Probate Valuation

How Roe & Co can help you with a probate valuation?

At Roe & Co Residential Sales & Lettings we understand that losing a loved one is one of the hardest things any of us will ever have to go through. Applying for probate is a huge part of that process and Roe & Co are here to help guide our clients throughout, in a caring and compassionate manner.

What is probate?

Probate is the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they pass away. It is a legal document which is used to show banks, the Land registry and other organisations that you have authority to deal with a persons estate.

Government guides state you should not make any financial plans or put property on the market until you’ve got probate.

Check if probate is required?

Probate is not required in all situations. So it is important to contact the financial organisations the person who died used (for example, their bank and mortgage company) to find out if you’ll need probate to get access to their assets. You will need to bear in mind that every organisation has its own rules and it is best to speak to individual organisation.

Probate is usually needed if:

The total value of the estate is worth more than £10,000
The estate includes a number of solely-owned assets

You may not need probate if the person who died:

only had savings
owned shares or money with others – this automatically passes to the surviving owners unless they’ve agreed otherwise
owned land or property as joint tenant with others – this automatically passes to the surviving owners

How to value the estate and should you consider inheritance tax?

Before applying for probate you need to consider the value of your loved ones estate and make a list of their assets. What you should consider when valuing assets.

Property
Bank accounts
Savings accounts
Pensions
Life insurance
Stocks and shares
Debts
Any gifts given in the last 7 years

Another consideration before applying for probate is whether you need to pay inheritance tax. Once you have an idea of value you can visit www.gov.uk/valuing-estate-of-someone-who-died/estimate-estate-value to asses if inheritance tax is owed

Can anyone apply for probate?

Not everyone can apply for probate and it’s important to understand who can and who can’t. Who can apply depends on the deceased and if they have written a will or now.

If there’s a will, executors named in it can apply.
If there’s not a will, the closest living relative can apply.

Apply for probate

You can apply for probate yourself online or by post. This can be cheaper than paying a probate practitioner (such as a solicitor) to apply for you. However, it is always best to seek advise from a professional or by visiting www.gov.uk/applying-for-probate

The grant of probate can take around 16 weeks from the date the application is submitted if the case is straight forward. However, it can take longer if additional information is required.

How can Roe & Co help you with probate?

We understand that dealing with a recently deceased loved ones estate can be very emotional and stressful time. We will be happy help by valuing the property for probate. This can by virtual appointment or visiting you at the property. A detailed report can be provided to value the property for probate and then, when the time is right for you, we can advise you the best way for you to sell or let the property.

If you require a valuation you can call the office on 01204582123 or use the valuation tool below to receive an instant valuation or book in a visit from your property consultant.

Probate Valuation

The information contained in this website is for general information purposes only. The information is provided by Roe and Co Residential Sales & Lettings and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.