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As the executor of a will, it’s paramount that you understand how to complete a house valuation for probate. Having a sound understanding of the house in probate definition is the only way that an executor can make sure that a fair distribution of assets amongst beneficiaries is achieved.
Probate House Valuation Defined
The process of valuing a home and the contents contained within in the event of death is called a probate house valuation. The executor of a will is responsible for completing a house valuation for probate.
This process is more involved than a traditional property valuation. With recent changes in legislation, homeowners and those chosen to execute the last will and testament on behalf of a deceased party, need to be aware of how a house valuation for probate is relevant to their individual circumstances.
As a business that’s been awarded the best sales branch in the UK for two years running, Springbok Properties provides the foremost levels of customer service to our customers. This includes up-to-date and relevant information on every single aspect of the property market, including what happens when a house goes into probate.
Get a FREE probate house valuation TODAY or call 0800 068 7935to speak to one of our award-winning customer services team. We can provide you with a house valuation for probate that will attract serious buyers, enabling you to sell the property quickly, and completely hassle-free.
The Inland Revenue andHouse Valuation for Probate
The executor of a will must complete an Inheritance Tax return form (IHT 205 or IHT 400) before selling or completing any house valuation for probate. These forms calculate the amount of inheritance tax that will need to be paid in the event of any property asset being sold in probate, whether selling a house after probate, or not.
A link to what these forms look like can be found here. The executor will need to send either of these forms, complete with a probate application form, when applying for a Grant of Representation – the legal documentation that confirms the executor has legal authority to act on behalf of a deceased party. This form is required whether conducting a house valuation for probate or selling the assets listed in the will.
With a wealth of experience completing a house valuation for probate and completing the probate sale of house fast, for up to 99% market value, Springbok Properties can provide you with a house valuation for probate wherever you live in the UK. To speak to one of our valuation experts, call us TODAY on: 0800 068 4015.
The Market Value andHouse Valuation for Probate
In accordance with guidelines as set by the Inland Revenue, the definition of a house valuation for probate is ‘the price that a property might reasonably be expected to fetch if sold on the open market at that time.’
An executor of an estate needs to know that any house valuation for probate must reflect the true market value of the property. Any probate house valuation, is calculated in precisely the same way that a traditional house valuation is – with one fundamental difference.
When valuing a house for probate, the price the property should reasonably expect to fetch is calculated on the date of the deceased’s death. Should executors elect to delay selling the property for a week, month or extended period, the probate house valuation will not be affected by any local or regional house price fluctuations.
With more than 8 years’ experience selling homes fast across the UK, Springbok Properties will complete a thorough house valuation for probate.
Having agreed the sale of more than 2400 homes in the last 12 months, we can provide you with a house valuation for probate that’s guaranteed to attract buyers from across the UK. Who can value a house for probate and then sell the house in as little as 7 days? Springbok Properties.
To find out how you can receive a house valuation for probate, call Springbok Properties TODAY on: 0800 068 4015.
Changes to Inheritance Tax Thresholds andHouse Valuation for Probate
When a house goes into probate and is to be valued, those chosen to execute the last wishes of the homeowner are responsible for making sure that home is valued and sold accurately.
In recent years, HM Revenue & Customs has increased the amount of probate house valuations it has challenged. This is something that many executors are unaware of.
If the property is valued very close to the inheritance tax threshold, then any house valuation for probate may be challenged by the Inland Revenue. Therefore, attaining an accurate house valuation for probate is paramount.
However, new inheritance tax thresholds for 2017 look more favourably on beneficiaries. Presently, an estate totalling £325,00 is free of inheritance tax (IHT). Currently, in the UK, only one in sixteen estates is valued at a sufficient amount to pay inheritance tax on the probate sale of a house.
From 6th April 2017, a new nil band will be introduced and is applicable for any house valuation for probate at, or above £100,000. This will rise incrementally, reaching £175,000 for any party that leaves an estate upon their death after 6th April 2020. When calculated as an addition to the standard £325,000, the threshold of probate house valuations that will NOT pay inheritance tax from an estate will be £500,000.
Who can value a house for probate? Springbok Properties. To speak to an experienced property company who can accurately complete a house valuation for probate or probate house sale using the leading property portals in the UK, guaranteeing a quick sale, call Springbok Properties TODAY on: 0800 068 7935.