A probate valuation is required to value any property owned as part of the estate of a deceased person. The estate will need to be valued in order that Grant of Representation is given to a person who has been nominated to look after the affairs. The valuation of a property for probate purposes will be based on market value at the date of death.
Many families are unaware that the property can be put up for sale prior to obtaining the grant of probate. One advantage in placing the property on the market is that the valuation is from the date of death. In the current market property prices are on the increase. If the property increases in value from the date of probate valuation to the contract date, there may be a liability for Capital Gains Tax. The sale cannot be completed until the probate has been granted.