This is simply an opinion of the Market Value of the property at the date of inspection and may be required for various different purposes. The most common example is a mortgage valuation. Your mortgage company will arrange for a valuation to be carried out, normally at your expense.
The purpose of this is simply to advise the Bank or Building Society if the property is worth the price that you have agreed to pay in order to secure their lending against it. Its purpose is not to provide you with any detailed information about the condition of the property, although further reports on structural defects, dampness or general repairs may be called for by the valuer before release of mortgage funds is recommended.
Help to Buy is a government-led scheme that allows purchasers meeting certain criteria to obtain a share of their new home. If you have purchased a home via Help to Buy, you will need to get an independent valuation when you come to sell the house, repay the loan or buy an additional percentage of the property. Valuations are carried out in accordance with RICS Valuation Standards (Red Book). We provide at least three comparable sales within the report.
When a homeowner passes away, the property may need to be valued for probate purpose. This is a formal document that can be presented to HMRC, for instance for inheritance tax purposes and it is important for the valuation to be accurate to avoid over or under declaring the value. Â
When you obtain a home insurance quote, the insurance company would need to know reinstatement costs to know how much they would pay to rebuild your property. Home insurance policies are insured against the reinstatement costs rather than the market value of the property.Â
A short lease often makes a property more difficult to sell and mortgages are usually harder to obtain on shorter leases. Under the 1993 Leasehold Reform Act, a lease extension allows you to add 90 years to the remaining term of your lease and we can produce the valuation on behalf of the Leaseholder or Freeholder.Â
This type of valuation for matrimonial purposes provides a Market Valuation which can be used to decide how joint assets are divided between parties involved in divorce/separation proceedings. Valuations comply with the rules and guidelines of the RICS Red Book and can also be undertaken in accordance with ‘Part 25 of the Family Procedure Rules (FPR).
Usually, capital gains tax is based on the difference between what you paid for a property and how much you sold it for. A market valuation is needed for situations such as an inherited asset or for accountancy purposes and you will also need Legal Advice.Â
Diminution valuations can be used in conjunction with legal proceedings to evidence any loss in value caused by a breach of contract, negligence or other damages.Â
A commercial property valuation may be needed if a property is being bought, sold, leased, developed or mortgaged. A re-building cost assessment may also be needed for insurance purposes. The valuation can also be used for valuing assets as part of liquidation, merger or acquisition.
We can assist with commercial (retail, office or industrial) capital valuations as well as rent reviews.Â
We are ready to help with any questions and enquiries you may have…
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Dobson & Poole Limited are Chartered Building Surveyors based in Bromley and Margate, Kent. Established in 1988, we are a RICS qualified team of building surveyors with over 90 years’ combined industry experience we offer a full range of professional services including building surveys, valuation surveys, advice with party wall matters, expert witness, contract administration and more.
Dobson & Poole
Chatterton Works
26 Chantry Lane
Bromley
Kent
BR2 9QL
Monday to Friday 9am – 5pm
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Chartered Surveyors in Bromley, Margate, Kent
