RQSEBERYS LONDON
Fine Art Auctioneers & Valuers
Probate & Valuation Services
Roseberys have been sympathetically and professionally helping clients in need of probate valuations for over 30 years all over the UK, specialising in London and the home counties.
Peter Greenway Head ofProfessional Services & Vciluations
Peter from our valuations department answers some frequently asked questions.
Why do you need a professional Probate valuation?
How long does it take to receive the report?
We understand the requirement for a speedy and uncomplicated process especially during this sensitive time; we are usually able to undertake a visit within a week from the first contact. The draft will be sent out within 10 days for you to revise. If there are no complications the final report can be sent out immediately.
As part of applying for probate, any executors or administrators need to find out if there is any inheritance tax to pay. This need will depend on the total value of the estate of the deceased person, i.e. the combined value of all money, property and possessions of the deceased. Most estates with a total value of at least £325,000 have to pay tax and, due to increasing house prices, more people are finding themselves being pushed into the inheritance tax bracket. Roseberys work together with both solicitors and private individuals handhng estates to provide a professional valuation of the contents of the home whether it be a one-bedroom flat or large family house. This is to ensure the estate receives a fair and accurate market value for assets such as antiques, paintings,jewellery, motor vehicles and general household goods. Probate valuations by someone without expert knowledge can result in over or under valuation, which can cause adclitional delays with the winding up of the estate and can impose unnecessary tax liabilities and possible penalties.
How much does the service cost?
Our fees are tailored depending on the type of service that you require and generally based on the length of time taken to conduct the valuation. The valuation process is conducted with your time and cost in mind. No two valuations are the same and we are flexible in meeting your needs. From a large house including a lifetime worth of collecting, to minimal flats with only a few prints, we are working with all clients to make them tax compliant.
What is the process of obtaining a valuation?
What areas do Roseberys cover?
For executors who are not familiar with a probate house contents valuation we always talk through the service to assess your needs and requirements and agree on the appropriate valuation format. After an initial chat, an appointment is made with one of our valuers to meet you at the property. This is an opportunity for the valuer to talk in more depth with you about any of the items that hold particular importance to you and answer any further questions you may have. The valuer will take photographs of each room and of individual items of value and will make the necessary notes. After the property visit, the valuer will spend time at the office researching and discussing key items with our team of specialists to ensure the most accurate and up to date valuations are provided together with a statement of the total value. What information will be received in the valuation document? Our valuations for IHT purposes are laid out as per the categories specified within the HRMC requirement, identifying all items with an individual value of £1,500 and above and providing a global figure for the remaining items. For the residual global figure we also provide a complimentary valuation for selling listing individually all the items that could be potentially sold in one of our auctions. Once the valuation is ready, we email a digital copy of the report to you to review and ensure you are happy that everything is in order. Once confirmed we then issue the final signed document.
Our valuers cover all areas from furniture and works of art, to jewellery, silver and paintings and if any items need further research our team of specialists including areas of Asian Art, Contemporary Art, Modern Design and Islamic Art will help to continue the investigation back at the office. This gives peace of mind that no heirlooms will be overlooked and we will produce a detailed report for HMRC.
Why contact Roseberys?
With over 30 years experience Roseberys has a proven track record of providing accurate, professional valuations of house contents, antiques and chattels which are prepared by experienced and knowledgeable valuers. Roseberys also works alongside trusted law firms as well as private executors and beneficiaries to give you the best support needed. Once the probate valuation has been completed, we are also happy to advise and help with the sale of goods through auction, clearance of remaining items in the property and even delivery of items that are to be kept by beneficiaries.
If you have any questions or wish to talk to one of our friendly members of the team, please do not hesitate to contact us.
+44 (0)20 8761 2522 I valuations@roseberys.co.uk I www.roseberys.co.uk 70-76 Knights Hill, London SE27 0JD
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