Probate Valuations

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.  Probate valuations enable HM Revenue and Customs to establish if an amount of inheritance tax is payable. Frequently the values submitted to HMRC where a professional valuer has not been engaged are too high, meaning there is a higher tax bill on the estate.

The team of experienced valuers at Young’s Auctions regularly provide probate valuations for solicitors, executors, and individuals, of chattels (possessions within an estate), in accordance with the Inheritance Tax Act 1984.

We understand that the probate process can be quite overwhelming and distressing; our team work carefully, sensitively, and confidentially with the executors and parties involved to ensure that the process is as smooth as possible.

A member of our team will arrange with the executors a suitable date and time to attend the property to assess the full contents of the property, including all art, antiques, jewellery, silver, and general house contents. When this visit has been completed, a full draft valuation report will be issued. Alternatively, we can provide a valuation report on select items, should a full contents assessment not be necessary.

Once probate has been granted, we would be happy to assist with the clearance of the property and sale of any suitable items, providing a simple service at what can be a challenging time.

Please contact us on 01252 716082 in the first instance, where a member of our team will be available to discuss your needs further.

Frequently Asked Questions

What are the charges for probate valuation?

Our charges for probate valuation are very competitive, based on an hourly rate of £175 plus VAT per hour.

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.

What areas do Young’s Valuers cover?

Young’s undertake probate valuations in Surrey, North Hampshire, Berkshire.  Many of our probate valuations are carried out in Aldershot, Alton, Ash, Bordon, Camberley, Farnborough, Farnham, Fleet, Frimley, Godalming, Guildford, Haslemere, Hook, Odiham, Sandhurst, 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.