As a resident of Westminster W1, W2 and the immediate environs, there are two important things you should know about a probate valuation; First, that a probate valuation must be done within 6 months after the deceased has passed on, and secondly, that the valuation is done by a RICS qualified valuer. These 2 principles often catch many executors and administrators of estates unawares. But you don’t have to worry; Manor Clearance is your reliable and affordable company, for all your probate valuation needs.
Why should probate valuations be done within 6 months?
This is one of the most commonly asked questions; most people don’t really understand that there is a 6 month window to get the valuation done. However, the simple truth is that this requirement is spelt out in Section 160 of the Inheritance Tax Act of 1984. This act is the cornerstone of inheritance tax and guides the entire process of a probate valuation. Failure to comply with this act will attract hefty fines and penalties from HMRC. To avoid such a scenario, we always advice our clients to contact as early as possible, to avoid last minute rush.
What does it mean for a valuer to be RICS qualified?
The Royal Institution of Certified Surveyors seeks to regulate and ensure that all valuers and surveyors are fully qualified. This is why much as you may be tempted to get a real estate agent to come do the valuation, this will be an exercise in futility! Inland Revenue would never allow you to submit a valuation report that’s not done by a RICS qualified valuer. At Manor clearance, all our valuers are RICS Certified and Registered.
We offer both verbal and written probate valuations. Our rates are affordable, and you can never go wrong with a reputable company as us. Talk to us today.