A probate valuation is a professional assessment of a property’s value for estate administration after someone has died. It’s commonly needed because the property value can affect:
- Inheritance Tax (IHT) calculations
- how the estate is reported and administered
- fairness between beneficiaries
- decisions about whether to sell, transfer, or retain the property
- the defensibility of the figures if HMRC raise questions
Probate can feel daunting, particularly when you’re dealing with grief, paperwork, and time pressure at the same time. A clear valuation process helps bring order and certainty to what is often the estate’s biggest asset.
1) What exactly is a probate valuation?
In practice, a probate valuation is an opinion of the property’s value as at the date of death (not today’s value, unless the death was very recent). That date matters because estate reporting and tax calculations are tied to the value at that point in time.
A good valuation aims to reflect what the property would have sold for on the open market at the date of death, assuming a willing buyer and seller and proper marketing—subject to the valuation basis being instructed.
2) Why probate valuations matter (and what can go wrong without one)
A probate valuation helps you avoid some common risks:
A) Overvaluing the property
If the value is too high, the estate may:
- pay more IHT than necessary (where IHT is due), or
- create imbalance between beneficiaries, or
- make it harder to agree buyouts/transfers fairly
B) Undervaluing the property
If the value is too low, there is a risk of:
- HMRC queries or challenges
- delays to estate administration
- beneficiaries disputing the figures
- reputational and administrative stress for the executor
C) Estate decision-making based on unreliable numbers
Executors often have to make practical choices—sell now, keep and let, transfer to a beneficiary, or refinance. Without a defensible valuation, those decisions can be harder and more contentious.
3) Who needs the valuation and when?
Probate valuations are usually required or helpful for:
- Executors/administrators preparing estate paperwork
- Solicitors advising on estate administration
- Accountants/tax advisers supporting IHT calculations
- Beneficiaries when agreeing distribution or buyouts
- Sometimes lenders if a beneficiary is refinancing to buy out others
Even where IHT is not payable, a valuation can still be important for fairness, reporting, and reducing the scope for dispute.
4) What value is being assessed: date of death vs current value
This is a key point many people miss:
- Probate value is typically the value on the date of death.
- If the property is sold later, the sale price may differ due to market movement or condition changes.
If the property sells significantly higher or lower later on, it doesn’t automatically mean the probate valuation was wrong—markets move. However, it does help if the original valuation was well evidenced.
5) What affects a probate valuation?
The same factors that affect any market value apply, including:
A) Location and local market conditions
- street and micro-location
- transport links and amenities
- local buyer demand at the date of death
B) Property condition and presentation
- level of maintenance
- outdated kitchens/bathrooms
- signs of damp, roof issues, cracking, poor heating
- whether the property is habitable or requires major work
Probate properties are often in “lived-in” condition, and the valuation should reflect reality rather than an idealised refurbished scenario.
C) Size and layout
- accommodation
- extensions/loft conversions (and whether they appear compliant)
- awkward layouts or limited natural light
- parking and outside space
D) Tenure and legal factors
For flats and leasehold property, lease details can materially affect value:
- lease length
- ground rent and service charges
- planned major works
- restrictions (subletting, alterations, pets)
6) What a surveyor typically does when valuing for probate
A probate valuation may be desk-based or inspection-based depending on instruction, but a robust approach often includes:
- reviewing location, comparables and market conditions at the valuation date
- assessing size, accommodation, condition, and key features
- considering any obvious defects and how they influence saleability
- analysing comparable sales evidence (at or close to the valuation date)
- producing a clear valuation conclusion and reasoning
For more complex properties (non-standard construction, very high value, significant disrepair, unusual title factors), an inspection-based valuation is often the sensible route.
7) Estate agent valuations vs surveyor valuations
Executors sometimes start with estate agent appraisals, which can be useful as an initial sense-check. However:
- agents are often focused on marketing strategy and may quote optimistic asking prices
- agents may not always anchor their appraisal clearly to the date-of-death market
- agents do not typically provide the same structured reasoning and assumptions as a surveyor report
Where the figure needs to be defensible, a professional surveyor valuation can provide stronger support.
8) If the property will be sold: how probate valuation relates to sale price
It’s common to value a property for probate, then sell it later. If the sale price differs:
- market conditions may have changed
- the property may have been cleared, refurbished, or deteriorated
- the marketing period and buyer behaviour may shift
A good probate valuation will explain its evidence base, so you can show how the figure was reached if questioned.
9) Practical tips for executors to make the process smoother
A) Gather basic documents early
If available:
- title/tenure details (freehold or leasehold)
- lease length, service charge and ground rent (for flats)
- any major works notices
- any known issues: damp, roof leaks, movement, disputes
B) Be honest about condition
It’s not “worse” to value a property that needs work—values simply reflect reality. Photos and a clear description can help avoid misunderstandings.
C) Confirm the valuation date and purpose
Make sure everyone is aligned that the value is:
- as at the date of death, and
- for probate/estate purposes
D) Keep the valuation on file
Probate administration often lasts months. Keeping a tidy record avoids repeated requests and stress later.
10) The takeaway
Probate valuations are about clarity, fairness and defensibility. They help executors administer estates properly, support IHT reporting where applicable, reduce disputes between beneficiaries, and inform practical decisions on whether to sell, transfer or retain the property. The key is getting an evidence-based valuation anchored to the correct date.
Need a professional probate valuation?
Email mail@howorth.uk or call 07794 400 212. Tell us the property type and location, and the date of death for valuation purposes. We’ll explain what information is helpful to provide (especially for leasehold properties) and how to obtain a clear, evidence-based probate valuation that supports smooth estate administration.