Dealing with the estate of someone who has died can be a difficult and emotional process. Alongside the personal loss, executors and family members may also have the responsibility of valuing the deceased’s assets—including any property they owned.

Michael Tuck Estate and Letting Agents offers free probate property valuations through all of our branches in Gloucester and Tewkesbury. Our experienced estate agents can provide a written valuation to help executors, solicitors and families establish the property’s market value.

We also provide an Empty Property Inspection Service if you are concerned about the property being empty for a period of time.

What is a probate property valuation?

A probate valuation establishes the open-market value of a property at the date its owner died.

This figure may be needed when applying for probate, calculating the overall value of the estate and determining whether any Inheritance Tax is payable.

Importantly, a probate valuation is not necessarily the same as the price at which the property might be marketed today. The relevant figure is the price it could reasonably have been expected to achieve if sold on the open market at the date of death.

Why is an accurate probate valuation important?

It can be tempting to use an online valuation or make a rough estimate based on the asking prices of nearby properties. However, these methods may not accurately reflect the property’s condition, exact location, size, tenure or the state of the local market at the relevant time.

An inaccurate figure could affect the administration of the estate and may lead to questions from HMRC—particularly if the property is later sold for considerably more or less than the value originally declared.

A carefully researched valuation from an experienced local estate agent provides executors with a clearer and more informed assessment.

What does our free probate valuation include?

One of our experienced estate agents will visit the property and consider factors including:

• Its location, size, accommodation and overall condition
• Any repairs or modernisation that may be required
• Recent sales of comparable properties nearby
• Local market conditions at the date of death
• Features that may increase or reduce the property’s value
• Whether the property is freehold or leasehold

Following the appointment, we can provide a written report confirming our opinion of the property’s open-market value at the relevant date.

If the date of death was some time ago, we will consider the available evidence from that period rather than simply applying today’s market value.

How much does a probate valuation cost?

Michael Tuck provides probate property valuations completely free of charge.

The service is available through every Michael Tuck branch, and there is no obligation to place the property on the market with us afterwards.

Local knowledge makes a difference

Property values can vary considerably between neighbouring roads, developments and even different sections of the same street. Online estimates may not recognise these important local differences.

Michael Tuck has been serving property owners throughout Gloucestershire for over 40 years. Our experienced estate agents in Gloucester and Tewkesbury combine detailed knowledge of the local market with comparable sales evidence to produce a considered and realistic valuation.

We also understand that probate valuations often take place at a sensitive time. Our team will handle the appointment professionally and discreetly, explaining everything clearly and without placing any pressure on the family.

What happens if the property is going to be sold?

Once probate has been granted, the executors may decide to place the property on the market. If requested, we can also advise on:

• Preparing the property for sale
• Whether repairs or improvements are worthwhile
• Clearance, cleaning and presentation
• The most appropriate asking price and marketing strategy
• Keeping executors and beneficiaries updated
• Managing the sale of an empty or unoccupied property

You are under no obligation to sell through Michael Tuck Estate Agents simply because we have provided the valuation. However, if you decide to proceed, our team can guide you through every stage of the sale. Guide to selling your property.

What happens if the property is going to lie empty for a period of time?

If the property isn’t local to you, then you may not be in a position to visit it on a regular basis.  In which case, you may be concerned about security and maintenance issues that could arise.  It is worth checking the terms of your insurance cover to find out how frequently the property needs to be checked.

At Michael Tuck Estate and Letting Agent in Gloucester and Tewkesbury we are able to offer regular Empty Property Inspections  complete with photographic reports for your piece of mind. Prices start from just £60 including VAT – per visit.

Arrange your free probate property valuation

If you are an executor, solicitor or family member requiring a probate property valuation, our experienced local team is here to help.

Contact your nearest Michael Tuck branch to arrange a free, no-obligation appointment. We will explain the process clearly and make obtaining the valuation as straightforward as possible.