'RED BOOK' VALUATION REPORTS
A professionally prepared Valuation Report, as opposed to other types of survey, this is intended only to give a brief inspection of the property, and market valuation. It's scope is restricted by the fact it's based on a limited inspection and a number of standard assumptions. A valuation report is recommended when undertaking a cash purchase of a property for occupation or investment, or where you have no concerns about the condition of the property. The property valuation will always be carried out by a qualified member of the Royal Institution of Chartered Surveyors (RICS), and the valuation will conform to RICS Red Book standards.
CAPITAL GAINS TAX
An accurate property valuation will ensure your tax bill is kept to a minimum, a lengthy negotiation process with the District Valuers (DV) office is avoided and that you are aware of any possible interest payments and penalties which may be due. CGT is payable on the sale of most UK property which does not qualify as an individual’s Principal Primary Residence and, with effect from 1 April 2013, this is extended to ‘non natural persons’ (for example, companies and foundations) under the provisions of the Finance Act 2013.
VALUATIONS FOR PROBATE (INHERITANCE TAX)
At a time of bereavement, the practicalities of assessing the value of assets for Probate (and the impact on tax liabilities) are not automatically high on the agenda. However, if they’re not addressed quickly, it can complicate matters. For many people, their home is the most valuable asset they own. This means that when they die, the property may contribute to a tax liability that will have to be assessed before the executors can settle the Estate.
A tax liability is based on the value of the property at the time of the owner’s death, not at the date of any future sale. If the deceased’s executors or beneficiaries don’t want to sell the property, it’s value must still be included in any assessment of tax due.
Our experienced Surveyors can support you if you need a Probate Valuation.
When long-term relationships come to an end, there are often significant financial issues to resolve. Sometimes this can include the property you share with your partner. In such unfortunate situations a professionally prepared, independent valuation of the shared home is often required in order to assess market worth ‘Market Value’. If the assessment of market value is inaccurate, or isn’t prepared to recognised standards of impartiality by a member of the RICS (Royal Institution of Chartered Surveyors), it will generally not be recognised during the legal negotiation process. Our valuation reports are conducted by a suitably experienced RICS qualified surveyors.
INSURANCE VALUATIONS (REINSTATEMENT)
Ensuring that your property is appropriately insured is essential for property owners and tenants, and in many instances is a specific requirement under the terms of a commercial lease. By undertaking regular assessment for reinstatement ensures that a property is correctly valued eliminating both under insurance which can be seriously detrimental in the event of claim and adversely over insurance which can lead to additional and unnecessary premiums. All valuation assessments are undertaken by our experienced RICS surveyors.
CHARITIES ACT VALUATIONS
Legislation for the disposal of land or buildings by Charities, is provided under section 119 of the Charities Act 2011. Briefly stated, it requires a Qualified Chartered Surveyor acting exclusively for the Charitable Trust, to provide a valuation of the asset, along with expert advice on how to realise its best value or price. Such advice may also be required where the charity grants a lease for a term exceeding three years.
We have wide experience in undertaking Charaties Act Valuations on both land and property giving advice in respect of disposal in accordance with the relevant requirements ensuring that the best price is achieved. Working closely with our sales department we can manage the process from valuation through to sale.
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