Do I need a RICS valuation for probate?
When a property is above the inheritance tax threshold then an RICS Probate Valuation may be required.
RICS surveyors have a royal charter and their probate valuation is indemnified by insurance.
Not everyone is subject to Inheritence Tax and you should take advice from an Independent Tax Advisor..
What is the difference between a probate valuation and a market valuation?
Often in an unpleasant way. The difference between Probate Value and Market Value is: A Probate Value has been obtained in a way acceptable to HMRC for establishing what inheritance tax is due. Market value is often a broader estimate gained by reference to other sales of similar property or possessions.
What is a Red Book valuation on property?
A RedBook Valuation Report helps you understand what your car is worth in today’s market. Having your list price backed up by an independent pricing authority tailored to your vehicle’s km’s and condition will help you negotiate pricing with potential buyers.
How many property valuations are needed for probate?
You can also ask estate agents to value the property, and if you take this approach, get two or three valuations and take the average price. The value you submit and any calculations you make must be justifiable should you be asked by the District Valuer.
How much does a probate valuation cost?
If you choose to seek out the services of a professional probate valuer or solicitor, which is highly advisable in all but the most clear-cut of cases, most firms will charge up to 5% of the total value of the estate in fees.
What if house sells for more than probate valuation?
Capital Gains can also become an issue if the administration process is prolonged and the final sale price is higher than the probate value. In short, if the property is sold for more than the initial valuation, you could be liable for Capital Gains Tax as well.