For property valuation in London, you should first note that a property valuation is not an arbitrary figure taken from Zoopla; rather, it is a detailed examination. This examination is done by a registered professional, called a valuer, who is usually a Chartered Surveyor. They are members of the Royal Institution of Chartered Surveyors (RICS), a globally recognised professional body that regulates this area of profession.
Equally, quite often property valuations are required for taxation purposes. In this context they might be needed to calculate capital gains tax, or inheritance tax liabilities for London property.
A Market Valuation consists of an examination by an RICS registered valuer of a property’s condition, size, and location, then compares that information with recent sales of comparable properties in the area to estimate the likely price the property would have sold for in an open market on a given date.
A Probate and Inheritance Valuation is an assessment that is carried out when an owner of property dies. It determines the market value of the property at the time when the owner died and is often needed by HM Revenue & Customs for calculating inheritance tax.
Whenever a property has been sold or gifted and there is an increase in its value, a Capital Gains Tax Valuation must be performed to determine how much capital gains tax might be owed.
An ATED Valuation is necessary if a company owns a residential property in the UK. This is applicable to properties over a specific value threshold and determines the level of annual tax that should be paid.
For individuals who are resident but not domiciled, the Non-Domicile Valuation is applicable. This type of valuation could be necessary if the individual owns property in the UK, particularly when they may be liable to inheritance tax (IHT) on their worldwide assets.
A Divorce Settlement Valuation is a service that will allow you to feel confident that the value of your property will be accurately divided within the terms of your divorce settlement. This ensures that all parties are treated fairly.
A RICS Valuation involves assessing what a property or land is worth by looking at a number of factors. People usually do this when they are buying or selling property. However, it also done by people who want to find how much their property is worth so that it can be insured when they borrow money against their property.
In order to ensure that properties are valued as accurately as possible, several factors must be considered when using the RICS Valuation Standards, also known as the ‘Red Book’. Easily referred to, it provides guidelines, best practices, ethics and professional standards to follow.
Contrary to the appraisals provided by letting agents, RICS valuations are performed by a specialised Valuation Surveyor so as to assess the value of the property by appraising the condition of the property.
In London, the property market is as diverse as the city itself. There is a range of property types available, from converted Victorian homes to modern commercial spaces. Each requires a different valuation approach. A knowledgeable valuer understands that each property is individual and they consider factors such as size, location, age and condition among others. The property is carefully inspected. A detailed report is prepared to explain all the findings.
Why would someone need a property valuation? Valuations are required for multiple reason probate, matrimonial, tax planning, however in all these scenarios it is important to have the right value for the property.
The would-be buyer uses the property valuation as a handy yardstick for what they might expect to pay for their desired property, a means to qualify their financial commitment, an argument to support their mortgage application and a weapon to prevent themselves from overpaying. Estate agents, too, are key players in the process, using the valuation as the basis for the asking price. There are different types of valuation for various reasons as set out below.
Alternatively, a lease valuation is useful to a landlord or tenant. To arrive at an appropriate rental price for a leasehold property. It can also be useful to a solicitor acting in property-related legal work.
Equity Valuation is the process used to determine the worth of a property owner’s interest (equity) in a property. This kind of valuation may be needed for a variety of reasons like a divorce settlement, or to sell or re-mortgage.
A Right to Buy Valuation is carried out when a tenant has decided to buy the property they are renting from a council or housing association. The valuation is used to work out the open market value of the property and any discount they are entitled to receive under the Right to Buy scheme.
In residential property, it is essential to have a comprehensive property valuation London, which requires an expert that is an RICS registered valuer to undertake the process to come up with the correct market value of the property.
If you’re in the process of purchasing or selling your home, putting in a mortgage application, submitting an application for the court to permit the property of an individual who has died to be distributed, or working through a property dispute, the possibility that you’ll need a RIC Valuation is high. An RIC Valuation calculates the market value of your land or property and furnishes you with a written appraisal report.
Our panel of professional valuers in London can carry out a valuation taking in to account every single aspect of your property and in its context to present you with an accurate value of the property.
