What is an Inheritance Tax Valuation?

An Inheritance Tax valuation is a type of valuation to determine how much tax must be paid to the HMRC on an estate before Probate is granted and it passes on to the beneficiaries.

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Why would you need an Inheritance Tax valuation for your property?

In the event that you are applying for Probate and there is a property in the estate then you need to obtain an accurate valuation to establish whether any Inheritance Tax (IHT) is due to HM Revenue and Customs (HMRC) by the estate. If the deceased’s estate falls under the current Inheritance Tax threshold (known as the nil rate band) then you pay no Inheritance Tax.

It is recommended to obtain a valuation for Inheritance Tax purposes from an RICS registered valuer instead of an Estate Agent so that the true value of the property is submitted to the HMRC. If the figure submitted is lower than the true value of the property then the HMRC has the power to impose financial penalties against the estate.

More information on Inheritance Tax is available on the HMRC website here How Inheritance Tax works: thresholds, rules and allowances: Overview – GOV.UK (www.gov.uk)

An Inheritance Tax valuation is often retrospective because the valuation should be the property’s value at the date of death instead of the current market value. Because these types of valuations can be retrospective then access to the property could be limited or not possible. Our desktop valuations are ideal in this instance because we undertake the valuation remotely.

How Desktop Valuations can help with your Inheritance Tax valuation

Our team of RICS registered valuers are experts at providing independent and impartial valuations for Inheritance Tax purposes. We can provide you with a fast, accurate and affordable valuation of your property in the RICS Red Book compliant format.

House Figures Stacked On Coins
Map of Britain and Wales

Areas our Inheritance Tax (Probate) valuations cover

Because Desktop Valuations provide remote valuations we can value any residential property in England and Wales under £1m in value.

Why choose Desktop Valuations Ltd?

Expertise

We have been providing desktop valuations in the RICS Red Book format since 2007 to both private and commercial clients and our Managing Director Robert Howell MRICS has over 20 years experience working as an RICS registered valuer.

Cost

Traditionally you would instruct a local surveyor to carry out a valuation of your property which could cost up to several hundred pounds depending on the value of the property. However, because our surveyor undertakes the valuation remotely we can pass this cost saving on to you meaning our Red Book compliant Desktop Valuations cost just £175 + VAT per property.

Convenience

Our desktop valuations are fast and convenient. You can easily instruct us from your home computer or mobile phone by completing a simple form on our website. And because a qualified surveyor carries out the valuation remotely we can return your Red Book valuation to you by email within 2 working days of instructing us. Our desktop valuations are also ideal when access to the property being valued is not possible or limited.

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The advantages of desktop valuations became apparent during the COVID-19 pandemic and provided a vital solution for both private individuals and commercial clients who still needed formal valuations of properties despite lockdowns and movement restrictions. Since COVID-19 restrictions have been lifted the continued benefits of desktop valuations remain obvious as a cost effective, long term solution for both our private and commercial clients.

We are RICS Regulated

We are regulated by the Royal Institution of Chartered Surveyors (RICS)

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Order Your Inheritance Tax Valuation Today.

Simply fill out our online form and we will provide you with your Inheritance Tax Valuation via email within 2 working days for £175 + VAT.

Order Your Valuation Here

Frequently Asked Questions

A desktop valuation is undertaken remotely by a surveyor using data from a number of digital resources without the need to physically inspect the property. Our valuation reports are in the RICS Red Book format and can be used for a range of scenarios when a formal valuation is required for legal or tax purposes.

All you need to do is complete our simple online form which will ask you for details about your property with the option to include any additional details and photographs that you feel could be relevant to the valuation.  We are always available by email or phone if you need to discuss anything prior to submitting the form.

Once you have submitted the form one of our surveyors will undertake a valuation of your property using all of the digital resources at our disposal and return the RICS Red Book compliant valuation back to you, by email, within 2 working days.

You will receive a formal report providing you with the market value of the property in the RICS “Red Book” format. The report will be supported by a minimum of three comparable properties that have recently been sold in the same or similar area.  If you would like to see an example of one of our desktop valuations please contact us here and we can send you a sample copy.

