Property and the estate
How to value a house for probate
Written and reviewed by our experienced team. Checked against GOV.UK and the sources listed at the end on 15 September 2026. ProbateCheck is an independent service, not a law firm.
For probate and Inheritance Tax, a house is valued at its open market value on the date of death: the price it might reasonably be expected to fetch if sold on the open market at that time (section 160, Inheritance Tax Act 1984). HMRC says it is entirely appropriate to obtain a professional valuation, instructed on that basis, and RICS members value to that standard. The figure feeds the gross value on the probate application. Checked 15 September 2026.
Two mistakes cause most of the trouble: using today's asking price instead of the value at the date of death, and putting the whole value of a jointly owned home into the estate. This guide sets out the rule, when a professional report is worth paying for, and how the number is used on the application. It is not a valuation tool and does not estimate your property. Checked against the sources listed at the foot of this page on 15 September 2026.
The rule: open market value at the date of death
Section 160 of the Inheritance Tax Act 1984 says the value of any property is "the price which the property might reasonably be expected to fetch if sold in the open market at that time", and that price is not to be assumed lower because everything is being sold at once. "That time" is the date of death. HMRC's manual adds that any development potential ("hope value") is part of the open market value whether or not planning permission has been sought.
When HMRC expects a professional valuation
HMRC's Inheritance Tax Manual (IHTM36275) is direct: "If an estate includes land or buildings, then unless the personal representatives are easily able to determine the market value themselves, it is entirely appropriate for them to obtain a professional opinion of value." It expects the valuer to be "properly instructed to provide an open market valuation in accordance with s.160", notes that Royal Institution of Chartered Surveyors members carry out Inheritance Tax valuations on a set basis, and expects personal representatives to pass on anything they know about the property and to question advice that does not meet these requirements. HMRC itself refers most land in taxable estates to the Valuation Office Agency, which is why a defensible written valuation matters.
| Situation | What is usually enough | Why |
|---|---|---|
| Estate comfortably below the £325,000 threshold, no tax to pay, house a modest part of it | Your own realistic estimate, ideally backed by two or three estate agents' written appraisals | GOV.UK asks for an estimate of the estate's value to check whether tax is due and to complete the application; a professional report is not demanded. |
| Estate near or above the threshold, or the house is most of the estate | A written RICS valuation instructed for Inheritance Tax at the date of death | HMRC refers land to the Valuation Office Agency and expects the personal representatives to have taken proper advice; an agent's marketing appraisal is not an open market valuation on the s160 basis. |
| Land with development potential, agricultural or business property, unusual or hard-to-compare homes | A RICS valuation that addresses hope value and any reliefs claimed | The manual specifically requires development potential to be reflected; agricultural and business relief claims are scrutinised. |
| Jointly owned with a spouse or civil partner as joint tenants | Half the value | GOV.UK: divide the value by 2. |
| Jointly owned with others (friends, siblings) as joint tenants | The share, less 10% | GOV.UK: divide by the number of owners, then take 10% off the deceased's share. |
| Owned as tenants in common | The deceased's actual share | Valued on their share; that share is part of the estate and needs the grant to be dealt with. |
Gross value and net value on the probate form
Form PA1P (and the online service) asks for the gross and net value of the estate for probate, and separately the values for Inheritance Tax. GOV.UK defines them like this. Gross value for Inheritance Tax is the total value of everything the person owned when they died, including their home. Gross value for probate is that figure minus joint assets passing to the surviving owner, gifts made in the previous seven years, foreign assets and assets held in trust. Net value for probate is the gross probate value minus the person's debts and the funeral, but not debts owed jointly with someone else such as a joint mortgage. The house goes in at its date-of-death open market value, and a mortgage on it in the sole name comes off in the net figure.
If the sale price turns out different
A valuation given in good faith is not the end of the matter. HMRC expects that if personal representatives later become aware of marketing information that casts doubt on the date-of-death value before they sign the Inheritance Tax account, they will reflect it. After the grant, a sale above the probate value can produce a Capital Gains Tax liability for the estate (GOV.UK lists paying Capital Gains Tax on property sales among the personal representatives' duties), and a sale below it does not change the Inheritance Tax value unless the loss-on-sale relief rules apply, which is a question for a solicitor or accountant.
What a valuation costs
Estate agents' appraisals are normally free. Fees for a written RICS valuation vary by firm and property; the only published range we found on 15 September 2026 was from a Surrey estate agent, Cavenders, which puts a RICS "Red Book" report at £250 to £600 with a 7 to 14 day turnaround (their figure, not verified with a surveyor, so get two quotes). For the contents of the house rather than the building, one national clearance firm publishes a probate valuation from £350 plus VAT (see probate house clearance).
