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Probate Valuations

Antique and House Contents Valuations for Probate

Drake’s Auctions provide valuations for the purpose of probate, this is sometimes known as inheritance tax or house contents valuation. We can value all contents inclusive of antiques, jewellery, and other chattels.

This is a very important area of the services we provide. It involves the appraisal of chattels to satisfy the requirements of probate law. As with insurance valuations we prepare a detailed inventory and valuation enumerating all items of importance and any specific bequests.

You can have full confidence that Drake’s Auctions will handle your contents probate with sensitivity and confidentiality.

How much does probate cost?

Probates within 10 miles of Tavistock start at £300+VAT for up to 25 listed items. Additional items are charged at £5+VAT each.

Larger properties or those with collections of antiques or unusual items or works of Art will take longer and be charged accordingly.

Because we do not value items with an open market value below £50, typically most 2-3 bedroom houses total cost for probate falls between £300-£550+VAT.

What areas do we cover?

Drake’s Auctions regularly carry out probate valuations throughout Devon & Cornwall, typically via referral from solicitors we are entrusted to work with. Most of our probates are carried out within the West Devon and Tavistock area, but we are often asked to travel further afield to offer our valuation expertise.

What are probate values based on?

Our valuations are based on the open market value at the time of the deceased’s date of death. The valuation must be undertaken in compliance with section 160 of the Inheritance Act 1984.

Typically a valuer will visit the property and list all items with a value in excess of £50. Items with a single value below this threshold are not listed.

Probate valuations enable HM Revenue and Customs to establish if an amount of inheritance tax is payable. Frequently the values submitted to HMRC without a professional valuation are too high, resulting in a higher tax bill on the estate.

What do we do with the excess contents?

Drake’s Auctions are able to fully handle the clearance, transport, valuation and sale of all chattels.

We will arrange collection of the items concerned, ensure their inclusion in the appropriate sale, advise on reserves where necessary and ensure a rapid settlement, with a full list of items with prices achieved emailed to the beneficiaries.

For more information on this, please see our house clearance service page.

Contact us for more information

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