Posted: 18 September 2023
Category: Company News
Probate Valuation – Your Questions Answered
DO I REQUIRE A PROBATE VALUATION AND IF SO WHAT DO I NEED TO DO?
If you are an executor of an estate you need to arrive a total value of the estate for submission to HMRC. This may include the money, stocks and shares, property, possessions, jewellery chattels and cars.
If it looks like the total will be over the nil rate band of £325,000, it is beneficial and sensible to employ the services of a valuer, accredited and registered with the Royal Institution of Chartered Surveyors (RICS). They can prepare a valuation of the house and contents.
All RICS valuers are strictly governed and adhere to the highest standards of professionalism and have regular training in their specialist areas of expertise. Some unscrupulous probate valuation companies claim to be RICS registered but they’re not. To be certain of their credibility ask to see a copy of their RICS Certificate of Registration. If they can’t produce one then they are being deceitful and shouldn’t be trusted with such an important and trustworthy role.
At Nicholas Muston we specialise in probate valuations and can provide a professional and sensitive service at this difficult time.
We can attend at the property at a time to suit you, including Saturdays, and prepare the valuation of the contents, including any cars.
HMRC are not interested in seeing long lists of low value items but they do need to see valuations of any specific bequests and the jewellery. We also tend to itemise anything with an individual value of £500 and above. An overall total for everything else is calculated in accordance with Section 160 of the Inheritance Act 1984. The valuation and HMRC compliant certificate of valuation can then be scanned and emailed to the relevant parties or a hard copy can be sent.
Nicholas Muston is a consultant to a firm of estate agents and property auctioneers, so if a valuation of a property is also required, he can arrange for a representative from the firm to be in attendance at the same time.
When grant of probate is received the estate can be distributed. This includes the specific bequests, legacies and if required the sale of the contents and property.
As an independent firm of valuers we can truly recommend the best route to market. We’re not tied to any particular firm of auctioneers and regularly instruct different companies all over the country that are best suited for the item or items to be sold.
If a private sale would be more financially advantageous then we can broker a sale on your behalf to a collector or dealer from our extensive network of national and international buyers.
We can also deal with the residual contents, by way of a house clearance, which we personally oversee to ensure that the property is left clean and tidy.
SO IF YOU REQUIRE A PROBATE VALUATION BY A RICS REGISTERED AND ACCREDITED COMPANY PLEASE CONTACT NICHOLAS MUSTON ANTIQUE VALUATIONS ON 01273 838348 OR 07812 518557, EMAIL INFO@ANTIQUEVALUATIONS.CO.UK< BACK TO POSTS