It’s important to secure an accurate valuation of an estate. Underestimate the value and you risk having to pay out more Inheritance Tax than you expected when the estate is sold, but if you overestimate, you may have to spend significant time trying to reclaim your Inheritance Tax over payment.
HMRC has the right to challenge and investigate a valuation through its District Valuer Service (DVS). This can slow down probate being granted and if a valuation is challenged, particularly one not supported by a professional surveyor, you could face hefty fines for having been ‘negligent’ in how you obtained the valuation.
By instructing a RICS registered Chartered Surveyor to provide a probate valuation, you have the peace of mind of knowing that they follow industry best practice guidelines on how to reach valuation figures and are bound by the codes of conduct of their professional body.
This means you can be confident that will get an accurate valuation figure that will be accepted by HMRC.