How do estate agent valuations and RICS probate valuations differ in terms of documentation and verification processes?

The documentation and verification process depends largely on the intended use of the valuation. An estate agent’s figure is commonly produced for marketing and pricing discussions, whereas a RICS probate valuation is prepared as professional evidence for estate administration and, where relevant, inheritance tax reporting. This difference affects the information requested, the report format, the level of independence expected and how another party can scrutinise the conclusion.

Documentation associated with an estate agent valuation

An estate agent will usually gather practical property information before giving an opinion, such as the address, accommodation, condition, improvements, tenure information supplied by the owner and any known features that could affect buyer interest. The agent may record measurements, take photographs or prepare sales particulars, but the extent of the written record varies. Some appraisals are provided as a short letter, email or marketing proposal rather than as a formal valuation report.

The agent may support the recommended asking price with examples of nearby properties that are currently listed or have recently sold. Those examples are useful market indicators, but they may not be fully comparable. Differences in floor area, plot size, condition, lease terms, location, presentation and the date of sale can all affect their relevance. Asking prices also show what sellers hope to achieve, not necessarily the price at which a transaction will complete.

An estate agent’s paperwork may therefore be sufficient for deciding how to market a property, but it may not set out every assumption, limitation or source of evidence in a way that an executor, accountant, HMRC or another valuer can independently audit.

Documentation expected from a RICS probate valuation

A probate report should identify the property, the person or estate instructing the valuer, the valuation date and the purpose for which the report has been prepared. The date is particularly important in probate work because the relevant value normally relates to the date of death rather than the date on which the property is inspected or the report is written.

The report will generally explain:

• the valuation basis used and how it relates to the probate instruction;
• the extent of the inspection, including any areas that were inaccessible or not inspected;
• the property’s tenure, legal interests or other information relied upon, where relevant;
• the condition, accommodation, location and characteristics considered material to value;
• the comparable evidence or other market information used;
• assumptions, special assumptions, restrictions and uncertainties affecting the conclusion;
• the valuer’s reasoning and the final opinion of value; and
• the valuer’s details, qualifications, terms of engagement and any relevant limitations.

The valuer may need documents such as title information, a lease, plans, planning details, building regulation records or evidence of alterations. Not every document will be available in every estate. Where information is missing, the report should make clear whether the valuer has relied on an assumption, recommended further investigation or adjusted the assessment to reflect the uncertainty.

How verification differs

Verification is more than checking that a number appears on a page. It involves asking whether the person providing it was properly instructed, whether the evidence relates to the correct property and date, and whether the reasoning can be followed.

For an estate agent appraisal, verification may involve comparing the suggested price with local transactions, obtaining another agent’s opinion or reviewing the agent’s proposed marketing evidence. This can help an owner judge whether the figure is commercially realistic, but it does not automatically convert the appraisal into an independent statutory or professional valuation.

For a RICS probate valuation, the reviewer can examine the written instruction, inspection scope, valuation date, evidence, assumptions and stated limitations. The valuer should also be able to explain why particular comparables were selected and how differences between those properties and the subject property were considered. A clear report creates an audit trail if the personal representatives, tax adviser or tax authority later asks how the figure was reached.

Checks executors should make before relying on either document

1. Confirm that the valuation date matches the requirement for the estate and is not simply the date of a later inspection.
2. Check whether the document is an informal market appraisal or a formal report prepared for probate purposes.
3. Review the description of the property, including tenure, ownership interest, outbuildings, development potential and any unusual legal or physical feature.
4. Ask what comparable sales or other evidence support the conclusion and whether the evidence reflects the relevant historical market conditions.
5. Read the assumptions and exclusions carefully, particularly where the valuer could not inspect part of the property or verify legal information.
6. Keep the instruction, report, comparable evidence and supporting property documents with the estate records.

If the estate has unusual circumstances, a restricted title, multiple ownership interests, development potential or a significant difference between professional opinions, the issue should be referred to the estate’s legal or tax adviser. A second opinion may be appropriate, but it should address the specific evidence and valuation date rather than merely provide another unsupported figure.

In practical terms, an estate agent’s documentation is primarily designed to guide sale strategy, while a RICS probate report is designed to withstand structured review. The appropriate document depends on the purpose: marketing decisions may call for an agent’s appraisal, whereas probate reporting requires evidence and verification proportionate to the estate’s legal and tax responsibilities.