Probate Valuations for Holiday Lets & Second Homes

At Fallows, we provide RICS Red Book probate valuations for holiday properties and second homes across Hampshire, West Sussex, Surrey, and the South Coast.

Many holiday homes are subject to planning restrictions that limit their use to short-term occupation only. These restrictions are extremely difficult to lift (in most cases almost impossible to lift!). As a result, such Holidays Homes typically command a much lower market value than say conventional houses that could be permanently occupied or let on a standard tenancy. This difference in value makes a specialist probate valuation essential.

Why Holiday & Second Homes Need Specialist Probate Valuations

Second homes and holiday lets present unique valuation challenges compared with primary residences. Common examples include:

  • Coastal chalets and cottages restricted to seasonal holiday use

  • Flats in seaside towns used for Airbnb or short-term letting

  • “Lock-up-and-leave” apartments in city centres or resorts

  • Rural second homes in desirable villages with limited comparable sales

Markets for holiday properties are often volatile and highly seasonal, with values influenced not only by location but also by planning restrictions, mortgageability, and income potential. Executors therefore need a clear, evidence-based RICS valuation that HMRC will accept.

Comprehensive Red Book Reports

Our probate valuation reports for holiday and second homes include:

  • Full inspection and description of the property, including any planning restrictions
  • Evidence-based comparison with recent sales of similar restricted-use properties
  • Consideration of holiday letting income, where relevant
  • HMRC-compliant statement of market value as at the date of death

By directly addressing planning and use restrictions, our reports provide an accurate figure that reflects the true open market position.

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Frequently Asked Questions About Probate Valuations

Find answers to the most common questions executors, solicitors, and families ask about probate valuations and the inheritance tax process.

What is a probate valuation and why is it needed?

A probate valuation establishes the market value of property at the date of death (or gift within seven years) and is required by law to calculate any Inheritance Tax (IHT) liability. This valuation must usually be carried out by a RICS-certified surveyor

Who pays for the probate valuation and how long does it take?

Typically paid from estate funds, probate valuations vary by complexity. At Fallows, most residential probate reports are delivered within 5–7 days of inspection, ensuring swift progress in settling the estate.

Can I use an Estate Agent’s estimate instead?

Technically speaking, no, but we do acknowledge that some solicitors are happy with just an Estate Agent's letter provided that the value of the estate comfortably falls below the tax threshold, meaning that absolutely no inheritance tax is due or paid. If Inheritance Tax will need to paid, or if the estate is close to the threshold, then absolutely a formal valuation is required as probate demands an independent, Red Book-compliant valuation by a qualified valuation surveyor (eg RICS). Estate Agent estimates are generally informal, often optimistic, and not accepted by HMRC for probate requirements.

What influences property value in probate valuations?

Key factors affecting value include property type, location, market conditions, tax relief eligibility (e.g., APR/BPR), secure tenancies, hope value, use restrictions, and any planning or environmental constraints. Each valuation report documents these considerations transparently.