RICS Valuations

For An Accurate Assessment of Your Property's Value

What is a RICS Valuation?

The RICS Valuation, conducted by a professional accredited by the Royal Institution of Chartered Surveyors, offers a meticulous evaluation of your property’s market value. Our service caters specifically to a variety of purposes, including Help to Buy, Shared Ownership, Probate, Capital Gains Tax, and Private Sale. This valuation is essential for those requiring an impartial and accurate financial assessment of a property. Whatever your requirment, our RICS Valuation equips you with reliable and precise financial insights, allowing you to make informed decisions about your property’s value.

What's included in a RICS Valuation Report

The report is divided into three key sections, each designed to offer insights that contribute to a final, well-rounded valuation figure.

What you’ll learn from your RICS Valuation Report

A RICS Valuation Report provides an authoritative valuation of a property, conducted by a chartered surveyor. This report is essential for an array of financial and legal purposes, from mortgage lending to probate.

  • Market Value: The core element of the report is a professional opinion on the market value of the property, based on its current state and local market conditions.

  • Assessment Criteria: You’ll understand the factors influencing the valuation, such as the property’s location, size, age, and overall condition, among other variables.

  • Comparative Analysis: The report often includes a comparison with similar properties that have recently been sold in the area, offering you additional context for the valuation.

  • Potential Risks: The valuation may identify risks that could affect the property’s value, like structural issues or local planning developments, allowing you to take preemptive action if necessary.

Help to Buy Valuations

The Government Help to Buy scheme, now administered by Homes England, assists numerous individuals in purchasing homes by contributing towards the initial purchase. Consequently, the government retains a share of the property, and the buyer has the option to repurchase some or all of the Help to Buy share during the redemption process. A RICS valuation is essential in such instances. Additionally, if you are planning to remortgage your home, a RICS valuation will also be necessary.

Homes England is recognised for maintaining strict standards in evaluations, and CJ Bloor Property Consultants boasts a 100% success rate in meeting these criteria for the valuation report. By choosing CJ Bloor for your Help to Buy RICS Valuation, you can rest assured that you are in capable hands.

FAQ: Help to Buy Valuations

A Help to Buy Valuation is a specialized property appraisal required when you are looking to sell or remortgage a property purchased through the Help to Buy scheme. This valuation determines the current market value of the property, which is critical for calculating how much you owe back to the scheme.

Unlike standard valuations, a Help to Buy Valuation must be conducted by a RICS-qualified surveyor and follow specific guidelines set out by the Help to Buy agency. It’s a necessary step to comply with the terms and conditions of the Help to Buy scheme.

A Help to Buy Valuation will take into account factors such as the property’s condition, location, and market trends. It may also consider any improvements you’ve made to the property, which could affect its market value.

Typically, a Help to Buy Valuation is valid for three months. If you do not complete your sale or remortgage within this period, you’ll need to obtain a new valuation.

Yes, the valuation will determine the market value of your property, which in turn will dictate the amount you need to repay to the Help to Buy scheme. A higher valuation could result in larger repayments, whereas a lower valuation might reduce them.

Shared Ownership Valuations

Shared ownership homes can be a great way for first-time buyers to get onto the property ladder. However, as their financial situation changes, many people look to increase their share in the property or sell it altogether. In both cases, it’s important to obtain an accurate valuation of the property’s market value in order to proceed.

CJ Bloor has a wealth of experience working with Housing Associations that offer Shared Ownership properties. We understand the strict requirements involved in creating Valuation Reports for this purpose, and we are well-placed to assist you in achieving your goals. Our team of RICS-registered surveyors will carry out a thorough valuation of your property and provide you with a detailed report that can be submitted to your Housing Association.

FAQ: Shared Ownership Valuations

A Shared Ownership Valuation is an appraisal of a property’s market value when you own a share of the property and pay rent on the remaining share. It’s required for various transactions such as selling your share or buying more shares, known as “staircasing.”

While the core principles of appraisal remain similar, Shared Ownership Valuations focus on the valuation of only the share of the property that you own or intend to buy, as well as the rent payable on the remaining share.

The valuation will consider the general condition of the property, the local market conditions, and any improvements made. However, the valuation will specifically focus on the percentage of ownership and the associated rent for the remaining share.

Yes, if you’re planning to increase your share in the property, a Shared Ownership Valuation is essential to determine the cost of the additional share you wish to purchase.

There’s no set rule, but it’s generally advisable to get a new valuation if you’re planning any significant change in your ownership stake or if local property values have notably shifted.

Probate Valuations

When someone passes away, their assets and possessions, collectively known as their estate, need to be evaluated to determine their total value. This process is known as probate valuation and it is essential to obtain a Grant of Representation, which gives the executor the legal authority to manage the estate. A professional probate valuation takes into account all of the deceased’s assets, including money, property, and possessions.

