A probate valuation is the value of someone’s estate when they die. It’s important to get the value of their estate right because tax may be due - and it normally has to be paid within 6 months.
Often, a considerable percentage of people’s estate is in property – domestic or commercial. That’s where Brent Forbes Chartered Surveyors can help.
Our job is to give you an accurate property valuation (a probate value) that will be acceptable to HMRC.
As fully qualified RICS surveyors, we work to very high standards, considering a whole host of factors that will affect the value of property – something an average High Street Estate Agency is unlikely to be able to offer.
// Probate Valuation
If you’re administering the estate of a person who’s died you can either do it yourself – there are many online guides and books to help – or you can instruct a solicitor specialising in probate.
a. They have extensive knowledge of tax laws and what needs to be done and to whom to speak;
b. They will be able to contact companies dealing with the deceased’s affairs and/or HMRC which may be upsetting for next-of-kin.
Probate is the legal right to deal with a deceased person’s estate – their money, property and possessions - when they die. The person who does that is known as the executor of will duties (assuming the person who had died has left a will.) You shouldn’t make any financial plans or start to sell any property until probate has been granted and you have an up-to-date estate valuation.
* The information on this page is not legal advice, only general information as we know it and people should contact a lawyer for any legal advice.
// More facts about Probate Valuation
Grant of Probate gives you the legal right to deal with someone’s affairs when they have died. But before this, you’ll need a value of the person’s estate. If property is involved, you should obtain a valuation from a qualified Chartered Surveyor.
You may not need probate or a probate valuation if the person who died:
You can contact the financial institution or mortgage company to find out details of the specific circumstances for the person who has died. Each financial institution has its own rules for when you don’t need probate. Many people instruct a solicitor to deal with matters such as this.
You’re not obliged to get a professional house valuation for probate but it is advised. An RICS valuation will normally be accepted by HMRC. Do it yourself and you may get it wrong and be liable for tax on inherited property – either Inheritance Tax (IHT) or Capital Gains Tax (CGT.)
Depending on the size and scope of the deceased person’s estate, IHT or CGT may need to be paid. If property is involved, this will often be one of the largest parts of the estate. That’s why it’s vital to obtain an accurate RICS valuation that takes into account multiple factors. These include the condition of the property, any easements in force, the current state of the market as well as prices for similar properties in the locality.
The best way to ensure your property has the correct probate valuation is to use the services of an RICS chartered surveyor like Brent Forbes Chartered Surveyors. HMRC are likely to accept RICS valuations at face value, whereas a value from a high street estate agency may not be accurate enough.
The tax on inherited property is quite complex but generally speaking the answer to this question is yes. You can check using the IHT calculator here on Gov.uk. Assuming property is involved, you will probably need to instruct a qualified RICS valuer and include that probate valuation when paying inheritance tax before probate. Once any IHT has been paid, you can apply for probate and start resolving the deceased person’s affairs.
// More info about Probate Valuation
To apply for probate, you’ll first need to get a probate value of any property that the deceased person owned. This is Brent Forbes Chartered Surveyors’ area of expertise, and we can advise on all matters relating to probate valuation of property. We will supply a professional and reasoned property valuation for probate, whether it be a residential or commercial property. It’s important the figure is realistic and accurate because the figure is key in determining the amount of tax (if any) you will be liable for.
Your RICS valuer knows how to value property for probate and will determine the correct probate value of the property. This will allow for the current condition of the property including any repairs it needs to bring it up to modern standards. The market value could be higher or even lower than the probate valuation, depending on the state of the property market.
The implications of capital gains tax and inherited property are these:
The issue of capital gains tax and inherited property can become problematic unless you get an accurate probate valuation from RICS valuers like Brent Forbes Chartered Surveyors. If the final sale price is higher than the probate value, the estate will need to pay capital gains tax on the difference. That’s why it’s important to get an accurate valuation for probate.
The RICS chartered surveyors' fees for valuing a house for probate can be paid from the estate. However, HMRC stipulates that ‘…any costs incurred after death, such as solicitor's and probate fees, can't be deducted from the estate's value for IHT purposes.’
Below are some definitions of terms used and answers to probate valuation FAQs:
To gain probate, you’ll first need to fill in an IHT400 form available here. One section of the form requires that you supply a valuation of any property owned by the deceased person. This is where you need to contact Brent Forbes to arrange an RICS valuation. These are generally accepted by HMRC whereas other valuation sources may not be.Even if the deceased person owned property, Inheritance Tax may not be chargeable. To find out more, look here
Once you have completed form IHT400 (available here) you will be able to calculate the value of the estate for probate purposes and check whether inheritance tax may be due.This will include all assets, like bank accounts, shares, property, etc, less any liabilities. In many people’s estates, their home is a major factor so it’s important to get accurate probate valuations for property.
The threshold for paying IHT can vary like many other taxes. When you use the Gov.UK calculator here, you’ll be able to work out the net qualifying value of the estate and your liabilities (if any.) If this amount is under the current threshold (£325K) you’ll normally be grated probate fairly quickly and you won’t pay IHT. If it is over (bearing in mind all the allowances you can claim) you will need to pay IHT before probate can be granted.
An excepted estate is one that doesn’t reach the current threshold for paying IHT and is known as the nil rate band. In that case, you can go ahead and apply for probate immediately. Use the Inheritance Tax checker tool on the Gov.UK site.
If the first parent’s estate was below the residence nil rate band, the unused portion of this allowance can be carried over to the second parent’s estate for when they die. This results in a greater allowance for the second parent before IHT becomes due.
In addition to the threshold for IHT, there is an additional allowance for those who pass on their qualifying residence to their direct descendants. This is known as the Residence Nil Rate Band. Currently this is £175K (2025).
Confusingly, the Nil Rate Band is different to the Residence Nil Rate Band. As noted above, this is currently £325K (2025). These thresholds are not high, considering the current price of property so that’s why it’s important to get an accurate estate valuation for probate.Note: This page reflects this firm’s general understanding of the probate process but should not be treated as definitive or as legal advice.
// Testimonials
