Obtaining a house valuation for probate purposes is often not a key priority when coming to terms with losing a loved one.
However, a probate valuation of a property and its contents is an important and essential part of beginning the probate process.
What is probate property and what do you need to know?
In simple terms, probate is the term used to describe the legal process under which a deceased person’s estate is managed. The entire probate process involves more than just the property, meaning selling a probate property can often be challenging, so it’s important to have good advice and support.
Valuing a property for probate
Like any valuation, a probate valuation is based on what the property is likely to fetch on the open market. The value of a probate property is determined based on its open market value and should be in line with the date of transfer, which is the day the owner passed away.
The representatives of the deceased - usually administrators and executors of the will - must take responsibility for organising the house valuation for probate.
Who carries out a house valuation for probate?
By law, you must obtain a professional valuation for any property worth more than £500, if the deceased’s estate’s gross value is worth more than £250,000. This can be carried out by an estate agent or surveyor.
Contacting an estate agent
When it comes to finding out the value of your property, an estate agent should be your first port of call. Known as a market appraisal, you will be able to gain an insight into the open market valuation for the purposes of probate for your property.
Getting a valuation for probate purposes from an estate agent is usually a lot quicker than going to a surveyor and will be free.
If you’re happy with the valuation, an estate agent can then help you to get the open market value you need to begin the filing process with the HMRC. When trying to establish the value of the property in question, it’s always a good idea to get three different market appraisals and base your final valuation on the average figure from them all.
Why choose Gordon & Co?
Founded in 1948, Gordon and Co is a progressive London-based property agency, with proven expertise in sales, lettings, valuations and new developments.
And now that we’re back in our high street branches, we are continuing to deliver the highest standard of service to all of our customers, with our usual entrepreneurial spirit, motivation and impeccable level of service and care.
So, if you’re looking for more information on house valuation for probate purposes, please do not hesitate to get in touch with a member of our experienced team. We are always happy to help and make a difficult time a little bit easier.