When an estate includes a house or flat, the valuation question is more precise than “what could it sell for now?” Executors and administrators need evidence of the relevant interest in the property at the date of death, in the condition and circumstances that applied then.
A clear instruction helps prevent confusion between an estate valuation, a later asking price and a value used for a different transaction. It also gives the valuer the information needed to explain the conclusion if questions arise during estate administration.
Trust Surveyors’ valuation services include valuations relating to inheritance. The scope should be agreed with the person handling the estate and, where involved, their legal or tax adviser.
Establish the date and purpose first
The government’s estate valuation guidance starts with the assets owned and their value on the date the person died. The valuation may be prepared later, but the relevant date is still central to the instruction.
Give the valuer the date of death and explain why the report is required. If the property has since been cleared, repaired or altered, say so. Current inspection evidence needs to be interpreted alongside what is known about its earlier condition.
Do not use a current marketing appraisal as if it automatically answers the retrospective question. The market may have moved, and the property itself may have changed. A later sale can be relevant evidence, but the circumstances and timing need to be understood.
Be clear about what the estate owned
The deceased may have owned the whole property or a particular share. The title, ownership arrangement and any relevant occupation or tenancy affect the information needed. Ask the solicitor to clarify uncertainty rather than simply dividing the apparent house value by a guessed percentage.
A valuation of a share is not always a mechanical fraction of the whole-property value. Equally, no blanket discount should be applied without considering the facts and the relevant rules. The valuer and the estate’s adviser need a consistent description of the interest being valued.
For leasehold property, provide the lease details and information about charges, major works or restrictions where available. A photograph of the flat cannot establish all the rights and liabilities attached to it.
Prepare evidence before the inspection
A useful information pack reduces avoidable follow-up. It need not be perfectly complete on the first day, but missing items should be identified rather than silently assumed.
Include the address, ownership information, relevant date, contact details for the executor and adviser, and arrangements for access. Add any available plans, lease records and details of extensions or other alterations. Explain known defects and provide photographs showing the property around the valuation date where possible.
If the building is occupied, coordinate access sensitively with the occupier. If it is empty, make sure keys and safe entry arrangements are available. Do not clear away evidence of a defect simply to make the inspection easier; explain what has changed and why.
Trust’s information about the practice provides background when discussing the instruction. Confirm who will undertake the work, the report’s intended users and any particular requirements before proceeding.
Understand how the figure is supported
A professional valuation should explain its purpose, relevant date, assumptions and evidence. Comparable sales need to be interpreted rather than averaged without context. Differences in size, tenure, condition, location and timing can make apparently similar homes less comparable than they first appear.
An asking price is evidence of a seller’s position, not proof of an achieved sale. A particularly high or low transaction may also have circumstances that need consideration. The valuer’s reasoning should connect the evidence with the property being assessed.
Ask about important assumptions. For example, was information about an uninspected area supplied by the executor, or was it independently available? If a significant document arrives later, inform the valuer so they can consider whether it affects the report.
Keep probate, sale and tax decisions distinct
The phrase “probate value” is commonly used, but it should not be treated as a universal figure for every later purpose. A beneficiary purchase, estate sale or subsequent tax calculation may raise a different valuation question or date.
HMRC’s guidance on the term probate values explains that the label itself has no special significance for tax purposes. Ask the tax adviser how the valuation is used in the estate’s circumstances rather than assuming that a figure entered for probate automatically resolves a later Capital Gains Tax calculation.
Similarly, a carefully prepared report does not guarantee that HMRC will accept every conclusion without enquiry. Keep the evidence and correspondence together so any query can be answered properly. Valuation advice supports the process; it does not replace advice on tax liability or estate distribution.
What if the property sells for a different amount?
Tell the valuer and adviser if a sale produces a materially different result. The difference may reflect market movement, changes to the building, marketing circumstances or evidence that needs reconsideration. It should be examined rather than treated as automatic proof that either figure was wrong.
Keep the sale particulars, dates, offers and details of work carried out since death. This creates a clearer record of what happened between the valuation date and the transaction. Avoid adjusting the original report yourself to match the later outcome.
A practical executor’s checklist
Before commissioning the valuation, confirm the relevant date, the ownership interest, the report’s purpose and who may rely on it. During the instruction, provide access and disclose known changes or defects. After receipt, check factual details and pass the report to the estate’s adviser with supporting documents.
Store the final version separately from drafts. Record any clarification or amended information so that everyone involved uses the same report. This is particularly helpful when several executors or beneficiaries are discussing the property at different times.
Frequently asked questions
Must every estate commission a professional property valuation?
The appropriate evidence depends on the estate and its reporting requirements. Discuss the circumstances with the adviser handling the estate; do not assume either that every case requires the same report or that an informal estimate is always sufficient.
Is the valuation date the inspection date?
For a date-of-death instruction, no. The inspection may happen later, while the valuation relates to the stated earlier date.
Can repairs after the death affect the report?
They can affect what the valuer sees. Provide records and photographs so the earlier condition can be considered rather than assumed to match the current appearance.
Is the value of a half share always half the house value?
Do not assume that. The ownership interest, circumstances and applicable rules need to be considered with the valuer and legal or tax adviser.
Can the same report settle a beneficiary buyout?
Not necessarily. A buyout may require a different date, purpose or agreed basis. Explain the proposed transaction before relying on an existing report.
Contact Trust Surveyors with the property address, date of death and the adviser’s requirements to discuss an appropriately scoped valuation.
