What is the process for obtaining a chartered surveyor's report for probate valuation?

A chartered surveyor’s probate report is obtained by giving a suitably qualified professional a formal instruction to value the deceased’s interest in the property at the relevant date. The completed report should explain the valuation basis, evidence used, assumptions made and the figure that can support the estate’s probate and inheritance tax paperwork.

1. Confirm the valuation requirement

Before contacting surveyors, establish why the report is needed and which date the valuation must relate to. For probate, this will generally be the open market value at the date of death, rather than the property’s current asking price or a later sale price. If the property was jointly owned, the deceased’s legal interest may need separate consideration from the value of the property as a whole.

The personal representative should also check whether the report is intended for inheritance tax reporting, an estate account, a sale, a dispute between beneficiaries or another purpose. The intended use can affect the surveyor’s terms of engagement and the level of detail required.

2. Obtain and compare written quotations

Ask potential surveyors to confirm their experience with probate valuations, the proposed basis of valuation, the fee, VAT treatment and any additional charges. A quotation should make clear whether it includes a physical inspection, research into comparable evidence, a written report and reasonable follow-up questions.

Fees vary according to factors such as the property type, location, condition, ownership arrangements and complexity of the estate. Extra work may be charged where there are several properties, unusual construction, development potential, restricted access, title complications or a need to respond to further questions from HM Revenue & Customs. The engagement letter should explain these points before the instruction is accepted.

3. Check the surveyor’s suitability

Review the surveyor’s relevant professional status, experience and terms of business. A person may be able to give an informal opinion of value without providing the type of formal report required for probate, so ask specifically whether the proposed document is suitable for the intended estate and tax purpose.

It is also sensible to disclose any known dispute, previous valuation, proposed sale, family connection or other circumstance that could create a conflict of interest. The surveyor should understand who is instructing them, who may rely on the report and whether the valuation must be retrospective.

4. Prepare the information pack

The surveyor will usually need information that establishes the property’s identity, ownership and condition. Useful material can include:

• the full postal address and property type;
• title information or other ownership details;
• the deceased’s ownership share;
• the date of death and the required valuation date;
• floor plans, tenancy agreements and details of occupiers, where relevant;
• planning permissions, building regulation documents or development proposals;
• details of alterations, extensions, defects, contamination or insurance claims; and
• any previous valuations, offers or marketing information that could provide context.

Missing documents do not necessarily prevent a valuation, but the surveyor may have to make assumptions or qualify the report. Those assumptions should be checked carefully because they can affect the stated figure.

5. Agree access and inspection arrangements

The inspection should cover the parts of the property that can reasonably be accessed, together with relevant external areas and grounds. The surveyor may record accommodation, condition, improvements, outbuildings, access, surrounding development and matters that could influence marketability.

Access arrangements should account for tenants, vacant properties, security issues and unsafe areas. If something cannot be inspected, the report should identify the limitation rather than suggesting that the surveyor has verified it. Specialist investigations, such as structural, environmental or asbestos assessments, are separate from the valuation unless expressly included in the engagement.

6. Understand how the valuation is formed

After the inspection, the surveyor analyses relevant market evidence, including comparable sales and the property’s size, location, condition and legal characteristics. The assessment may consider whether the property has development potential, whether it is subject to a tenancy and whether any unusual feature affects the price a willing buyer might pay.

For a probate valuation, the surveyor normally distinguishes between the value at the specified historical date and evidence available today. A later sale can be relevant background evidence, but it does not automatically establish the correct probate value because market conditions, property condition and buyer demand may have changed.

7. Review the written report

The final report should identify the client, property, valuation date, purpose and basis of valuation. It should set out the surveyor’s reasoning, relevant comparable evidence, assumptions, limitations and the concluded figure. It may also explain whether the valuation concerns the entire property or only the deceased’s interest.

Read the report against the information supplied. Check the address, ownership details, valuation date, description of the property and any stated restrictions. Factual errors should be raised with the surveyor promptly. A correction to an error is different from asking the surveyor to alter a professional opinion simply because the figure is lower or higher than expected.

8. Use the report in the estate administration

The personal representative or solicitor can use the signed report when completing the relevant probate and inheritance tax information. Keep the report, instruction letter, supporting documents and correspondence with the estate records. If the property is later sold for a materially different amount, retain evidence explaining the sale circumstances and discuss the difference with the solicitor or tax adviser.

A chartered surveyor provides a valuation, not a decision on the estate’s tax liability or a substitute for legal advice. Where ownership is disputed, the property is subject to a tenancy, or the valuation is likely to be challenged, the personal representative should obtain advice from the solicitor handling the estate and ensure that the surveyor is told about the issue before the report is prepared.