What Is a Probate House Valuation?
A probate house valuation is the assessment of a deceased person’s property to determine its open market value at the date of their death. This figure is necessary to calculate inheritance and inheritance tax. In the UK, inheritance tax is typically charged at 40% on estates exceeding the IHT threshold, currently set at £325,000 (as of 2024). If the estate includes a residential property and is passed on to direct descendants (children or grandchildren), the estate may benefit from the Residence Nil Rate Band (RNRB), which increases the tax-free threshold.
Who Provides a Probate Valuation?
A probate house valuation must be conducted by a qualified professional (like us). A professional surveyor will provide a thorough, impartial assessment, considering the property’s condition, location, and recent sales of similar properties.
