Market Valuations
We prepare professional market valuation advice for a range of private, corporate, charitable and financial clients and for a wide range of purposes as detailed below. We offer RICS ‘Red Book’ reports for sale and rental values, compliant with International Valuation Standards for both residential and commercial property and are able to undertake portfolio revaluations on behalf of funds or asset managers.
Our fully qualified Chartered Surveyors & RICS Registered Valuers Cover Central and Greater London as well as the South East of England.
All of our valuation services are tailored to suit your particular requirements and we are usually able to inspect within 5 working days of instruction providing access is available. Please call us for further information and for a fee quotation.
Governments Help to Buy Scheme & Housing Association Staircasing Applications
We can provide RICS compliant Market Valuation Reports for loan redemption purposes in accordance with the requirements of the Governments help to buy schemes across London and the South East.
We also provide formal Market Valuation reports for Sale and staircasing applications for several Housing Associations including Thames Valley, Notting Hill Housing Partnership, Wandle Housing Association and more.
Contact us now for a fixed valuation fee and fast report turnaround.
Probate (Inheritance Tax) Valuation
The valuation of property belonging to someone that has died is one of the first procedures undertaken by the appointed executor or person with power of attorney. Property assets invariably consist the highest value items within ones estate and it is imperative to have these professionally valued in order to minimise the risk of any dispute with HMRC and possible tax liabilities in the future. We retain records relating to the property including our comparable analysis in the event the valuation is challenged by the respective borough valuer or indeed Valuation Office Agency so that we are then well equipped to act on your behalf in respect of negotiations should the need arise.
We prepare professional valuation reports for probate purposes on behalf of executors and solicitors ensuring our reports adhere to the strict requirements of S.160 of the Inheritance Tax Act (1984) as well as the relevant guidance notes produced by the RICS.
We can also, if required, act as agent in respect of the sale of the property by private treaty or as joint auctioneers through our associates and are thereby able to offer a complete, professional valuation and disposal service.
Capital Gains Tax
After disposal or transfer of a property that is not classed as a principle residence, HMRC will require a formal valuation report in order to calculate the appropriate amount of Capital Gains Tax due. Any gain in value realised upon sale or transfer on a non-owner occupied property that is held as an investment is subject to this tax.
If you are considering transferring an asset, perhaps to a relative or between companies it is highly advisable to commission a professional valuation report for CGT purposes.
Our valuation reports for CGT purposes whether for residential or commercial property, conform to the guidance notes provided by the RICS and adopt the strict definitions and requirements of Section 272, Taxation of Chargeable Gains Act 1992.
Please contact us to discuss your requirements and for a fee quotation.
Matrimonial
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.
It is usually necessary in divorce proceedings for the family home and estate to be valued for court purposes. Our surveyors are regularly instructed by acting solicitors to prepare single joint expert valuation reports that are compliant with Part 35 of the Civil Procedure Rules. We also act for single parties and have negotiated numerous successful settlements on behalf of clients minimising the need for prolonged litigation.
Accounts & Portfolio
It is often a requirement for companies to have their property assets professionally revalued on a regular basis ensuring that fixed assets are fairly represented on the balance sheet. We are also able to undertake complete portfolio valuations on behalf of property funds, private investors and other institutions on an ad hoc or recurring basis. Our residential and commercial valuation reports are prepared in accordance with RICS valuation standards.
Charities Commission
Charities must obtain appropriate advice when acquiring or disposing of property interests from someone who has the ability and experience to do so competently, acting exclusively for the Charity and who will ensure that the Charity can be satisfied that the proposed Terms are the best that can reasonably be obtained. The Charities Commission recommend that valuation advice should be sought from a member of the RICS.
In accordance with the Charities Act 1993 and Statements of Recommended Practice, we are able to provide charitable bodies with practical acquisition and disposal advice in respect of their property interests allowing trustees to make well informed reasoned decisions.
We have provided valuation and marketing advice to a number of charities over the years and are pleased to assist in small one off sale/purchase proposals right through to complete portfolio re-valuations with strategic asset enhancement advice.
Loan Security
We are able to provide lenders with a comprehensive and independent report of the market and rental value of a property or entire portfolio offered as loan security. Our valuations are prepared in accordance with the RICS Valuation Standards and we pride ourselves on providing a comprehensive report clearly setting out the valuation methodology.
Reinstatement Cost Assessment
Blakes have a wealth of experience in the preparation of RCA’s – Reinstatement Cost Assessments for Insurance Purposes which are often referred to as insurance or fire valuations. Whether you are a freeholder, resident management company director, insurance broker or block manager responsible for placing the building insurance on a building under management, it is essential that it is assessed on a three yearly basis in order to ensure an adequate level of cover is in place.
Many building insurance policies contain what is known as an ‘averaging’ clause which in the event of a claim allows the insurer to proportionately reduce the pay-out according to the level of deemed ‘underinsurance’ – potentially leaving those responsible for placing the insurance at risk of negligence or requiring the lessees to cover any shortfalls. This clause is however waived by most insurers if a professional assessment is carried out by a chartered surveyor on a regular basis.
It is a common misconception that buildings should be valued to their ‘market value’ and we have come across numerous cases whereby buildings are substantially over insured leading to unnecessary and excessive insurance premiums. There is no correlation between the reconstruction cost of a particular building and its market value and so we highly recommend commissioning an RCA, particularly where the origins of the existing Declared Value are unknown.
We have experience in preparing RCA’s for both residential and commercial properties and have previously prepared assessments for large riverside developments with underground car parks, sea and river retaining walls, high rise residential/office tower blocks, listed London mansion houses and more.
We hold all site notes, detailed measurements and photographs on our systems so that desk top assessments can be undertaken on an annual basis if required at significantly reduced rates.
Please contact us for further information and to discuss your requirements.
