Probate (Inheritance Tax)
Young's Auction House provides valuations for the purpose of probate, this is sometimes known as inheritance tax valuation, or house contents valuation. We can value all antiques, jewellery, and other chattels. We can also recommend professional valuers for the valuation of Houses and other property.
Our valuers understand that this can be a very distressing time and will handle your valuation with sensitivity and confidentiality.
Probate valuations are an important part of the process of administering the estate of a deceased person. When probate is granted it gives the Executor the legal right to distribute the estate according to the deceased wishes.
Questions on probate valuations for Jewellery watches and full estate valuations
- What are the charges for probate valuation?
Young's charges for probate valuation are very competitive, based on an hourly rate, of £150 plus VAT per hour.
For example, the cost for a 2-3 bedroom property including an hour visit, travel time in the local vicinity and preparation of a report would be £350 plus VAT.
Larger properties or those with collections of antiques or unusual items or works of Art will take longer and be charged accordingly.
Properties with significant value items that are to be sold at Young's Auction can receive a reduction in their valuation fees.
- Why do I need a professional probate valuation?
Probate valuations enable HM Revenue and Customs to establish if an amount of inheritance tax is payable. Frequently the values submitted to HMRC without a professional valuation are too high, meaning there is a higher tax bill on the estate.
- What areas do Young's Valuers cover ?
Youngs undertake probate valuations in Surrey, North Hampshire, Berkshire. Many of our probate valuations are carried out in Farnham, Fleet, Guildford, Haslemere, Woking and Weybridge but we have also been asked to travel much further to some very interesting estates. We are happy to discuss your requirements on properties further away.
- What are probate values based on?
Each valuation is based on the open market value at the time of the deceased’s date of death. The valuation must be undertaken in compliance with section 160 of the Inheritance Act 1984 which states:
“Except as otherwise provided by this Act, the value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is to be placed on the market at one and the same time.”
- What is open market value?
This is the value one might expect to achieve if the contents of an estate were to be sold for example at auction
- Is everything listed on valuation report of house contents for probate?
We do not list every item but those that have a re-sale value will be listed, this helps the executors of the estate decide what to do with the contents. We are happy to help with the identification of items that are listed as bequests.
- Can you recommend house clearance companies?
Yes, we work with a number of trusted house clearance companies, some will be able to deliver items to auction as part of their service.