UK executors: compare date-of-death property valuations

Compare four property valuation routes

For a standard property with good local comparables, self-service evidence or several estate-agent appraisals may be proportionate; for a valuable, unusual or complex property, a professional valuation from a chartered surveyor is the stronger choice. GOV.UK says any property or land can be valued by an estate agent or chartered surveyor, and HMRC’s Inheritance Tax Manual says it is entirely appropriate to obtain a professional opinion of value unless the personal representatives can easily determine the market value themselves.[2][8]

Self-service estimate and comparable evidence

Property and evidence fit: Homeprotect presents this as a possible option for standard-construction property with enough comparable local homes, using evidence such as advertised prices and recent sales shown by Zoopla or Rightmove.[3]

Formality and challenge risk: The GOV.UK Inheritance Tax checker provides only an approximate estate value and an indication of whether tax is likely; it neither calculates the final tax nor reports the value to HMRC.[1] If a figure is still provisional when IHT400 is signed, the form’s declaration lets you state that the values in listed boxes are provisional estimates based on the information available, and asks you to list those boxes.[9]

Scope of help: The executor or administrator gathers the evidence and prepares the estimate personally.[1][3]

Several estate-agent appraisals

Property and evidence fit: Homeprotect presents agent appraisals as suitable for standard property with adequate local comparable evidence.[3]

Formality and challenge risk: Homeprotect recommends obtaining several valuations, averaging them and asking for a supported estimate at the date of death rather than a present-day asking price.[3] Martin & Co says agents consider current market conditions and comparable local sales.[6] HMRC’s manual also accepts that personal representatives may obtain more than one professional opinion of value if they think it necessary.[2]

Scope of help: Agents provide market appraisals; ask in writing what the appraisal letter will contain, because the provider material reviewed does not describe a standard written-report format.[3][6]

Chartered-surveyor report

Property and evidence fit: Vendor guidance favours a surveyor for unusual or non-standard property, weak comparable evidence, poor condition, large plots, development potential or complex estates.[3][7]

Formality and challenge risk: HMRC’s manual expects the valuer to be properly instructed to provide an open market valuation under section 160 of the Inheritance Tax Act, and to consider and reflect any development potential.[2] Vendors describe RICS Red Book reports as considering age, construction, structural integrity, repairs, location and unusual features.[4][7]

Scope of help: This is a paid professional route; obtain a written fee and delivery date before instructing, as no fixed price or binding turnaround was found in the provider material.[3][4]

Solicitor-led or estate-administration help

Property and evidence fit: This route provides broader administrative help. GOV.UK says you can hire a professional, for example a solicitor, to help with some or all of the tasks involved in valuing an estate.[1]

Formality and challenge risk: Appointing a solicitor does not by itself produce a property valuation. Confirm who will value the property, whether that valuer is independent and which basis the report will follow.[1][5]

Scope of help: Premier Solicitors advertises probate, valuation and estate-administration assistance; ask for its fee basis and terms directly.[5]

On price: GOV.UK states no fee for preparing your own estimate.[1] Homeprotect describes several agent appraisals as free, whereas EstPlan says agents may charge.[3][7] Surveyor and solicitor work is paid, so compare written quotations.[3][5]

Choose by value, complexity and help required

Value and tax risk

• Give greater weight to independent professional evidence when the property is a large part of the estate or the estate is near or above the tax threshold.
• GOV.UK says the Valuation Office may check the valuations provided, and HMRC sends new calculations if an asset is found to be worth more.[8]
• Neither GOV.UK nor HMRC’s manual sets a property value above which a surveyor is mandatory, so judge by the property’s weight in the estate and its likely tax effect.[2][8]

Property and evidence complexity

Comparable evidence or several agent appraisals may be proportionate for a standard property with strong evidence from similar local homes, although this is vendor guidance rather than a government rule.[3] A chartered surveyor is a stronger fit for unusual or non-standard construction, poor condition, scarce comparables, a large plot or development potential.[3][7]

Scope of help and deadlines

Property valuation and wider estate administration are separate jobs. GOV.UK says a solicitor or other professional may help with some or all of the valuation tasks.[1] Plan the valuation around the deadlines GOV.UK sets out:

• if the estate owes Inheritance Tax, its value must be reported on IHT400 within one year, and probate cannot be applied for until then;[1]
• Inheritance Tax must be paid by the end of the sixth month after the death to avoid interest;[1]
• you may have to pay a financial penalty if you miss the IHT400 deadline without a reasonable excuse.[8]

Is a RICS valuation mandatory?

