What steps are involved in obtaining a RICS probate valuation?

A RICS probate valuation is obtained through a formal instruction that establishes the property’s value for a specified date, usually the date of death, using professional valuation standards and evidence. The process does not end with a figure: the valuation must be sufficiently reasoned and documented for the executors, tax authorities, beneficiaries and any later estate administration queries.

1. Confirm the purpose and valuation basis. The executor or adviser should explain whether the valuation is required for inheritance tax reporting, a grant of probate, negotiations between beneficiaries, a property sale, or another estate matter. The surveyor can then confirm the appropriate basis, including whether the required opinion is market value and whether any special assumptions apply.
2. Check the surveyor’s suitability and independence. The appointed professional should have relevant experience in residential valuations and probate work, appropriate RICS status for the instruction, and no conflict of interest. It is sensible to ask what the written report will cover, whether the valuation is retrospective, what limitations may apply, and how supplementary questions will be handled.
3. Define the property being valued. The instruction should identify the full address, ownership interest and any associated land, garages, parking spaces, outbuildings or rights. If the deceased owned only a share of a property, or held the property jointly, that interest may need separate consideration from the value of the whole property.
4. Assemble information that may affect the opinion. Useful material can include the title register, lease, plans, planning documents, building regulations records, details of alterations, tenancy agreements and information about restrictions or disputes. The surveyor should be told about matters that are not obvious from a normal inspection, such as boundary disagreements, insurance claims, structural movement or enforcement notices.
5. Provide access and relevant background. Someone with authority to act for the estate normally arranges access and identifies areas that could not be inspected. If the property was occupied, tenanted, vacant or partly cleared at the valuation date, that context should be recorded because occupation, contents and condition can influence the evidence and the assumptions made.
6. Allow the surveyor to investigate the market evidence. The professional considers the property’s location, size, accommodation, condition, quality, legal characteristics and potential use. Comparable transactions are selected and adjusted for meaningful differences rather than simply listing nearby asking prices. Where the valuation date is historic, the surveyor may need to analyse evidence from that period and explain how later information has been treated.
7. Clarify unusual or uncertain matters. A property may require further enquiry where there is development potential, a short lease, mixed residential and commercial use, an unregistered extension, restrictive planning history or significant disrepair. The surveyor may identify these as assumptions, request further evidence, or recommend specialist advice. A valuation is not automatically a full building survey, legal title investigation or contamination assessment.
8. Review the draft findings or queries. Before relying on the report, the executor should check the address, ownership details, valuation date, property description and stated purpose. Any factual error should be raised promptly. The surveyor can correct factual information, but the final figure must remain an independent professional opinion supported by the evidence.
9. Receive and retain the signed report. The completed report should set out the instruction, inspection details, valuation basis, assumptions, limitations, market commentary, comparable evidence and concluded value. It should be kept with the estate records and supplied to the executor’s accountant, solicitor or tax adviser where required. The person submitting an inheritance tax account remains responsible for using the valuation appropriately.

If the property is later sold for more or less than the probate figure, the difference should be discussed with the estate’s tax adviser. A later sale price does not automatically invalidate the original valuation, because market conditions, property condition, marketing circumstances and the interests being sold may differ. However, a substantial difference may justify reviewing whether additional tax reporting or professional advice is needed.

Where the report is intended for a tax authority or could be challenged by beneficiaries, clarity is particularly important. The estate should retain instructions, supporting documents, photographs where provided, comparable evidence and correspondence explaining any assumptions. This audit trail helps show how the conclusion was reached and distinguishes a formal valuation from an informal estimate.