Holden and Prescott Estate Agents provide a sensitive probate service covering Macclesfield and the surrounding villages. As part of our probate services we provide:
A probate valuation
Liaison with the solicitors acting for the estate
Regular security visits
The removal or sale of unwanted furniture and possessions if necessary.
If you are an executor or administrator of an estate, and need help valuing a property for probate – we can help.
We have considerable experience in guiding estates through the often difficult process of managing a house throughout the probate process – we can help with the entire process from valuing the property for you, through to the actual sale – whatever your needs let us help.
So what are the important points you need to know ?
Well, as as part of the probate process, the Executor or Administrator must complete an Inheritance Tax return this will be either a IHT 205 or IHT 400 form. These specifically request the value of a Deceased’s property at the date of death. So what are the rules on valuing a house for probate?
The house must be valued on the ‘open market value‘ at the date of the deceased’s death, the Inland Revenue stating that this represents.:-‘the price the property might reasonably be expected to fetch if sold in the open market at that time’ – In arriving at the valuation it is important to take into account all factors in arriving at the valuation. These may include the scope for development, repairs required for the property before it can be sold, recent sales of similar properties etc. In all cases the District Valuer at the Inland Revenue will examine closely the valuation on the probate form and therefore it is very important that an accurate valuation is recorded so as to avoid the District Valuer requesting evidence in support. Since opening in 1998 we have never had the need to do so.
Please call 01625 422244 for any further information.
T. 01625 422244 E. firstname.lastname@example.org
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