Probate & Inheritance Tax Property Valuations
When you are dealing with a loved one’s estate, you will usually need a professional probate valuation of their property — both to apply for the Grant of Probate and to report the estate’s value to HMRC for Inheritance Tax. Gibsons Surveyors provides independent RICS Red Book valuations for probate and Inheritance Tax across Essex, London and the Home Counties, valued as at the date of death and prepared in a form HMRC accepts.
Request a quote today or call 0203 963 3777 (London) / 01268 949 100 (Essex).
Why you need a professional probate valuation
When someone dies, their executors or administrators have a legal duty to establish the value of the estate. Where that estate includes property, an accurate, defensible valuation matters for two reasons: it forms part of the application for the Grant of Probate, and it is used to calculate any Inheritance Tax due.
An estate agent’s free “market appraisal” is not prepared for this purpose. HMRC can — and on larger or borderline estates often does — refer a valuation to the District Valuer (the Valuation Office Agency) for scrutiny. A valuation carried out by an independent RICS Registered Valuer, supported by comparable evidence and prepared to Red Book standards, is far more robust if it is questioned, and protects executors from the penalties that can follow an under- or over-valuation.
When a RICS probate valuation is required
You are likely to need a probate valuation if you are:
- Applying for the Grant of Probate — the property value forms part of the estate figures.
- Reporting the estate to HMRC for Inheritance Tax — a “date of death” market value is required for the IHT account.
- Acting as an executor or administrator and need a figure you can rely on and defend.
- Dividing the estate fairly between beneficiaries, or transferring the property into a beneficiary’s name.
- Settling a property held in trust that needs to be valued for tax or accounting purposes.
What HMRC requires from a probate valuation
A valuation for probate and Inheritance Tax has a specific legal basis — the open market value of the property at the date of death (the standard set out in section 160 of the Inheritance Tax Act 1984). We make sure every report meets it, including:
- Prepared by an independent RICS Registered Valuer (MRICS, FRICS or AssocRICS).
- Assessed as the open market value at the date of death, not today’s asking price.
- Supported by comparable evidence from around the relevant date, so the figure can be defended if HMRC or the District Valuer queries it.
- Presented on headed paper, signed, and suitable to send straight to your probate solicitor, accountant or HMRC.
Because the probate value also becomes the base cost for Capital Gains Tax if the estate later sells the property, getting it right at this stage can save tax — and arguments — further down the line.
Why choose Gibsons Surveyors
We are independent and RICS-regulated, with valuations carried out by an RICS Registered Valuer (MRICS, FRICS or AssocRICS), offices in London and Essex, and decades of combined experience across the area. We deal with executors, solicitors and bereaved families regularly, and we know these instructions often come at a difficult time — so we work quickly, communicate clearly, and liaise directly with your solicitor or accountant where that helps.
Our fees are fixed and quoted up front, with no surprises, and reflect the property and the complexity of the estate.
How it works
- Get a quote — send us the property address and a few details; we confirm the fee and timescale.
- Inspection — we inspect the property and gather comparable evidence from around the date of death.
- Report — you receive a Red Book valuation as at the date of death ready for your solicitor, accountant or HMRC.
Frequently asked questions
Why can’t I just use an estate agent’s valuation for probate?
You can use estate agents’ appraisals for very small or simple estates, but they are not prepared to a recognised standard and HMRC can challenge them. For Inheritance Tax, larger estates, or anywhere a figure may be scrutinised, a RICS Red Book valuation is far safer and is what solicitors and HMRC expect.
What date is the property valued at?
The open market value at the date of death. This is the figure HMRC uses for Inheritance Tax, even if the property is sold months later for a different amount.
Will HMRC accept your valuation?
Our reports are prepared to RICS Red Book standards by a Registered Valuer and supported by comparable evidence, which is exactly what HMRC and the District Valuer look for. We cannot stop HMRC asking questions on any estate, but a properly evidenced Red Book valuation is the strongest position to be in.
How much does a probate valuation cost?
Fixed and quoted before you commit, reflecting the property and the complexity of the estate. Contact us with the details for a precise figure.
How quickly can you turn the report around?
We turn most probate valuations around promptly, though more complex estates can take a little longer — we confirm a realistic timescale when we quote.
Do you cover my area?
We cover Essex, London and the Home Counties from our London and Essex offices. If you’re unsure, just ask.
Get your probate valuation
Whether you are an executor, an administrator or a solicitor acting for the estate, Gibsons Surveyors can provide the compliant RICS valuation you need for probate and Inheritance Tax across Essex and London — quickly, sensitively and at a fixed fee. Request a quote today or call 0203 963 3777.