Can an estate agent's appraisal be used for probate?

It is often challenged. A marketing appraisal is not prepared to a valuation standard, is not tied to a defined basis and rarely sets out comparable evidence. For anything reported to HM Revenue and Customs, a Red Book valuation from an RICS Registered Valuer is the safer route.

Why does a probate valuation use a past date?

Because the estate is valued as at the date of death, not the date the valuer visits. That means finding comparable evidence from around that date and adjusting for anything that has changed since.

Does a valuation tell me what needs repairing?

No. Condition is only considered to the extent it affects value. If you need to know what is wrong with the building and what it will cost to put right, commission a survey.

Is reinstatement cost the same as market value?

No. Reinstatement cost is the cost of rebuilding after a total loss, including demolition, professional fees and current regulatory requirements. It can be well above or well below market value.

Property valuation (RICS Valuation – Global Standards, the Red Book)

Property valuations: start with the purpose, not the number

Red Book valuations for probate, tax, matrimonial, shared ownership and insurance. Understand which valuation your purpose actually requires.

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Last reviewed 31 August 2026

What kind of property valuation do I need?

A valuation states a property's value on a defined basis, at a defined date, for a stated purpose. The purpose decides everything: probate, capital gains tax, matrimonial proceedings, shared ownership staircasing and insurance reinstatement all use different bases. Formal Red Book valuations must be undertaken by an appropriately qualified RICS Registered Valuer. An estate agent's marketing appraisal is not a valuation.

At a glance

Defined by purpose: Tell the valuer why you need it before anything else — it sets the basis and the date.
Valuation date: Often historic. Probate and capital gains tax valuations are usually as at a past date, not today.
Who may carry it out: A formal Red Book valuation requires an appropriately qualified RICS Registered Valuer.
Not a condition report: A valuation figure says nothing about repairs. Commission a survey if you need condition advice.

Why the purpose changes the answer

Two valuations of the same house on the same day can produce different figures, entirely legitimately, because they answer different questions. Market value for a sale, reinstatement cost for insurance and value at the date of death for probate are separate concepts with separate rules.

Getting the purpose wrong is the most common and most expensive mistake. A figure prepared for one purpose is usually not accepted for another, and the work has to be repeated.

Market value versus reinstatement cost

Market value reflects what the property would sell for, including the land. Reinstatement cost reflects what it would cost to rebuild it after a total loss, including demolition, professional fees and compliance with current building regulations.

They move independently. A flat in an expensive area can carry a modest rebuild cost; a large rural house can be worth less than the cost of reproducing it. Insuring on the wrong basis is what leaves owners underinsured.

Evidence, not opinion

A defensible valuation is built on comparable transactions, adjusted for differences in size, condition, location and date, with the reasoning set out. That evidence trail is what makes it usable by HM Revenue and Customs, a court, a lender or a housing association.

Who this is for

A good fit if

Executors and administrators settling an estate
Anyone reporting a capital gain or a lifetime transfer
Separating couples and their solicitors
Shared-ownership leaseholders staircasing or selling
Owners who suspect their buildings sum insured is out of date

Not the right choice if

Sellers who only want a marketing price — an agent's appraisal is quicker and cheaper
Buyers who want to know what is wrong with the building — that is a survey
Anyone hoping for a figure to suit a desired outcome; a Red Book valuation is an independent opinion

Valuations for tax, legal and estate purposes

Probate valuation

Open market value at the date of death, evidenced for the estate account.

Capital gains tax valuation

Values at a historic acquisition or disposal date, with comparable evidence.

Matrimonial valuation

An independent figure for financial proceedings on separation or divorce.

Expert witness report

Evidence prepared to the duties owed to the court or tribunal.

RICS Red Book valuation

The general-purpose formal valuation where a defensible figure is required.

Shared ownership valuation

For staircasing or resale under a housing association's requirements.

Help to Buy valuation

For redeeming or repaying an equity loan on the scheme's terms.

Insurance reinstatement valuation

Rebuild cost including demolition, fees and current regulatory compliance.

Three things to settle before instructing

Have these ready and the valuation can usually be scoped in a single conversation.

1.State the purpose
Probate, tax, matrimonial, staircasing, insurance or lending. This determines the basis of value.
2.Fix the valuation date
Today, the date of death, or a historic acquisition date. Historic dates need archived comparable evidence, so allow more time.
3.Confirm who will rely on it
HM Revenue and Customs, a court, a housing association or an insurer each have expectations about form and content. Say who it is for at the outset.
See how a Red Book valuation is prepared

When to bring in a specialist

Tax treatment, reliefs and deadlines — your accountant or tax adviser
Estate administration and disputes — your solicitor
Sums insured and policy wording — your insurance broker
Condition, defects and repair costs — a survey, not a valuation

Common questions

Limitations and sources

Valuation figures on this site are never quoted in advance. A figure only exists once the property has been inspected and the evidence assembled.
This page is general information, not tax, legal or financial advice. Take advice from the appropriate professional before acting.
Formal Red Book valuations are carried out by an appropriately qualified RICS Registered Valuer; we will confirm who is instructed before work begins.

Source: RICS · checked August 2026

Source: UK Government · checked August 2026

Last reviewed 31 August 2026.

Where to go next

condition rather than value — If the real question is what needs fixing, a survey is the right instruction.
help through a house purchase — Buyers usually need survey advice first and a valuation only if a lender or scheme requires one.
valuing commercial premises — Commercial instructions bring lease terms and covenant strength into the figure.

Tell KJ the purpose and the date

Those two facts are enough to confirm the right basis of value and what evidence will be needed.

KJonline

Free surveying guidance across North West England

Hi, I'm KJ. Tell me about the property or the surveying advice you need and I'll help you work out the right next step.

KJ gives general guidance only and has not inspected your property. A professional opinion follows an inspection by a surveyor.