Probate Valuations
An accurate market value of property is necessary at the date of death for overall estate and individual property inheritance tax purposes. If the property is likely to be subject to inheritance tax, an RICS probate valuation is required in order to calculate the amount of tax due to HM Revenue and Customs (HMRC).
Our expert valuers can carry out a valuation at a convenient time and liaise with the District Valuer and the lawyers acting on behalf of the estate to agree the valuation. If you are discharging your duties as an Executor to the estate it is clearly beneficial for you to obtain an RICS Probate to ensure accuracy. If the HMRC believe the true value of the property is greater than the figure presented, it may impose financial penalties against the estate and personal representatives.
Insurance Valuations
The vast majority of insurers will require a valuation of the cost to rebuild your property in the unfortunate event that it is destroyed by fire or other accident. If you overestimate the cost of rebuilding your home, you risk spending more than necessary on insurance. Conversely, if you underestimate the cost, you might not have the cover you need to reinstate your property following a disaster.
Instead of estimating your home’s value for insurance purposes, our RICS surveyors can provide highly accurate Reinstatement Valuations. These can be ascertained via a site visit to measure your premises and record its construction and any special features.
Matrimonial Valuations
When a married couple decide to divorce it will be necessary to ensure that a fair financial settlement is reached. As the matrimonial home is usually a significant asset, its value will need to be agreed. If any other properties are owned, these too will need to be valued to help reach agreement with both parties.
We can assist by providing a Property Valuation Report to help decide how the matrimonial home should be divided in divorce proceedings. The process of undertaking a Property Valuation Report includes a site visit to the property by one of our RICS Registered Valuers, and the process includes an internal and external inspection. A number of attributes such as the size, condition, specification and location of the property are taken into consideration. Our RICS Registered Valuers uses this information, alongside their local knowledge and evidence of comparable sales, to provide an accurate impartial valuation.
Matrimonial valuations require considerably more detail, and have to be transparent and more open to interpretation than most other valuations. Our expert team is able to present an independent valuation for and to the court and can also carry out valuations for single parties to use in negotiations.
Condition Schedules
A Schedule of Condition records the condition of a property, and is most commonly used in leases and Party Wall agreements to protect both landlords and tenants. It documents the mutually agreed state of a property at the beginning of a lease and any potential repair work which may be required during or at the end of a lease.
An agreed Schedule of Condition is a highly effective way of limiting future dilapidations liability. It is particularly important as a new tenant may, potentially, inherit disrepair caused by the previous tenant. An agreed Schedule of Condition at the commencement of a tenancy and attached to the lease is the most effective way of limiting future dilapidations liability. We offer highly accurate and detailed schedules of condition which will benefit both landlords and tenants.
Expert Professional Advice
With years of experience in dealing with a vast array of property related issues for a wide range of clients, we can provide you with expert professional advice that you can trust.
