Probate & Matrimonial Valuations
Probate Valuations
Probate is the legal process of dealing with someone’s assets after they have passed away – this is usually conducted by the Executors who carry out the wishes of the deceased person, as stipulated in the will. A Valuation figure for Probate purposes (often referred to as a Probate Valuation) has to be submitted to HMRC as part of the assessment of an Estate (total value of property, possessions, and money).
The Inheritance Tax Threshold is currently set at £325,000. If the total value of the Estate was worth more than £325,000 on the Inheritance Tax threshold date – the date of passing - then Inheritance Tax is payable subject to certain exemptions i.e. if the deceased left everything to their husband/wife/civil partner who lives permanently in the UK.
Probate Valuations are often retrospective and can date back many years. The Valuation of any property owned is therefore a significant element and must be based on the statutory definition for Market Value for Inheritance Tax purposes as defined in Part VI section 160 of the Inheritance Tax Act 1984, as well as the Red Book if carried out by a RICS Chartered Surveyor and Registered Valuer.
A Probate Valuation provided by our Chartered Surveyor must comply with all the rules and regulations defined by the Red Book, as well as complying with the Inheritance Tax Act 1984. Due to this, if a Valuation provided by Chris Hodgson Surveyors is queried, we are in a much stronger position to justify our Valuation/deal with any queries and are able to act on your behalf in negotiations if required.
Matrimonial Valuations
We understand that marriage break-up is difficult when it happens, and we want Property Valuation to be one less thing to worry about. At such a difficult and sensitive time, we, at Chris Hodgson Surveyors, will treat your case with the utmost respect and confidentiality. Whatever the situation is, a robust, transparent, and independent report will help all involved know the true value of a home or investment property.
A Valuation for Matrimonial purposes aims to provide a Market Valuation, which can be used to decide how joint property assets are divided between parties involved in divorce proceedings.
Chris Hodgson Surveyors can carry out Valuations for either party to make absolutely sure an impartial value is established through professional judgement.
Should a dispute arise, and Court Proceedings be issued, we provide Expert Witness Reports and testimony in Court where required.
A Matrimonial Valuation Report will provide you with an accurate value of the Property which you can then take forward with your separation proceedings. The Valuation can be undertaken on behalf of one of the parties, or alternatively, both parties can jointly instruct our Chartered Surveyor to undertake a Valuation of the Property.
Our Matrimonial Valuations not only comply with the rules and guidelines of the RICS Red Book, if required, they can also be undertaken in accordance with complying with part 35 of the Civil Procedure Rules (CPR) 1998.
