A probate property valuation is an assessment of a property’s value for the purposes associated with administering an estate.
The appropriate valuation basis and date depend upon the circumstances and the requirements of the relevant authority.
Why is a valuation required?
Where someone has died owning property, its value may form part of the estate that needs to be administered.
An appropriate valuation can therefore be required for tax and estate administration purposes.
Can I use an online property estimate?
An online estimate may provide a broad indication of value, but it may not provide the formal evidence required for probate or taxation purposes.
A professional valuation considers the individual property and relevant market evidence.
What does the surveyor consider?
The surveyor may consider:
- Property type
- Location
- Accommodation
- Floor area
- Condition
- Comparable transactions
- Extensions and alterations
- Other relevant property characteristics
The valuation date is also important and should reflect the purpose of the instruction.
Is a probate valuation the same as a normal market valuation?
The appropriate basis of valuation should be established according to the circumstances.
A professional valuer should be given sufficient information about the purpose of the valuation so that the report is prepared on the correct basis.
Stokemont’s advice
If a property forms part of an estate, obtaining an appropriately prepared valuation can provide useful evidence for the executor or administrator and any associated tax or legal requirements.
Stokemont provides independent property valuations and can advise on the appropriate basis for probate-related instructions.
