VALUATIONS EXPLAINED

Apart from carrying out general Market Valuations for lending, sale or acquisition purposes some of the more specialist types of valuations that we undertake regularly are described in more detail below.

 


CAPITAL GAINS TAX VALUATIONS

If you are selling, gifting, transferring, swapping or being compensated for a property, in many circumstances (especially when it is not your sole residence) you will have to pay Capital Gains Tax.

Calculating your tax liability can be a complex task, which is often true if you have owned the property being disposed of for a number of years. Furthermore, your tax liability has to be submitted as a self-assessment, which for some, can be a daunting prospect.

Regardless of whether you are an individual taxpayer, partnership or trust, getting a professional Capital Gains Tax Valuation is vital in order to ensure that you provide a fair assessment to HMRC and therefore do not pay more tax than you need to.

At Nichols Surveying, we carry out numerous valuations for CGT purposes every year on a wide variety of property assets and are also experienced in preparing historic valuations as well as undertaking negotiations on your behalf if necessary.

All valuations of this nature are performed by an experienced RICS Registered Valuer and Chartered Surveyor and are carried out in accordance with the ‘RICS Valuation – Professional Standards (the Red Book)’.


HELP TO BUY VALUATIONS

If you have bought your home with a loan from The Help to Buy scheme and you now wish to repay the loan, remortgage or sell your property, under the rules of the scheme, you will need to get your own, independent Help to Buy Valuation report which must be prepared by a RICS Registered Valuer and Chartered Surveyor.

We are able to do this for you and carry out many such valuations of this nature every year. Our reports are often finalised within 24 hours of inspecting your property and our fees are very competitive - starting at just £175.


HOUSING ASSOCIATION & SHARED OWNERSHIP VALUATIONS

If you have a shared ownership property, which is jointly owned with a Housing Association, then you will need a formal market valuation when you want to sell the property or buy an additional share of the equity in the property (often called staircasing).

The valuation cannot be undertaken by an estate agent and must be carried out by an independent RICS Registered Valuer and Chartered Surveyor.

The valuation and the report will be prepared under the ‘RICS Valuation – Professional Standards (the Red Book)’ and in accordance with the requirements of the particular Housing Association involved.

We are able to do this for you and carry out many such valuations of this nature every year for both sale and staircasing purposes. Our reports are often finalised within 24 hours of inspecting your property and our fees are very competitive - starting at just £175.


INSURANCE VALUATIONS (REINSTATEMENT OR REBUILD COST ASSESSMENTS)

It is important that your property assets are fully and adequately insured so that, in the event of a loss - such as by fire - you are not left “out of pocket”.

Most property owners do not know how to calculate the sum that a building should be insured for but here at Nichols Surveying we do. We provide 100s of such assessments every year on a wide range of buildings that vary in age, size, style and design.

It is important that professional and expert advice is obtained when you need to insure your home, buildings and property assets. Get it wrong and the implications of an inaccurate assessment can be significant.

Over insure and you will pay more in insurance premiums than you need to. This can be particularly relevant if you are insuring a property portfolio or residential blocks of flats etc. More importantly, if you are under insured you run the risk of an insurance company limiting or even refusing to pay out on a claim which could leave you in a perilous financial situation - especially in the event of major damage.

Under insurance can occur when:

For owners of individual dwellings/buildings or those with a duty to insure residential blocks and portfolios, Nichols Surveying is able to assist in providing what is known as a Reinstatement Cost Assessment (RCA). This is a calculation to provide a figure representing the cost to reinstate a property in the event of it being destroyed.

It is generally recommended that a Reinstatement Cost Assessment is updated every three years or more frequently if a property has been extended or altered. It is therefore important to have a periodic and professional assessment of your property to calculate a suitable sum. This involves an inspection of the building to determine the age, size, accommodation and methods and materials used in its construction, taking measurements and performing calculations to certain industry standards.

If you are responsible for insuring a building/buildings and are not confident that you are insured for an adequate sum, please do not hesitate to contact us. 

All of the assessments that we undertake are carried out by experienced Chartered Surveyors to recognised industry standards. Our assessments are often finalised within 24 hours of inspecting your property and our fees are very competitive - starting at just £125.


MATRIMONIAL VALUATIONS

When a marriage or civil partnership comes to an end, there are often significant financial issues to resolve which, in many cases, involves shared property assets.

In order to protect your interests, getting an impartial RICS Registered Valuer and Chartered Surveyor to carry out formal valuations of your property assets is highly recommended and will help facilitate any negotiations.

At Nichols Surveying we are skilled in such valuations and want to help you reach a settlement as easily and speedily as possible. Acting on behalf of either an individual or both parties (as a single joint expert valuer), we are sensitive to such situations and are here to simply provide an expert and fair opinion of Market Value.

The valuation report is prepared in accordance with the ‘RICS Valuation – Professional Standards (the Red Book)’ which are the RICS standards for surveyors acting as an expert witness and also in accordance with certain court rules and procedures.

Market Value is defined as: -

"The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion"


PROBATE VALUATIONS & INHERITANCE TAX

At the unfortunate time of a death in the family, matters of inheritance tax are an unwelcome burden and it is therefore important to obtain an accurate valuation of property assets for probate purposes. Inaccurate valuations can produce higher inheritance tax bills than may be necessary.

There is an important difference between a valuation carried out by a Chartered Surveyor and RICS Registered Valuer and one given by an estate agent. An estate agent will give a market valuation of the property normally with the intention of attracting custom – which can often result in an over optimistic valuation resulting in you paying more tax than you need to. Unlike valuations carried out by Chartered Surveyors and RICS Registered Valuers there is no requirement for valuations carried out by estate agents to be unbiased.

As any estate (above a certain value threshold) can be subject to IHT, it is essential that an experienced Chartered Surveyor and RICS Registered Valuer carries out valuations of property assets. This type of valuation is commonly referred to as a Red Book Valuation.

Even if the property is not to be sold, it will still be necessary to obtain a valuation before probate is granted. Probate is needed so that the ownership of an asset can be transferred to the beneficiaries. Also, no sale of a property asset can take place before probate is granted.

At Nichols Surveying, we carry out numerous valuations for probate purposes every year on a wide variety of property assets ranging from small flats to large country houses and are regularly instructed by solicitors as well as private individuals.

All valuations of this nature are performed by an experienced RICS Registered Valuer and Chartered Surveyor and are carried out in accordance with the ‘RICS Valuation – Professional Standards (the Red Book)’.

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