STEPHEN DRAKE VALUATIONS LTD
Valuation for Probate of Household contents
Trying to put a value on your loved one’s possessions when you are grieving for them can be incredibly difficult, but it is an essential part of the probate process. As a probate valuer, I help by taking care of the whole process for you, giving you a completely impartial valuation, along with the time and space you need to grieve.
I work closely with Lawyers, Executors, Trustees and the general public to provide written valuation reports for either probate or potential sale through auction.
If the Estate is close to or over the Inheritance Tax threshold, it is important to have the general and household goods (chattels) valued. Even if you think there is nothing of value , it is recommended in order to avoid any potential scrutiny by the Inland Revenue. If you do not take these steps, it opens up the likelihood of the Revenue questioning how Executors may have calculated the values.
The valuations placed on contents and chattels are based on ‘open market values’. This is in accordance with Section 160 of the Inheritance Tax Act 1984 (IHT) , rather than insurance or replacement values which are higher. You will receive a report with all individual items listed that have a value of above £50 . This gives the family a detailed record of their current worth. All work is HMRC compliant.
The charge for a basic Probate Valuation is £300, and will take approximately one to two hours in the property. If there is further research needed, for example a valuable work of art, then there is an extra charge of £50 per hour .
As with all valuations, there is no travel charge within a forty mile radius of Cambridge, but 50 pence per mile thereafter.
Insurance Valuations
I carry out valuations for insurance at current market values.
Are your antiques and fine art correctly insured?
Most of us are under insured. I can supply detailed Insurance Valuations, covering complete contents, specified items, or single articles.
I will provide a full description of all high risk items, such as antique furniture, clocks, silver, jewellery, and collections of ceramics; glass etc. I will also take digital images to help recovery in the event of a theft.
Charges are time-based at £50 per hour This will allow for research after an initial inspection at your home.
If you have an existing valuation, this can be updated saving time and money. Most insurance companies expect this to be done every three years.
As with all valuations, there is no travel charge within a forty mile radius of Cambridge but 50 pence per mile thereafter.
Valuation for Auction
I can organise the most suitable auction house to sell either the items listed in the Probate Valuation or for private individual items.
There is no charge for this service if the items go to auction. However, the auction house will charge commission fees. Valuations on items which are not put into auction will accrue a flat fee of £20 per item.
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