When someone dies, their executor or administrator needs to work out how much the estate is worth for probate, including the value of their property.
The value of the properties in possession of the deceased person will be calculated based on their fair market value on the date of the person’s death. When we do a house valuation for probate, it’s important to consider a number of factors that could affect how much it’s worth. If the deceased person owned land or a house which was shared with other persons, the value of this property will need to be divided by the number of owners.
Probate is the word normally used to describe the legal and financial processes involved in dealing with the assets (property, money and possessions) of a person who has died.
Why Instruct PA Surveyors?
It is important that you get an accurate house valuation for probate as property is usually the biggest asset of a deceased person’s will. How much is a probate property worth? Are there any features on the property that could increase or decrease its value? Should the property be in poor/dated condition then this will be included within our analysis, to include a full Survey to understand the various defects and costs to put right. All will have an impact on the achievable final value.
An Estate Agent, unfortunately, will not offer this level of detail or Surveying expertise (instead offering a Marketing Value i.e. before any Surveyor inspection).
PA Surveyors will ensure the accurate and reasonable value will be provided at all times.