For executors, we offer a probate valuation service for Chattels.
For estates where I H T (inheritance tax) is payable, a probate valuation of chattels ( personal effects, jewellery, furniture, china, pictures, collections, silver, white goods, brown goods, and cars) is generally required by HM Revenue and Customs. For estates below this threshold, it is often regarded as good practice, depending on who and how the estate is being administered.
With a wealth of experience of selling all kinds of chattels in our sale rooms every week, we are best placed to determine the most accurate, up to date price for almost every type of item. In an ever changing and sometimes fast moving market place, we are able to spot trends and changes in value as they happen.
HM Revenue and Customs have a set standard which must be applied to valuations, the principles of which are set out in section 160 of the Inheritance Tax act of 1984. We apply these principles to all our valuations.
All our Valuations will normally include a photographic record of principal items and will always include a statement as to particular circumstances of that valuation.
If necessary, comparisons can be made to items sold recently at auction.
If necessary, on request we can supply further certified copies as required.
In the past, executors have sometimes used the house contents insurance cover figure as a basis for an estimate of the value. This is a dangerous practice, as it often bears no relationship whatsoever to the true open market value as required by HMRC. A detailed Probate Valuation from an experienced and recognised firm will mean an accurate assessment, no inexperienced guesswork, the right amount of IHT and reduce the likelihood of a Revenue review at a later date.
Whilst there will never be a ‘standard’ valuation as every estate is different with different circumstances, the basis of cost is as follows:
Valuation for probate to include up to 45 minutes at the property, 20 minutes travelling time and 45 minutes preparation time, photography, printing, stationary, postage etc. One hundred and ninety pounds plus VAT at the current rate. This can be taken as a guide to likely cost but some estates require further work and may take longer to detail, prepare and research. If in any doubt please contact us at email@example.com.
We can also prepare valuations for family break up , for tax (such as in trusts) and for other purposes where an up to date current market value is required.
Selling and Valuations for sale
We offer an opinion of value for all items considered for auction on a free, goodwill basis – that it is intended to submit the item(s) for sale. We will not over- value items but try to give a accurate opinion of the current open market value. This applies to items brought to our salerooms. For home visits a charge is generally made to cover expenses.
We also offer a free opinion of value for items photographed and emailed to us for appraisal. This is by far the efficient method although many items will require further inspection for clarification of value.