Professional Estate Services

Estate Valuation for Probate

One service covering the whole estate — property, house contents, jewellery, vehicles and investments valued at Open Market Value for HMRC, coordinated through a single point of contact.

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What Is a Probate Estate Valuation?

An estate valuation for probate establishes the Open Market Value of everything the deceased owned at the date of death — the property, the house contents, jewellery and other personal chattels, vehicles, and investments. HMRC requires these figures before the estate can pay Inheritance Tax and the executor can obtain the Grant of Probate, and each asset class has its own valuation rules and its own qualified specialist.

Arranging this piecemeal is where executors lose time: a surveyor for the house, a jewellery valuer for the rings, a marque specialist for the car, each found and instructed separately. A whole-estate valuation coordinates the right specialists through a single point of contact — usually anchored around one home visit — and returns one consistent set of HMRC-compliant figures for the IHT400.

Every valuation is prepared at Open Market Value on the date of death, by valuers with the qualifications HMRC expects: RICS for property and fine art, NAJ or IRV for jewellery, and category specialists for vehicles, gold and collections. Fees are a deductible estate expense, so the net cost to the estate is lower than the headline figure.

For an overview of when a valuation is required and what HMRC expects across every type of estate asset, see our complete guide to probate valuations.

Why You Need a Professional Estate Valuation

The estate's value determines everything that follows: whether Inheritance Tax is due, how much, which probate forms apply, and what the executor must declare. The gross value of the estate is the total of all assets before anything is deducted; the net value is what remains after debts, mortgages and funeral expenses. Both figures are required in the probate application, and both depend on accurate underlying valuations of each asset.

Executors are personally liable for the accuracy of the estate return. Undervaluing assets — deliberately or through honest guesswork — exposes the executor to HMRC penalties and interest; overvaluing them means the estate pays Inheritance Tax it never owed. With the nil-rate band frozen at £325,000 and property prices carrying most estates close to or beyond it, the valuation of the remaining assets frequently determines whether tax is due at all.

A coordinated estate valuation also keeps the figures consistent. When the property, contents and chattels are valued by unconnected parties at different times, gaps and overlaps appear — items counted twice, or not at all. A single coordinated exercise produces one coherent inventory that stands up to HMRC scrutiny.

What We Value

Residential and commercial property (RICS)
Full house contents and chattels
Jewellery, watches, gold and silver
Art, antiques and collections
Classic cars and other vehicles
Quoted shares and investments
Bank accounts, cash and premium bonds guidance

HMRC Rules for Estate Valuations

HMRC requires every asset in the estate to be declared at Open Market Value at the date of death. Property must always be valued carefully — the Valuation Office Agency reviews declared property figures. Personal chattels worth over £1,500 per item require professional valuation, while lower-value contents may be declared as a reasonable grouped estimate. Quoted shares are valued under HMRC's quarter-up rule using closing prices on the date of death.

The gross and net estate values determine the reporting route. Excepted estates can use the simpler probate application alone, while estates owing Inheritance Tax must complete the full IHT400 with its supporting schedules — IHT405 for property, IHT407 for household goods, IHT411 for listed shares among them. Professional valuations provide the figures these schedules require, in the format HMRC expects, and the fees are deductible from the estate before tax is calculated.

The Estate Valuation Process

The process starts with a short conversation about what the estate contains — property, contents, specific valuables, vehicles, investments — so the right specialists are assigned from the outset. For most estates, a RICS surveyor values the property and a generalist chattels valuer covers the contents in a single home visit, with category specialists brought in only where an item justifies it.

Each valuer researches comparable evidence for their asset class: Land Registry and local sales data for the property, auction results for chattels and vehicles, closing share prices for investments. Everything is assessed as at the date of death, the fixed reference point HMRC requires.

The result is a complete estate valuation pack: individual reports per asset class, each HMRC-compliant and suitable for the relevant IHT schedule, delivered typically within 5 to 10 working days of the final inspection. The executor receives one consistent set of figures for the gross estate, ready to transfer onto the probate application and IHT400.

How Much Does a Estate Valuation Cost?

A typical probate estate valuation costs £350–£1,600 per estate. Fees vary depending on the complexity of the item, the level of research required, and whether a home visit is needed. Discounts are often available when multiple items are assessed in a single appointment.

Probate valuation fees are a legitimate estate expense and can be deducted before calculating Inheritance Tax. The estate, not the executor personally, bears the cost.

For a full breakdown of probate valuation cost across every asset type, with worked examples for typical estates, see our cost guide.

View Full Cost Guide

Frequently Asked Questions

What is the gross value of the estate for probate?

The gross value is the total of everything the deceased owned at the date of death — property, house contents, jewellery, vehicles, shares, bank accounts and other assets — valued at Open Market Value, before deducting any debts. It is one of the figures required on the probate application and determines which Inheritance Tax forms apply.

What is the net value of the estate for probate?

The net value is the gross value minus the deceased's debts — including mortgages, loans, unpaid bills and funeral expenses. Inheritance Tax is calculated on the net estate after exemptions and reliefs. Both gross and net figures must be declared in the probate application, which is why every underlying asset needs an accurate valuation first.

How much does it cost to value a whole estate for probate?

A typical estate — one property plus household contents and a handful of valuables — costs between £350 and £1,600 to value in full, depending on the number of specialists required. All valuation fees are legitimate estate expenses, deductible before Inheritance Tax is calculated, so the estate rather than the executor bears the cost.

Do I need a full estate valuation if no Inheritance Tax is due?

You still need credible values — the probate application requires the gross and net estate figures, and HMRC can query them even for non-taxable estates. However, the level of formality can be proportionate: where the estate is clearly below the threshold, a lighter-touch assessment of the property and contents is often sufficient. If the estate is anywhere near £325,000, professional valuations protect the executor.

Related Valuations

Probate Property Valuation

From £150–£500 per property

Probate House Contents Valuation

From £100–£300 per visit

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