Do Estate Agents Charge for Probate Valuations? A Guide for Executors in the UK

Do Estate Agents Charge for Probate Valuations in the UK?

When handling the estate of a deceased person, a probate valuation of their property is often required to determine its value for inheritance tax (IHT) purposes. Many executors wonder whether estate agents charge for this service and if they need a formal valuation.

This guide will explain whether estate agents charge for probate valuations, when you might need a professional valuation, and how to save on costs.

What Is a Probate Valuation?

A probate valuation determines the market value of a property at the date of the deceased’s passing. This valuation is required for probate and inheritance tax calculations, ensuring the correct amount is paid to HM Revenue & Customs (HMRC).

The valuation should reflect a realistic sale price rather than an inflated marketing price. If HMRC believes the valuation is too low, they may challenge it and request additional tax.

Do Estate Agents Charge for Probate Valuations?

1. Free Probate Valuations

Some high-street estate agents offer free probate valuations, particularly if the executor or family intends to sell the property with them later. This is often referred to as a market appraisal rather than a formal valuation.

However, HMRC may not always accept these informal valuations, especially if they seem significantly lower than market value.

2. Paid Probate Valuations

For a formal probate valuation, estate agents or professional valuers may charge a fee. The cost varies based on the complexity of the estate and property but typically ranges from:

• £150 – £500 for a written valuation report
• Higher fees for properties requiring detailed valuation due to unique features or high value

This type of valuation is recommended when:

• The estate is subject to inheritance tax (over £325,000 for a single person, or £650,000 for a married couple).
• HMRC is likely to scrutinize the valuation, such as for high-value properties or those with unusual characteristics.
• Beneficiaries are disputing the estate’s value and a clear, independent valuation is required.

Do You Need a RICS Valuation for Probate?

If the estate is straightforward, a probate valuation from an estate agent may be enough. However, if the estate is taxable or includes high-value property, it’s advisable to get a RICS (Royal Institution of Chartered Surveyors) valuation.

A RICS-registered surveyor provides a Red Book valuation, which is a legally recognised, detailed, and unbiased valuation that HMRC is more likely to accept without dispute.

• RICS Valuation Cost: Typically between £300 – £1,500, depending on property size and complexity.
• When to Get One: If the estate is over the inheritance tax threshold, or if a professional, legally sound valuation is required.

How to Save on Probate Valuation Costs

1. Ask Multiple Estate Agents – Some may offer a free valuation if you plan to sell with them later.
2. Check If a RICS Valuation Is Needed – If inheritance tax applies, a professional valuation may be required to avoid HMRC disputes.
3. Negotiate Fees – Some valuers may offer discounts for estate administration services.
4. Use Online Valuation Tools – While not HMRC-approved, they can give you a rough estimate before seeking a formal valuation.

How Fraser Bond Can Help

At Fraser Bond, we provide expert guidance on probate property valuations, ensuring compliance with legal requirements and helping executors manage estate properties efficiently. Whether you need a market appraisal, a formal valuation, or assistance with selling an inherited property, our experienced team is here to help.

Contact Fraser Bond today for professional probate property advice.