Probate valuation of a home, as at the date of death
A RICS valuation of the property in an estate, prepared for inheritance tax at the date of death, so the figure on the HMRC forms stands up if it is questioned.
When do executors need a probate valuation?
The valuation is the same in each case; what it is used for differs. Tell us which applies and the report is addressed to suit it.
An estate that may owe inheritance tax
HMRC expects the open market value of the home at the date of death. A RICS valuation is the safest basis for that figure, because it shows how it was reached.
An estate that owes no tax
A careful estimate is sometimes enough where no tax is due. A valuation still settles the figure for the beneficiaries, and for capital gains tax if the home is sold later.
A share of a jointly owned home
The report values the whole home, so the share that passes through the estate can be worked out from it. Where a discount for a part share may apply, your solicitor will advise.
A death some time ago
The inspection can be months or years after the death. The figure is still taken as at the date of death, from the sales evidence of that time.
What makes a probate figure stand up
The right date
Valued as at the date of death, not the day of the inspection, using sales from around that date.
The right basis
Open market value: the price the home might reasonably have fetched if sold on the open market at that time.
The working shown
The comparable sales are set out in the report, so anyone checking the figure can follow how it was reached.
HMRC can refer a property value to the Valuation Office Agency to check. A figure set too low can bring extra tax, interest and penalties; one set too high means tax paid that was never owed.
The probate value sets the tax now, and the gain later
The figure on the inheritance tax forms also becomes the starting point for capital gains tax when the home is sold. Too low saves tax now and can cost it later; too high costs tax now.
Illustrative figures, not a real instruction. If the home sells for less than the probate value within four years of the death, the estate may be able to claim some inheritance tax back. Your solicitor or accountant will advise on both.
Evidence, adjusted, not an opinion.
An agent's appraisal is a marketing figure. A Red Book valuation is comparable evidence, adjusted for how each comparable differs from your property, converging on a range, and the report shows the working.
What is a probate valuation?
A probate valuation is a RICS valuation of a property in someone’s estate, stating its open market value at the date of death. Executors use it to complete the inheritance tax forms and apply for probate, and the same figure becomes the starting point for capital gains tax if the property is later sold. It is prepared by a RICS Registered Valuer, sets out the sales evidence behind the figure, and can be carried out months or years after the death.
- Who asks for one
- Executors and administrators, usually through the solicitor handling the estate.
- What you get
- A Red Book report valued at the date of death, with the comparable evidence set out, addressed to you or your solicitor.
- What it is not
- It is not a survey of the home’s condition, and it is not an estate agent’s marketing appraisal.
- Getting in
- We arrange access with whoever holds the keys: the family, the solicitor or an agent.
How much does a probate valuation cost?
Your fixed price is confirmed in writing before you instruct us. If the estate holds more than one property, tell us at the start so each one is quoted.
What moves the price
- The size and value of the home
- A larger or unusual property takes longer to find comparable evidence for, which is where most of the work sits.
- How long ago the death was
- The further back the date, the more the market at that time has to be rebuilt from historic sales.
What the fee covers
- The inspection inside and out
- The sales research at the date of death
- A Red Book report by a RICS Registered Valuer
- VAT
From enquiry to report, without the chasing.
Tell us the property
Address, type and roughly when you need it. About two minutes.
Get a fixed price in writing
A firm figure within the hour in office hours. Not an estimate, not a range.
Confirm and sign
We send the terms of engagement to review and sign electronically.
We arrange access
We deal directly with the seller, agent or keyholder to book the inspection.
The inspection
A local RICS surveyor attends and inspects the property.
Your report, and answers
You get the report, and anything in it you want explaining, we explain.
Questions we get asked.
Do I need a RICS valuation for probate?
HMRC asks for the open market value of the home at the date of death. It does not insist on a particular kind of valuer, but where inheritance tax is due, or the figure may be questioned later, a RICS valuation is the usual basis because it sets out its evidence. Your solicitor or executor will normally advise whether one is needed.
Can an estate agent’s valuation be used for probate?
Some executors use one. An agent’s figure is a marketing appraisal and does not set out the evidence behind it, so if HMRC questions it there is nothing to show how it was reached. A RICS valuation shows its working.
How long after the death can the valuation be done?
At any point. The figure is taken as at the date of death, so inspecting later is normal. If the home has changed since, for example work has been done or contents cleared, tell us and the report values it as it was.
What if the house has already been sold?
Tell us the sale price and date. HMRC may look at a sale alongside the valuation, and a sale soon after the death is often strong evidence of value.
Does someone need to be at the property?
Someone needs to let the valuer in. It can be a relative, the solicitor, or an agent holding the keys. We arrange it with whoever that is.
What happens if HMRC checks the figure?
HMRC can ask the Valuation Office Agency to look at a property value. The report sets out the evidence the figure rests on, which is what that check looks at.
Can you value a share of a jointly owned home?
Yes. The report values the whole property, and the share can be worked out from it. Whether a discount applies to a part share depends on how the home was owned, and your solicitor will advise.
Probate valuation near you.
Every area below is staffed by RICS surveyors who work there. If we cannot cover you properly, this site will say so rather than take the booking.
Other valuations and surveys
RICS Home Survey — Level 2
A conventional house or flat, built this century or last, in reasonable order
RICS Home Survey — Level 3
Older, larger, altered or extended, or anything already showing signs of movement or damp
RICS Residential Valuation
You need a figure rather than a condition report, for probate, Help to Buy or shared ownership
Valuing an estate?
A firm price in writing, a local RICS Registered Valuer, and a figure that stands up if HMRC asks.
Get your fixed quote →