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Is formal house valuation required for probate?

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I am the executor of my father-in-laws will. It is a fairly straight-forward estate with only being some cash in the bank and a terraced property. The value of the estate is well below the IHT value for tax and hence I am looking to apply for the grant of probate myself rather than go through solicitors. As he was widowed the estate is being split between the children.

He was due to go into a care home just before Christmas and we had his property valued by an estate agent in readiness for sale, however, his health changed and he went into hospital where he passed away and hence the property was not put up for sale but must be sold in accordance with his will.

My question is - do I need a formal written valuation report for probate or will the valuation report (which just gives a recommended figure for sale) provided just before Christmas suffice? I have spoken to the estate agent who did the valuation and they state that the valuation is still accurate.

Thank you in advance for any input.

Comments

  • msb1234
    msb1234 Posts: 611 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I didnt have a valuation for my mum’s probate - the house was low value though and her estate nowhere near IHT territory. 
  • carly
    carly Posts: 1,492 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    No, we just entered the value of a near identical house in the same road which had just sold.  We  had already calculated the average of recent sales and added 10%  which came to just under this amount.  
  • Keep_pedalling
    Keep_pedalling Posts: 20,762 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    You don’t need a formal written valuation, however I would add a little bit to the valuation to minimise the chance of a capital gains tax liability for the estate.
  • tetrarch
    tetrarch Posts: 323 Forumite
    Part of the Furniture 100 Posts Name Dropper
    I'd ask the EA to provide an updated valuation. They are normally very obliging, especially if they believe a sale is in the offing

    Regards

    Tet
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