What are the issues when valuing a house for probate?
The challenge a client faces when looking to instruct a RICS valuer for valuing a property for probate purposes are:
- Disputes between the executors/administrators as to how to pay for the valuation
- Finding a RICS valuer who undertakes probate valuations (some RICS valuers do not)
- the general condition of the property can mean that the current market rate of the property might not be able to be achieved
A probate valuation is not a defect survey
The scope of work for a probate house valuation does not extend to identifying defects within the property. As part of the service the surveyor conducts a site visit to review the condition of the property for valuation purposes only. If the property is in disrepair you may wish to undertake an additional defect survey such as a Level 3: Building Survey.
What is the definition of Market Value?
“The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted
knowledgeably, prudently and without compulsion".
For probate valuations the "date of valuation" is the date of death.
Click to read an example Probate House Valuation Report (download PDF)
Do you need a house valuation for probate?
We have local RICS valuers and surveyors throughout England and can provide a house valuation for probate purposes. Please call 0333 344 3234 (local call charges apply) or click the below link to get an online probate valuation quote.
* Local to the property - RICS qualified valuers - Fast Availability