Guide to RICS Probate Valuations
Dealing with the complexities of probate and inheritance tax can become less stressful if you find an auctioneer who specialises in valuations in this field. This article explores ‘What is an RICS Probate Valuation?’, and looks at the best source of help in evaluating property in someone’s estate.
What are RICS Probate Valuations?
This term refers to valuations carried out using the Royal Institution of Chartered Surveyors (RICS) Professional Standards. The RIC has created a set of mandatory guides for chartered surveyors to use to ensure property appraisals are always conducted in a fair and consistent manner. Another common term for property assessments provided under the RICS professional standards is ‘Red Book’ valuations.
Why do you need probate valuations?
When a will is granted probate, it becomes a legal, public document. The executors receive a legal remit to carry out the details of the will, especially sharing out the Estate to beneficiaries. When a property is involved, a professional valuation must be submitted to HMRC. It’s a crucial element of estate assessment, inheritance tax calculations and the eventual sharing of assets among beneficiaries. Getting professional probate valuations – including an RICS valuation of a home – ensures that all financial arrangements are transparent, fair and appropriate and that you achieve HMRC compliance.
Who can provide RICS Probate Valuations?
This is the sort of service that Philip Arnold Auctions is proud to provide. We offer efficient and empathetic support for the executors of wills, in addition to a high standard of service for agencies involved in the administration of wills, such as solicitors, housing bodies, banks and corporate organisations.
The advantages of using our valuation services, including for sensitive probate matters, are numerous and in many cases the valuation leads to the future sale of the said property at auction. As a consequence, there are minimal third party/parties involvement to orchestrate with our seamless service.
Our specialist insights into RICS valuation rules are important. Even if a property is of non-standard construction, in a poor state of repair, high in value or architecturally unique, we have the skill to provide swift and trustworthy assessments.
Arranging probate valuations through Philip Arnold Auctions also carries with it a level of professionalism and compliance that can help smooth any future legal challenges to inheritance arrangements.
For more details of our RICS Red Book probate valuation service, please don’t hesitate to get in touch on 020 8799 3880 or click here to contact us.