Probate Valuations in Brighton & Hove Sussex
Someone’s property can often be the most valuable part of a Will and Andrew Pridell Associates can provide professional and impartial advice to help during this difficult and lengthy process.
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What is a probate valuation?
Probate is a legal process that must be followed when someone dies. When property is left to you, you will need to obtain a valuation to complete the Her Majesty’s Revenue and Customs (HMRC) Inheritance Tax form. This will enable you to get a ‘grant of representation’, so you have legal ownership of it.
Why do I need to instruct a surveyor to value the property?
HMRC advise a surveyor is instructed to carry out the valuation of the property for probate. They are more likely to accept a valuation provided by a professional, and reduces the risk that the valuation is incorrect. It is a requirement that property value is assessed of what it could fetch if sold on the open market at the date of death. If HMRC believe the real value of the property is higher there can be penalties on top of the potential extra Inheritance Tax payable.
What information do we need for a probate valuation?
In order to provide the valuation we will need to know the name of the deceased person, the date the person died and proof that you are instructed to act in the matter. If you would like to find out more about probate valuations, get in contact with us.
If you would like our support to get the most out of your property please get in touch.
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