in Greenford constantly changes and house prices go up all the time. That’s why it’s incredibly important to get the accurate valuation done by chartered surveyors.
Professional valuation allows an heir to determine the amount that he/she has to pay in taxes. Property owners have to get the valuation reports that meet HMRC guidelines. The property and its contents shouldn’t be valued either too high or too low. Use professional probate valuation services provided by RICS qualified valuers in Greenford to have the correct amount.
The total value of estate consists of the property’s value, the value of house contents, chattels as well as the value of financial assets. Probate valuations in Greenford are done to calculate the total value of the estate and get the accurate number. Contact a valuation services probate company in Greenford to get the initial consultation of experts on valuation probate services.
The Process of Getting Property and House Contents Valued for Probate
Initially, you need to get in touch with highly experienced valuers in Greenford and other areas such as Dulwich. Then, an executor will come to you to do a probate valuation of the property.
A valuer will analyze your property and its contents carefully. You will get a report from valuers in Greenford within 72 hours. You must be prepared that the probate process may take 6 – 9 months.
The standard valuation service package is suitable for the vast majority of customers. The prices on this type of service start at £300 +VAT. A specialist valuation service package is recommended when it’s necessary to value such items as:
- Fine artworks
- Rare books
The items are valued by an expert in a particular field. The prices on this type of service are discussed upon a special request.