Our Desktop Valuations are used by both private individuals and commercial clients. They are ideal when:

  • Time is of the essence – When a valuation report is urgently required – we will return the valuation report back to you within 2 working days.
  • Access is limited – In some circumstances properties will have limited or no access. Because we undertake the valuation remotely we do not need access to the property. This is ideal for overseas clients.

  • Listed properties,
  • Pre 1720 properties.

Our Desktop Valuations provide you with a similar level of data and accuracy as other types of physical valuations. Because our Desktop Valuations are compliant with the RICS Red Book and are undertaken by an RICS surveyor who is a member of the Valuation Registration scheme it means you can be assured that your valuation is produced to the highest possible standard.

Our valuations are enhanced by using a number of digital resources at the surveyor’s disposal. These include information from His Majesty’s Land Registry, data from previous surveys of the property, access to historic Rightmove sales details, local authority planning data, online government resources such as Energy Performance Certificates, Ordnance Survey, Google maps and satellite imagery.

There may be some instances where we think a physical inspection of the property would be more suitable than providing a remote Desktop Valuation. This is normally when the property is an unusual build type or there is a lack of online data about the property available to us. If this is the case we will contact you and advise that you instruct a local surveyor.

In the event of a desktop valuation report not being suitable for your property then a full refund will be made.

Your valuation report will be emailed to you within 2 working days from the point of instruction. Should the property require further research or if we are awaiting confirmation on important comparable evidence then we will notify you of any delay.

We can also post you a hard copy of the report by request.

The ‘Red Book’ is the name given to the Royal Institute of Chartered Surveyor’s (RICS) Valuation Professional Standards. The latest edition of RICS Valuation – Global Standards (‘Red Book Global Standards’) is effective from 31st January 2022 and it is mandatory for RICS members undertaking valuation services.

It is published every 2 or 3 years and details the set of mandatory rules and best practice guidelines for RICS Registered Valuers to follow when undertaking a valuation.

A Red Book valuation is a professional valuation of a property which can only be undertaken by an RICS registered surveyor. It provides a trusted, unbiased valuation report that adheres to stringent professional standards outlined in the Red Book.

Instructing a Red Book valuation means you can be certain that you will receive a properly researched valuation prepared by a qualified and independent RICS Registered Valuer working to a set of established and consistent standards.

You would need a Red Book when a formal valuation of your property is required for legal or tax purposes. This could be for a number of reasons including:

  • Capital Gains Tax
  • Inheritance Tax (Probate)
  • Matrimonial (Divorce)
  • Insolvency
  • Shared Ownership/Help to Buy
  • Secured Lending
  • Mortgage

Our clients to date have included the following:

  • Private individual
  • Housing Associations & Shared Ownership Firms
  • HM Courts
  • Solicitors
  • Accountants
  • Insolvency Practitioners
  • Brokers
  • Lenders

Estate agents will carry out an appraisal of your property and provide you with a marketing figure which could potentially be inflated in order to attract your business.

RICS Registered Valuers use factual information and are legally responsible for the accuracy of their valuations. This can explain the  discrepancies that may occur when comparing professional surveyor and estate agent valuation estimates.

The Red Book valuation report is valid for 3 months. This can be extended subject to the request being made within 2 weeks of the end of the initial 3 month period.

This will be done free of charge for the one extension.

What Our Customers Say

Rachel H

“Really glad I found this company… Once instructed I had the valuation in less than 48 hours.”

Daniel L

“Exactly what I needed for staircasing my shared ownership property!”

Jon S

“Extremely fast service and were a great help. I recommend them to anyone who needs a fast turnaround on a RICS desktop valuation”

Our Accreditations

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Royal Institution of Chartered Surveyors Regulated

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Financial Services Qualification System (FSQS) Registered

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Valuer Registration Scheme (RICS) Registered

Order Your Inheritance Tax Valuation Today.

Simply fill out our online form and we will provide you with your Inheritance Tax Valuation via email within 2 working days for £175 + VAT.

Order Your Valuation Here