Valuing property for probate

38 Posts

My mum recently passed leaving everything to my dad in her will.
As the executor I wasn’t planning on obtaining probate as there is only the house and a savings account. However, the bank say they need a grant of probate.
I understand that IHT won’t apply as the estate is being left to a spouse, but the probate form need me to value the estate.
My question is how accurate does the property valuation need to be in this case. Can I just look at recent sales in the street and estimate or does it need to be done more formally?
Many thanks,
As the executor I wasn’t planning on obtaining probate as there is only the house and a savings account. However, the bank say they need a grant of probate.
I understand that IHT won’t apply as the estate is being left to a spouse, but the probate form need me to value the estate.
My question is how accurate does the property valuation need to be in this case. Can I just look at recent sales in the street and estimate or does it need to be done more formally?
Many thanks,
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If the valuation really matters, for example in ensuring beneficiaries get a fair share of an estate, then it would be prudent to use a RICS authorised surveyor. In blatant cases of attempted tax evasion HMRC will dispute the valuation.
I the house is in joint names probate not needed for that.
Valuation: if recent activity in the area a rightmove search with inc SSTC and a look at the sold data will give you a decent idea, can back that up with a couple of EA valuations..
if unique property then it get a bit harder
I assume that the nil rate band and residential nil rate band allowances can also be transferred to my dad?
A question for the experts....wouldn't the value of the house be irrelevant depending whether it was owned by both the parents? I mean if they were joint tenants the house would automatically go to the spouse no matter what else was in the estate and wouldn't be included in the estate at all. Or have I misunderstood this??
2023 £1 a day £54.26/365
Everything passed to my Dad.
But because mum held over £5000 in premium bonds probate was required.
If you ring round your local estate agents you will find those that will give you a written valuation free of charge that will be acceptable to HMRC.
He was well under IHT
I rang and asked the probate office ,after asking why I needed probate and sighing when I said premium bonds ,they said they were quite happy with a Zoopla estimate and to remember that only 50% was to be included