No official source reviewed here says a RICS valuation is mandatory for every probate property. GOV.UK says property or land can be valued by an estate agent or chartered surveyor.[8] HMRC’s manual says a professional opinion of value is entirely appropriate unless the personal representatives can easily determine market value themselves, and that RICS members valuing for Inheritance Tax should normally follow RICS’s own valuation guidance.[2]

The case for a formal independent report becomes stronger where:

• the property represents material value within the estate;[2]
• it is unusual, non-standard, dilapidated or lacks reliable local comparables;[3][7]
• development potential or “hope” value could affect the price;[2]
• the retained evidence would not adequately answer a later Valuation Office check.[8]

For standard property supported by good comparable evidence, less formal evidence may be proportionate, although this view comes from vendor guidance rather than an HMRC rule.[3]

Give the valuer a complete evidence pack

Ask for the property’s open market value at the date of death, meaning the price it might reasonably be expected to fetch if sold on the open market at that time, not its present-day asking price.[2] HMRC expects personal representatives to pass on any pertinent information about the property that the valuer ought to know.[2]

• Development potential: disclose known possibilities for extension, redevelopment or alternative use; HMRC treats “hope” value as part of open market value in appropriate cases.[2]
• Tenancies, occupancy and agreements: tell the valuer who lived in or rented the property and provide any agreements affecting its use, so the valuation does not wrongly assume vacant possession. This is the kind of pertinent information HMRC expects to be passed on.[2]
• Marketing information: if the property is put up for sale before IHT400 is submitted, record offers, sealed bids and any agreed sale. HMRC may ask about these and treats such market information as a possible better indicator of open market value than a valuation alone.[10]
• Property characteristics: provide available information about age, construction, structural integrity, repairs, location and unusual features. Eddisons says its chartered surveyors consider these factors.[4]
• Comparable evidence: include relevant local sales or appraisals, separating asking prices from expected selling prices. Homeprotect warns that asking prices can inflate the valuation.[3]

Check the assumptions in the finished report. When HMRC investigates an undervaluation, it may check whether all relevant information was passed to the valuer and whether the personal representatives checked significant assumptions the valuer made.[10] HMRC also expects the final IHT400 figure to reflect information that comes to light before the account is signed.[2]

Provide the title, ownership share and any relevant agreements to the valuer and estate adviser. GOV.UK applies different valuation rules to joint tenants and tenants in common, so confirm which share is being valued for the actual case.[1]

Check fees, scope, timing and jurisdiction

Obtain the following information in writing from each provider before appointment; none of the provider pages reviewed publishes all of it.[3][4][5][6][7]

Full fee

• Is the quotation fixed, and does it include VAT and other charges?
• When is payment due?
• Are inspection, travel, revisions and responses to HMRC or Valuation Office questions included?
• When may the quoted fee increase?

Report scope

• What is the valuation date, and does the figure represent open market value at that date?
• Which property interest or ownership share is being valued?
• Will there be a physical inspection, and how will any limitation be recorded?
• Which evidence, comparable properties and assumptions will be included?
• How will condition, occupancy, tenancies, agreements and development potential be treated?
• Which professional standard will apply?
• Does the fee include clarification, amendments or help if the Valuation Office queries the figure?

Timing and contract

• Request a specific delivery date rather than an estimated turnaround, and ask what happens if it is late.
• Confirm cancellation, refund and complaints terms.
• Establish who is responsible for any subcontracted valuer.
• Check any limit on liability and who may rely on the report.

Jurisdiction and date of death

Ask whether the service and report are appropriate for England and Wales, Scotland or Northern Ireland. GOV.UK uses separate Scottish forms, such as the corrective inventory and account for Scotland, so check the procedure for the place where the estate is administered.[8]

Send each prospective provider the same evidence pack and questions, then compare report scope, valuation date, professional standard, jurisdiction and contract terms alongside price.

References

1. How to value an estate for Inheritance Tax and report its value – GOV.UK (gov.uk)
2. IHTM36275 – Improving future compliance: valuations of land – HMRC Inheritance Tax Manual (gov.uk)
3. Valuing Property for Probate | Homeprotect (homeprotect.co.uk)
4. Probate value vs. market value: What's the difference? | BTG Eddisons (eddisons.com)
5. What is a Probate Valuation? | Premier Solicitors (premiersolicitors.co.uk)
6. Probate valuation: a guide for executors and beneficiaries | Martin & Co (martinco.com)
7. Valuing Property for Probate: Tips for Executors (estplan.co.uk)
8. How to value an estate for Inheritance Tax: If Inheritance Tax is due or full details are needed – GOV.UK (gov.uk)
9. IHT400 Inheritance Tax account (HMRC 04/26) (service.gov.uk)
10. IHTM36154 – Undervaluations of land and buildings – HMRC Inheritance Tax Manual (gov.uk)