A RICS Probate Valuation (often meaning a RICS Red Book Valuation) is a formal, professional assessment of a property's open market value at the exact date of a person's death. It is prepared by a surveyor regulated by the Royal Institution of Chartered Surveyors and is required by HM Revenue & Customs (HMRC) to calculate Inheritance Tax (IHT) and manage estate administration.
Probate Valuation
RICS Probate Valuations provide accurate property values at the date of death for Inheritance Tax, HMRC and estate administration.
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FAQs
Probate Frequently Asked Questions
Find answers to some of the most common questions about our services and valuation process.
What is a RICS Probate valuation?
It is a formal, legally binding assessment of a property's Open Market Value conducted by a RICS Registered Valuer. It complies with "Red Book" global standards to establish estate value for inheritance tax (IHT) calculations.
Is a Probate Valuation different from a standard market appraisal?
Yes. A standard estate agent appraisal is an informal guide used for marketing and setting an asking price. A RICS Valuation is an independent, evidence-based legal document prepared specifically to meet statutory thresholds.
Is a RICS valuation legally required by HMRC?
While not explicitly mandated for every estate, HMRC expects professional valuations for complex estates. If the total gross estate exceeds the £325,000 Nil-Rate Band, or contains unique properties, a formal RICS report is highly advisable to avoid challenges.
What timeframe or date does the valuation reflect?
The report must calculate the property's exact open market value on the date of death. It does not matter if the property value has risen or fallen between the date of passing and the day the surveyor visits.
Why can't I just use a free estate agent valuation?
Estate agents often provide inflated numbers to win business. HMRC's District Valuer Service (DVS) routinely checks submissions. Informal or inaccurate estimates can result in severe tax penalties, interest charges, and long estate delays.
How much does a RICS Probate Valuation cost?
Fees vary depending on complexity, location, and type of property. Fill in our enquiry form to obtain a free no obligation quote. Click Here
What people say about us
Client feedback
Reviews from clients who have trusted our expert RICS Registered valuers for professional, independent property valuations and advice.
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Quick to do the job. Quick to send out the survey. Understanding with my difficulty in being difficult to communicate with due to my heavy travel schedule. Quick to respond to a question after the survey was delivered and I had paid.
Roger Creamer -
“Great service from Mirus Surveyors. I used them already twice for the evaluation of my appointment and I would use them again and I would definitely recommend them. Very professional team. THANK YOU!"
Giovanni Bruzzese -
Return customer and really happy with the service. Mia is always super helpful and responsive. Second time I've used for a RICS valuation. Always reliable and surveyors are friendly and informed. We'll recommended
Matthew S
Mirus Surveyors -
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