Fees for Probate Valuation Services
We have RICS qualified valuers on our team who can expertly carry out a professional Probate Property Valuation (RICS Red Book Property Valuation) and/or a Probate Contents Valuation (HMRC Compliant House Contents).
All our Probate Valuation work is fully insured and indemnified.
We take this work very seriously as we understand the importance of minimising the risk of executors being challenged by HMRC.
If we need to spend a significant time researching high value items or rare collections, we may need to charge extra for our time, but we will be totally transparent with you and agree a cost before we undertake this kind of research.
Why a professional valuation is important for probate
We have seen HMRC become more stringent regarding Inheritance Tax matters.
This has made the accuracy of an open market valuation of household contents for probate ever more important.
Accurate, written reports prepared by RICS valuers protect executors from potential HMRC investigations which could cause stiff financial penalties and inconvenient delays to the process.
Choosing an unqualified person to carry out your valuation for probate might save you money in the short term, but it could prove to be an incredibly costly decision in the long term.
Our probate services
As well as working direct with individual clients, we also enjoy excellent relationships with numerous law firms and legal professionals.
Executors are assured that they are in safe, HMRC compliant hands when they choose House Clearance Direct’s RICS qualified valuers to carry out probate valuations on their behalf.
As part of our standard service, our robust and comprehensive reports are always compliant with Section 160 of the Inheritance Tax Act 1984 Act.
The report will also detail the value of any bequests mentioned in the will, and will separately detail individual items of jewellery that each have a value over £1,500, in accordance with Inheritance Tax guidelines.
The Probate Contents Valuation Report will include the value of the house, modern furniture, period furniture, paintings and other works of art, personal possessions, cars and any other vehicles, jewellery, and collections like stamps, vinyl records, books and vintage wines.
Probate Valuation Of House Contents – FAQ’s
Why do people need a probate valuation of the house contents?
HMRC uses this valuation of the deceased’s personal property, that is contained in and around their property, for Inheritance Tax calculations.
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Why does a house need to be valued for probate?
A property’s probate value reflects its genuine open market value in a sale, ignoring potential ‘supply and demand’ price inflations, for example if an individual really wanted to buy the flat and offered way over its value to secure it.
The District Valuer at the Capital Taxes Office considers each valuation and, if they judge it to be artificially low, the solicitor will then have to ask the valuer to justify their valuation.
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Do I have to have a professional Probate Property Valuation and House Contents Valuation?
Although it isn’t a legal requirement, it is strongly recommended that you commission a professional valuation, in order to make sure that you pay the right amount of tax, that you minimise the risk of your valuation being queried by HMRC, and that you keep the tax liabilities of items left to beneficiaries in the will straightforward.
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What does the Estate Probate Valuation Report include?
The standard format of this report contains:
- A declaration of value.
- A schedule of higher value items.
- RICS property valuation
- RICS chattels or house contents valuation
Note: The date of the deceased’s death is treated as the point of declared value.
We aim to deliver the report to you around 48 hours from the date we visit the property.
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What HMRC forms do I need to complete?
When you are processing a probate valuation, you will need to complete:
- Schedule IHT 405: for houses, land, buildings and interest in land.
- Schedule IHT 404: for jointly owned assets.
- Schedule IHT 408: for household and personal goods that are donated to charity/
- Schedule IHT 407: for jewellery, works of art, collections, antiques and all types of vehicles.
You can access these forms and complete them online here <insert link>
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Can you help me to make money from my high value items?
We can take your items to an appropriate auction house, and we can guide you on the auction process, to help you hopefully get the best deal you can.
Alternatively, we can buy your belongings from you direct, including vehicles.
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Can you take everything away and leave the property empty?
Yes, if it is helpful we can clear the property of all furniture, furnishings and personal effects, not just from the house but from the garden and any outbuildings.
We will leave the property empty, clean and ready to be sold or rented.
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Do you provide extra services on top of house clearance?
Yes, if a property is likely to be left empty for a while after it has been cleared, it can be helpful for us to get the electricity and gas turned off, drain the central heating and/or turn the water off to avoid potential water damage.
We can also arrange for the property to be secured by a locksmith changing the locks, and provide ongoing security if necessary.
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What do you do with items I would like to keep?
Just let us know what items you would like us to keep rather than pass on, and we will be happy to deliver these items to wherever you instruct us.
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I live abroad, is that a problem?
Not at all. You being in another country will not affect our service. We have all the processes in place to work with companies and individuals who are based overseas.