What is the process for obtaining a RICS probate valuation?

A RICS probate valuation is obtained through a documented process that establishes the property’s market value at the legally relevant valuation date, usually the date of death. The resulting report provides an independent basis for administering the estate, completing inheritance tax information where required, and supporting the figures used in probate documentation.

1. Confirm the purpose and valuation date. The personal representative should explain why the valuation is required and identify the relevant date. A probate valuation is normally retrospective, so the surveyor may need to assess what the property would have been worth at an earlier date rather than simply reporting its current value. The report should make the chosen date and valuation basis clear.
2. Check the surveyor’s suitability and independence. The person instructed should have appropriate experience in valuing comparable residential property and understand the reporting requirements for estates and taxation. Before accepting the instruction, the surveyor should consider whether any conflict of interest exists and confirm the scope of work, assumptions, limitations, fee and expected deliverables in writing.
3. Supply supporting information. Useful evidence may include the title information, floor plans, planning documents, tenancy agreements, details of alterations, purchase or sale particulars, photographs from the relevant period and correspondence concerning defects or restrictions. Information about garages, gardens, outbuildings, lease terms, rights of way and development potential can materially affect the assessment. If documents are unavailable, that limitation should be disclosed rather than assumed away.
4. Arrange access and establish the property’s condition. The surveyor examines the accommodation, construction, layout, boundaries and associated land, recording features that influence value. They may also note visible defects, disrepair, unusual construction, contamination risks or other matters requiring further investigation. A valuation inspection is not necessarily a full building survey, so it should not be treated as a guarantee that concealed defects are absent.
5. Investigate the legal and physical characteristics. The valuation depends on more than the number of bedrooms. Tenure, lease length, service charges, occupancy, planning status, access, restrictive covenants and lawful use may all be relevant. Where the property was occupied, let, empty or subject to a tenancy at the valuation date, that circumstance may need to be reflected in the analysis.
6. Analyse appropriate market evidence. The surveyor compares the property with relevant transactions and listings, adjusting for differences such as location, size, condition, specification, plot, parking and timing. For a retrospective valuation, the evidence should relate as closely as possible to the relevant historical date. The report should explain the reasoning behind the conclusion rather than presenting an unsupported figure.
7. Define the valuation conclusion. The written report normally identifies the property, the client, the purpose, the valuation date, the basis of value, the assumptions and any special assumptions. It should also distinguish between matters the surveyor has verified and matters accepted on information supplied by others. If a range, qualification or further investigation is appropriate, this should be explained clearly.
8. Review the report before using it. The executor or administrator should check the address, ownership details, valuation date, property description and stated figure. Errors in these details should be raised with the surveyor promptly. The personal representative should also keep the report with the estate records, along with the documents and evidence relied upon.

The valuation report can then be provided to the probate solicitor, accountant or tax adviser handling the estate. Those professionals determine how the figure should be entered on the relevant forms and whether additional evidence is needed. The surveyor provides the valuation opinion; responsibility for the estate’s legal and tax filings remains with the personal representative and their advisers.

If HMRC or another authority later queries the figure, the supporting comparables, inspection notes, assumptions and correspondence may be important. A clear report is therefore more useful than a bare market estimate, particularly where the property is unusual, deteriorated, tenanted, jointly owned or difficult to compare with nearby sales.