In the fast-moving property market of London, getting to grips with the true value of residential or commercial spaces is difficult. In this feature, we dissect the intricate property valuation process conducted by expert surveyors, underlining the complex nature of London’s property sector. From first-time buyers and investors to those looking to sell in east London and beyond, knowing what is what could make a big difference to your decision-making.
Looking to redeem your help-to-buy loan or increase your share of equity to cut down your rental payments? With serially changing London property prices, it’s important to have an up to date valuation report to make sure you’re getting a fair deal. Equity assessments will tell you what further equity you can purchase from the housing developer or Housing Association.
Right to Buy permits tenants to buy their council or housing association property for less than the market value. But is it fair to trust your landlord’s valuation? For an objective verification of your house’s price, a RICS Right to buy valuation is recommended. Nevertheless, valuations given are a brief overview of the property’s state. Supplementary measures are required for a thorough structural survey.
Losing a loved one is unbearable, and dealing with their estate can be even more overwhelming. Professional surveyors can help reduce this burden by providing accurate and swift valuations. An evaluation to determine tax payments is called probate, and is important for dividing any assets fairly. However, possessions priced at over £325,000 might owe inheritance tax. Plus, any money gained from property sales must adhere to capital gains tax legislation, which accounts for the cost of the home at the time of death.
The annual tax levied on properties in the UK mainly when a company whose property has £500,000 value. A thoroughgoing scrutiny of the ATED valuation report by a RICS-registered and qualified surveyor can lower your annual liabilities about ATED for the subsequent half decade, prevent huge punishment, and content inconsistencies with the city appraiser when required.
Determining the right financial plan for selling your UK property as a non-resident, and understanding the associated tax liabilities, can be difficult. However, an accurate property appraisal can help to demystify the process. Non-resident tax valuations show you and your legal advisors the obligations, the payments, and the right legal pathways to sell or to cede your London property.
An objective valuation of property is important in divorce proceedings when the division of assets becomes contentious. A certified valuer approved by the Royal Institute of Chartered Surveyors can help guide courts in legal decisions regarding the distribution of assets. When you get an accurate valuation for divorce settlement, you ensure you receive your just share and keep future legal expenses to a minimum.
Valuations are impacted significantly by the intricacies that differentiate leasehold and freehold properties. Typically, a leasehold property appeals differently in value than a freehold property because it remains subject to ground rent and a lease that in developing loses time. The surveyor who is chartered considers the length of the lease, the fees attached to it, and issues that may potentially arise legally to determine a valuation for lease extension.
To engage in commercial property valuation, you must have a broader sense of business economics, local market demand, and the property’s ability to earn money. Property appraisers evaluate the location, infrastructure, current market direction, and sometimes even the financial condition of the current tenants if it is an investment property. For shareholders, these appraisals are pivotal: they support investment returns on investment and underpin business decisions to purchase or sell land.
Knowing how much a property is worth is obviously essential for a sale, but even when not up for sale it’s worth knowing for legal and tax reasons. Correct property valuations are essential for calculations for both inheritance tax and capital gains tax. A chartered surveyor with suitable experience, may provide a formal valuation to be used in these calculations, potentially saving you from paying over the odds in taxes or leaving estate open to challenge in having underpaid.
To determine the worth of a shared ownership property, you need to look at two things: how many shares you own, and the terms of the leasehold or freehold agreement that you have with the housing association or other owner. A specially qualified surveyor assigned to the job would value on a similar basis the shares in a company. The surveyor will value the whole market price of the property, and derive your share from that, a calculation that is important for many transactions, such as buying further shares, selling the property or remortgaging.
The purchase of a property is a large financial transaction, thus needing an accurate valuation in order to establish the actual market price. These valuations will give you information about the overall condition of the property, dimensions and area of the property. The valuation amount will depend on several factor like the size and status of the house, if there is any faults, location, public access for public transport, age of the building, quality of internal fixtures, outdoor spaces and parking spaces.
