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Probate Valuation Process
Probate valuation in Kew and different areas in London, such as Notting Hill and Greenwich, is a legal process that has to be carried out when someone passes away. You need to apply for probate in order to get the right to deal with the deceased person’s estate. Estate usually consists of the properties and different types of chattels such as money and possessions that belonged to the person who died.
Due to the professional valuation procedure, you will be able to understand whether you will have to pay inheritance tax or capital gains tax. So, it is crucial to obtain an accurate valuation of estate to get an opportunity to get started with the probate process.
Calculating the market value of the assets can be difficult. That’s why you should seek a professional executor who does probate valuations in Kew and provides clients with valuation reports. RICS qualified chartered surveyors will help you determine the value of the deceased person’s house and household items.
It’s worth mentioning that probate valuations in Kew and surrounding areas such as Wimbledon are not always required after the death of your loved one. Valuing a property content for probate is needed if you are the spouse or civil partner of the person who passed away and you jointly owned the estate. Plus, you may not need probate if the estate doesn’t include property, land or shares. However, you will have to check it to make sure that no probate is needed.
Why You Need to Get Your Property Valued for Probate
HMRC usually requires the value of the estate to be calculated accurately. The total property value determines the amount of inheritance tax you will have to pay in the end. That’s why it is so important to know the accurate value of the deceased person’s estate.
Probate valuation in Kew has to be done for inheritance tax purposes. This type of valuation is a part of probate services. According to the inheritance tax act 1984, the inheritance tax threshold is known to be £325,000. That means that you will have to pay inheritance tax if the total value of the estate exceeds that amount.
Use professional valuation services in Kew if you need to determine the accurate value of all the assets that belonged to the person who died.
The Process of Valuing a Property for Probate
In order to determine the accurate value of the house, it is also extremely important to calculate the value of its contents such as furniture, jewellery, vehicles, etc.
Invite a services probate professional in Kew when such a need arises. The expert will visit your house and provide you with a full and detailed report within 72 hours after his visit. Remember that a probate property valuation report has to be written in accordance with HMRC guidelines.
If you have some expensive collections that need to be valued, find a professional in a particular field. So, if you have a jewellery collection, invite a specialist who can determine its accurate value. In fact, a highly-trained specialist can calculate the accurate value of any item in the house including works of:
- Fine art
- Art antiques
- Rare books