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Things to know about probate valuation
Losing a family member or a loved one is always hard. You will have to find the way to cope with the grief and learn to heal after the person’s death. At the same time, there are a lot of important things you have to deal with after your relative passes away. Probate valuation in Waddon is one of those things that would be on your list.
Valuation for probate process involves estimating the value of the deceased person’s estate. During probate valuations, the real market value of the property is determined. The value is usually equal to the market price of the property in Waddon and another areas such as Camberwell
The Personal Representatives of the deceased person are responsible for the probate property valuation process. Probate valuations in Waddon are done for inheritance tax purposes. The probate valuation of property in UK has to be done in compliance with Inheritance Tax Act 1984, Section 160. You should use probate valuation services provided by chartered surveyors who have knowledge and expertise in this matter.
A professional probate valuation in Waddon involves not just valuing the house that belonged to the deceased person, but its contents as well. When it comes to valuing personal possessions, keep in mind that household items will be roughly estimated because they are not new. But they certainly may have huge sentimental value for you.
Why does the property have to be valued for probate?
A property valuation for probate purposes is a necessary process required by HM Revenue and Customs (HMRC). Bear in mind that valuation has to reflect the current market value of the property. You should find out the accurate value of the deceased person’s estate in order to fill in the probate application forms.
Use valuation services probate companies to get the correct value of assets. Estimating the exact value of the property will help you understand whether you have to pay the inheritance tax as well as capital gains tax.
When someone passes away, the inheritance tax has to be paid on his/her estate. But in some cases, the tax is not required. The inheritance tax must be paid if the total value of the estate exceeds £325,000. If the value is less than that amount, no tax is required. Use valuation for probate services in Waddon and other areas such as Tooting and Dulwich, to get the real value of the estate.
The process of valuing a property for probate
During a probate property valuation process in Waddon it is very important to do the accurate valuation. A highly experienced RICS qualified valuer will visit the property to help you determine the value of its contents such as antiques, furniture, fine art, jewellery. Vehicles and other types of chattels are valued as well. Clients get valuation reports within 72 hours after the valuer visits your property in the Waddon area.
After that, an executor has to report the estimated value of estate to the probate registry. On average, the process of the estate’s probate and administration takes 9 – 12 months. If the estate is small, the probate process takes less time to complete.
If you have some valuable collections in the house, you need the help of a valuer who works in this particular field. Only a professional can provide a correct valuation of valuable items.