What is a probate valuation?
After someone passes, probate is the legal process of dealing with their assets which can include bank accounts, vehicles, jewellery and probably the largest investment anyone makes of property.
A probate valuation will take into account all of these items (deduct outstanding debts) to calculate how much inheritance tax (IHT) is owed. At this moment in time, the nil-rate band for IHT is £325,000, assets above this figure are taxed.
Why is it important?
It’s essential to get an accurate estate valuation in order to minimise IHT and meet Inland Revenue standards who can investigate if they think a valuation is just over or under the threshold to recoup tax. A standard property valuation by one of our Sales team is not enough for probate and you’ll need to instruct one of our qualified and experienced RICS surveyors who provide a report for you.
At Readings, our sales service is designed to be a cost-effective way of selling an empty property. By providing a complete, end-to-end service designed to help handle everything from valuation through to legal completion, we’ll help to ensure the process runs smoothly, providing real value for all parties.
For a small charge, our in-house RICS surveying team are able to produce a valuation report to comply with the Inheritance Tax Act 1984. The cost of this valuation report will be deducted from our sale fee if we are subsequently instructed to market the property for sale.
Or we can offer a FREE market appraisal if no Inheritance Tax valuation is required.
We sell property by both private treaty and auction. We will make recommendations on the most suitable method of sale for each property. Our experienced sales team will actively market the property and keep you up to date with offers and developments. We can provide written recommendations on offers received both in terms of price and timescale. If required we can arrange for an energy performance certificate to be prepared.
We are able to carry our accompanied viewings and our team are experienced in highlighting key property features and benefits.
Securing a sale
All potential buyers are financially verified and we ensure that they are in a position to proceed with the purchase.
Supporting you with every aspect of the vacant property sale including:
- House clearance – arrange and oversee the removal of furniture, cleaning and garden maintenance
- Liaise with chattels auctioneers
- Securing property – changing locks and regular inspections
- Conduct weekly house visits to comply with insurance requirements
- Repairs – re-decoration and remedial works if required
- Vacant property support – meter readings and liaising with service providers, drain down of water system
- Arrange boiler service if required
- Return all mail found at the property to your offices
Committed to achieving the best results for our clients, our business has grown and developed on the strength and reputation of our service. Choose Readings and you’ll benefit from the support of friendly, talented property professionals with extensive experience handling every aspect of the probate sales process.