Probate Valuation Costs: Property, Contents and Shares (2026)

Why the estate must be valued before applying for probate

You must estimate the gross and net value of the estate before submitting a probate application, because this determines whether the estate is an excepted estate for inheritance tax purposes and whether the HMCTS application fee applies. If the estate is not excepted, full details of assets, debts, gifts, and any reliefs or exemptions must be submitted to HMRC using form IHT400 before you apply for the grant. Getting the valuation wrong is not a paperwork formality: HMRC can enquire into or challenge a submitted value after the grant has already been issued.

What has to be valued for probate

• Property. Any land or property owned solely, or as tenants in common, by the deceased must be valued as at the date of death. Property held as joint tenants passes automatically by survivorship and falls outside the estate for this purpose.
• Bank accounts and savings. Valued using the balance at the date of death, obtained directly from each institution.
• Shares and investments. Valued at their market value on the date of death, which for listed shares means the quoted price on that date.
• Personal possessions and contents. Household goods, vehicles, and valuable personal items form part of the estate and must be given a reasonable open-market value.
• Pensions and life insurance. Some pension death benefits and life policies written in trust fall outside the estate for inheritance tax purposes; providers can confirm this on request.

What official fees apply to valuation

This guide does not quote an invented average surveyor fee, since professional valuation charges are set individually by each firm rather than by any government body or regulator. Obtaining a written quote before instructing a valuer is the only reliable way to know the cost for a specific property.

How HMRC checks property valuations

HMRC can query a declared property value where it appears to differ significantly from comparable local sales, and can refer valuations to its District Valuer Service for an independent assessment. Undervaluing a property to reduce the apparent inheritance tax liability is the kind of discrepancy this process is designed to catch, since it can result in HMRC reopening the estate's tax position after the grant has already been issued and assets distributed.

Valuing an estate without a solicitor

Executors applying for probate themselves remain fully responsible for valuing the estate accurately, in the same way a solicitor-instructed executor would be. This includes contacting every bank, pension provider, and share registrar directly for date-of-death valuations, and obtaining a property valuation before completing the HMRC reporting step. See probate without a solicitor for the full DIY application process this valuation feeds into.

Valuation costs alongside solicitor fees

Where a solicitor is instructed, valuation costs are typically itemised as a disbursement separate from the firm's own fee, rather than folded into a single headline figure. See probate solicitor fees for how firms structure and disclose their charges, and how much probate costs in the UK for the full picture of every cost component together.

What documents support a probate valuation

Whoever carries out the valuation, HMRC expects it to be supported by evidence rather than a round-number estimate. For property, this typically means a written valuation report referencing comparable local sales at the date of death. For bank accounts and savings, a balance statement from the institution dated as close to the date of death as possible is the standard evidence. For shares, the quoted market price on the date of death, obtainable from the registrar or a financial data provider, is used rather than a current-day price. Keeping this evidence with the estate's records protects the executor if HMRC later queries any figure on the IHT reporting form.

Valuing contents and personal possessions

Household contents and personal possessions are often the most under-valued part of an estate, since executors understandably focus on property and financial accounts first. HMRC still expects a reasonable open-market value for furniture, vehicles, jewellery, and any other items of worth, even where no single item is individually valuable. For estates with items of potential significant value, such as antiques, art, or collections, a specialist valuer's opinion provides stronger evidence than an executor's own estimate if the figure is ever queried.

Do I need a professional valuation for probate?

A formal professional valuation is not always a strict legal requirement for every asset, but a reasonable and defensible open-market value must be recorded for each item, and HMRC can query values it considers understated, which is why many executors choose a professional valuer for property and significant possessions.

What date is used to value the estate?

Assets are valued as at the date of death, not the date probate is granted or the date the asset is eventually sold or transferred.

Does jointly owned property need to be valued for probate?

Property held as joint tenants passes automatically to the surviving owner and falls outside the estate for probate purposes. Property held as tenants in common does form part of the estate and must be valued.

Can HMRC challenge a property valuation after probate is granted?

Yes. HMRC can use its District Valuer Service to check declared property values against local comparables and can reopen an estate's inheritance tax position if it considers a value was understated.

Who pays for the valuation?

Valuation costs are usually paid from the estate's own funds once accessible, in the same way as the HMCTS application fee and other administration expenses, though executors sometimes need to cover costs personally in the short term before the grant is issued.