Red Book Probate Valuations

A Red Book valuation is undertaken by a RICS registered Chartered Surveyor.

The RICS red book contains rules and guidance to ensure that qualified valuers provide the highest standard of valuations.

A Red Book valuation can only be carried out by a registered chartered surveyor valuer who is regulated by the Royal Institution of Chartered Surveyors.

A Red Book valuation is considered to be reliable and follows rigorous global standards. The specific advantage of a Red Book valuation is that it considers specific evidence to help support your goals and ultimately mitigate any tax payable.

An alternative common method to value assets is to obtain the aggregate of three estate agent valuations. The downside of this approach is that the agents are seeking an instruction for the ultimate sale of the property and therefore their valuations will not be conservative. This will expose the estate to paying unnecessary tax , often tens of thousands more than necessary.

We will discuss with you on the phone some basic details about the estate which will help determine the potential risk of tax exposure the estate may face.

A fee proposal is then made followed by a site survey of the property. Evidence is then researched to collate appropriate evidence to support an appropriate valuation.

The valuation is then submitted either by yourself or your professional representative.

Depending on how contentious the estate is, the valuation is either accepted by the District Valuer on behalf of HMRC or discussions will be opened between us and the DV. Even if we have to negotiate, you can rest assure that you will not be paying a penny more in tax than you absolutely have to.

We specialise in providing Red Book probate valuations in Surrey, Sussex, Hampshire, London and the South East but also cover the UK where multiple assets are owned.

We cover all asset classes including residential, commercial, agricultural, equestrian and rural.

Coverwood Surveyors have helped clients save hundreds of thousands of pounds in tax through a thorough and careful inspection and valuation process.

Have you had a valuation carried out and suspect it may be too high and expose the estate to an unnecessary tax liability?

In a recent scenario, we revalued a substantial residential property, finding appropriate supporting evidence, resulting in a reduction in probate value of approximately £1m, saving £400,000 in tax.

Sometimes just asking for an opinion can make a huge difference.