Why getting it right matters: HMRC's checks and the tax clock
HMRC refers land in taxable estates to the Valuation Office Agency, and its manual has a specific section on penalties where the VOA finds an undervaluation in the original account, so a defensible figure protects the personal representatives personally. The timing pressure is real too: where Inheritance Tax is due it must be paid by the end of the sixth month after the death to avoid interest, and you normally have to start paying before probate is granted, even though the house cannot be sold until the grant arrives (see can you sell a house before probate).
Has a grant already been issued?
If you are valuing a property because you may be a beneficiary or a buyer rather than the executor, the grant itself records the gross and net values of the estate as declared. Once probate is granted the record is public, and a copy of the grant and will costs £16. Search the probate records.
Frequently asked questions
Do I need a RICS valuation for probate?+
Not by law. HMRC says it is entirely appropriate to obtain a professional opinion of value unless the personal representatives can easily determine the market value themselves, and that valuers should be instructed on the section 160 open-market basis that RICS members use. In practice a written RICS report is worth having where Inheritance Tax may be due, the house is most of the estate, or the property is unusual.
Can I use an estate agent's valuation for probate?+
For an estate well below the Inheritance Tax threshold, a realistic figure supported by agents' written appraisals is generally accepted, because GOV.UK only asks for an estimate. An agent's marketing appraisal is not an open market valuation on the statutory basis, so if HMRC's Valuation Office Agency reviews the estate you may need a professional report to defend the figure.
Is the house valued at the date of death or the date of sale?+
The date of death. Section 160 of the Inheritance Tax Act 1984 fixes the value at what the property might reasonably be expected to fetch on the open market at that time. The later sale price is a separate matter for Capital Gains Tax.
What if the house sells for more than the probate value?+
The estate may owe Capital Gains Tax on the difference, which GOV.UK lists among the personal representatives' responsibilities. If the gap emerges before the Inheritance Tax account is signed, HMRC expects the valuation to be revisited.
How is a jointly owned house valued?+
If it was owned as joint tenants with a spouse or civil partner, divide the value by two. If it was owned as joint tenants with other people, divide by the number of owners and take 10% off the deceased's share. If it was owned as tenants in common, use the deceased's actual share.
What is the gross value of the estate for probate?+
The total value of everything the person owned at death, minus joint assets passing to a surviving owner, gifts made in the seven years before death, foreign assets and assets in trust. The net value for probate is that figure minus the person's own debts and the funeral cost.
Does the £325,000 Inheritance Tax threshold include the house?+
Yes. GOV.UK's list of assets to include when estimating the estate starts with the person's home. Whether tax is actually due depends on the allowances available, for example where a home passes to children or the person was widowed.
How much does a RICS probate valuation cost?+
Surveyors' fees are not published centrally. The one published range we found on 15 September 2026, from a Surrey estate agent, was £250 to £600 for a RICS Red Book report taking 7 to 14 days. Treat that as indicative and get two quotes. Estate agents' appraisals are usually free.
Sources checked for this guide
- Inheritance Tax Act 1984, section 160 (market value) (read 15 September 2026)
- HMRC Inheritance Tax Manual IHTM36275: valuations of land (professional valuation, s160 instruction, RICS, hope value, revisiting valuations) (read 15 September 2026)
- HMRC Inheritance Tax Manual IHTM23002: who values interests in land (Valuation Office Agency) (read 15 September 2026)
- GOV.UK: Estimate the estate's value (assets to include; joint asset rules; £325,000 threshold) (read 15 September 2026)
- GOV.UK: Applying for probate, before you apply (gross and net value for probate defined) (read 15 September 2026)
- Form PA1P, question 7.5 (gross and net value of the estate for probate) (read 15 September 2026)
- GOV.UK: Dealing with the estate of someone who's died (Capital Gains Tax on selling property) (read 15 September 2026)
- Clearance Solutions: probate valuation from £350 plus VAT (contents) (read 15 September 2026)
- Cavenders estate agents (secondary source): RICS Red Book report £250 to £600, 7 to 14 days (published 2 July 2025) (read 15 September 2026)
- HMRC Inheritance Tax Manual IHTM23163: penalties following an undervaluation found by the VOA (read 15 September 2026)
- GOV.UK: Valuing the estate (pay Inheritance Tax by the end of the sixth month to avoid interest; start paying before probate is granted) (read 15 September 2026)