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What is a Probate Valuation and When Is It Needed?
The death of a loved one is always a big loss for a family. If someone dies, relatives have the legal right to inherit his/her property, money, shares, etc. When dealing with inheritance you will have to get the probate valuation in Southall. This type of valuation is required for the probate process.
You have to pay HMRC inheritance tax when you inherit something. According to the Inheritance Tax Act 1984, you have to pay the tax if the value of assets is more than £325,000. Let’s assume that you’ve decided to sell inherited property and its value has increased since the moment the deceased person purchased it. In this case, you also have to pay the so called capital gains tax. Probate valuation of property needs to be done for inheritance tax purposes. In order to determine if an heir has to pay inheritance tax or not, it’s necessary to do the accurate valuation and determine the market value of a house and other assets.
Importance of Accurate Probate Valuations
As you can see, the prices of properties are constantly increasing. So, if you inherit someone’s property or financial assets they have to be valued correctly. If assets are valued too high, you will have to pay a high inheritance tax bill. Therefore, obtaining a house valuation for probate will allow you to avoid paying more in taxes than you have to. On the other hand, you are likely to come under suspicion of fraud if assets are valued too low.
Clearance Solutions provides accurate probate valuation in Southall, Kensington and other areas. As a result, you’ll have to pay the correct amount and will not be suspected of fraud. Get a free consultation of expert evaluators on probate services in Southall.
How to Get House and Its Contents Valued for Probate
Initially, you have to invite a probate valuation specialist to a property that you are going to inherit. A highly experienced evaluator will come to your house and do all the necessary assessments. After valuing a property and its contents, a specialist will create a report. It usually takes clients no longer than 72 hours to get valuation reports after assessments have been made.
Clearance Solutions provide probate valuation in Southall at affordable prices. The prices start with £295 + VAT. But most importantly, specialists always do accurate valuations. You should consider special service packages when large collections of valuables need to be assessed.
Property Valuations Service
Executor specialists assess both properties and other types of valuables. RICS-qualified professionals are highly experienced in assessing different types of household items, including:
- Coins and medals
- Fine art
- Rare books
Do you need professional help with the valuation of house and its contents? Or, maybe, you want to get an advice on the valuation of chattels in Southall? Clearance Solutions offers cost-effective solutions for any of your probate valuation needs!