Probate valuations can be broken down into two main types. An estates agents valuation and a surveyors valuation
Estate Agents Market Appraisal
An estate agent’s valuation will normally consist of a market appraisal that details the property type and condition. This information is then used as a comparison against recently sold property in the area culminating in a market price that the agent feels they can obtain for the property.
Usually when dealing with a smaller estate that is not subject to inheritance tax an estate agents valuation will normally be suitable in order to apply for probate. When the estate is nearing the inheritance tax band the probate office may require at least three agent valuations in order to provide a grant of probate.
An estate agent’s probate valuation or market appraisal is often provided free of charge as the agent will be bidding to take the property on to their books and fulfill the sales transaction. The estate agent will then charge a commission on the sale and in turn be paid for his services at the end of the transaction.
If the property is not going to be sold the agent may charge a fee up front for the probate valuation / market appraisal.
RICS Probate Valuation
When a property is above the inheritance tax threshold then a RICS (royal institute of charted surveyors) probate valuation may be required. RICS surveyors have a royal charter and their valuation is indemnified by insurance.
As a professional body the probate office may require their probate valuation as it is often deemed to be more accurate and takes into account more factors than the estate agents market appraisal. RICS valuations will look at property use, condition and market factors in more detail. A valuation from a charted surveyor will normally cost in excess of £400.
Final Duties regularly work with hundreds of estate agencies across the country and employ a specialist probate property team. Our team will always seek to deliver the most cost effective valuation for your estate and work with the agent to reduce sale costs.
Probate Property Price Search
You can use the Zoopla tool to obtain a guide price for property in your probate area.