PROBATE VALUATION AND EXECUTOR GUIDE
Experience counts when it comes to Executor Property Sales
We understand how stressful and overwhelming it can be to administer the estate of a deceased friend or family member. Not only is bereavement a sad time, but the responsibility attached to the role of executor can be quite overwhelming. May executors choose to share the burden of this responsibility by employing an experienced pair of hands? We at DNG have been handling this type of specialist property transaction for over thirty years, no problem is too small and no detail is too little. We ensure a smooth professional service that delivers the result that you and the beneficiaries need.
WHAT IS PROBATE?
What is a probate valuation? A probate valuation is a valuation required by the Probate Office as part of the process of proving the Will.
When is probate valuation needed? Where the deceased person owns a property then a probate valuation is required, regardless of whether the property is to be sold or not.
Probate Valuation. One of our experienced Auctioneers will meet you at the property to assess it and provide you with a realistic market valuation.
What is the date of the probate valuation? Irrespective of when the probate valuation occurs the valuer will give the property the value it had on the date the deceased passed away.
Pre-sales Advice. On inspection the auctioneer will give you some advice on preparing the property for sale, obtaining a BER certificate and any works that may increase the value of the property, including de-cluttering and gardening.
Property Check. By instructing us, we can arrange to have the property checked on a regular basis until the property is sold prior to going to the market, if you so wish.
Sales Advice and Negotiation / Beneficiaries We will advise you, as the executor, of offers made by prospective purchasers. We will guide you on the strength of these offers and advise on the best course of action.
Capital Acquisitions Tax (CAT). CAT comprises inheritance tax. This tax is paid on inheritances received over a certain amount. The probate valuation is the value of the property used to work out whether inheritance tax may be owed and what amount might be due.
Capital Gains Tax (CGT). CGT is the tax paid on the increase in price from the date of acquiring an asset to the sale of the same asset. If inherited property is sold and the price has increased from the probate valuation, the beneficiary will be liable to pay CGT on the difference.
After Sales Advice. We will arrange access with bank valuers or surveyors and liaise directly with both solicitors, on your behalf, until the sale has been completed.
When do beneficiaries receive their inheritance? The beneficiaries receive their inheritance once the Grant of Probate has issued, all assets liquidated and collected by the Executors, all liabilities (including inheritance tax) discharged. In straightforward cases, it takes between 9 months and 18 months to complete an estate and pay the monies to the beneficiaries.