The purpose of a probate valuation is three-fold. Firstly, it helps to determine the accurate value of the estate, which is crucial for the executor to carry out their duties. Secondly, it assists the executor in evaluating whether the estate has sufficient funds to cover any outstanding debts of the deceased. Finally, it calculates the amount of Inheritance Tax (if any) that is due on the estate.

Dealing with the death of a loved one is an emotional and challenging time. At such a time, the last thing anyone wants is to be burdened with the complexities of probate valuation. Our team of professionals understands this and is here to help. We work quietly behind the scenes with minimal input from you to make the process as smooth and stress-free as possible. To receive a quick, no-obligation quote for a probate valuation, please fill out the form provided.

FAQ: Probate Valuations

A Probate Valuation is a specialised form of property appraisal conducted as part of the probate process following the death of a property owner. This valuation is critical for establishing the market value of the property at the time of death, which in turn is essential for the distribution of the estate and for tax calculations.

While a standard property valuation aims to ascertain the current market value for sale or purchase purposes, a Probate Valuation focuses on determining the value of the property at the time of the owner’s death. It’s often a retrospective assessment that may require historical data and is performed adhering to HMRC guidelines.

A Probate Valuation will assess the property’s condition, location, size, and any unique features it may have. Moreover, the valuation will often involve scrutinising property market conditions and comparable sales in the area at the time of the owner’s passing to ensure an accurate valuation.

The validity of a Probate Valuation is not generally time-bound in the same way as other valuations, as its primary purpose is to establish the property’s value at the date of death for legal and tax purposes. However, it’s advisable to get this done as promptly as possible to facilitate the probate process.

Ideally, the surveyor should be RICS-qualified and possess substantial experience in conducting Probate Valuations. Familiarity with HMRC guidelines and the specific nuances of probate valuation processes is also a significant advantage.

Matrimonial Valuations

A matrimonial valuation is a type of property valuation that is specifically conducted for couples who are going through separation or divorce proceedings. The purpose of this valuation is to determine the accurate value of the property that is owned by the couple, which can then be used in the legal proceedings to divide assets.

The valuation can be done on behalf of one party or jointly instructed by both parties. It is important to have an accurate valuation of the property in order to ensure that both parties receive a fair share of the assets during the division process.

Our team of Chartered Surveyors at CJ Bloor understands that separation can be an emotional and complicated time. Therefore, we strive to make the valuation process as simple and efficient as possible. Our surveyors will undertake a thorough inspection of the property and provide a comprehensive report, which will include details of the property’s condition, any defects, and the accurate market value.

In addition to providing an independent valuation, we can also offer expert advice and support throughout the separation process, including guidance on property division, property transfers, and any legal requirements. With our extensive experience in matrimonial valuations, we are committed to helping our clients achieve a fair and satisfactory outcome during this challenging time.

FAQ: Matrimonial Valuations

A Matrimonial Valuation is a type of property assessment conducted generally as part of divorce or separation proceedings. This valuation is pivotal for establishing the fair market value of a jointly-owned property, helping both parties to arrive at an equitable financial settlement.

While the underlying principles of valuation remain the same, a Matrimonial Valuation is usually geared towards establishing a fair market value that is acceptable to both parties and potentially the courts. It often involves a higher level of scrutiny and may be required to stand up in a legal context.

Similar to other valuations, a Matrimonial Valuation will evaluate the condition, location, and size of the property. However, particular focus may be given to identifying any factors that could influence the valuation in a way that would be considered equitable for both parties involved in the separation or divorce.

Typically, a Matrimonial Valuation is valid for a period of up to three months. However, this can vary depending on the circumstances of the case and the rate at which property values are changing in the relevant market.

A surveyor involved in conducting a Matrimonial Valuation should ideally be RICS-qualified with a deep understanding of family law as it pertains to property disputes. Their experience should extend to presenting evidence in court, should the need arise, as their valuation may be subjected to legal scrutiny.

I trust this bespoke content will be valuable for your Matrimonial Valuations Service page. Should you need more detailed questions and answers or additional topics covered, please don’t hesitate to ask.

Private Sale Valuations

Selling a property to a friend or family member can be a daunting process, especially if you want to ensure that you’re selling at a fair market value. It’s important to keep in mind that if you sell your property for less than its market value, you could face financial and legal consequences.

At CJ Bloor, we offer a brief inspection of your property and provide you with a comprehensive report that includes an independent valuation of your property. Our report can help you make an informed decision by giving you an accurate idea of the market value of your property. This can help you negotiate the sale price with your friend or family member and ensure that you’re selling at a fair price.

Our inspection will cover important aspects of your property such as its size, location, condition, and any unique features that may affect its value. We’ll take into account any recent sales of similar properties in the area and other factors that could affect the value of your property. With our report, you can be confident that you’re selling your property at a fair market value and protecting yourself from any potential legal or financial risks.

FAQ: Private Sale Valuations

While the underlying methodology for determining Market Value remains the same for both, the primary difference lies in the circumstances surrounding the sale. In a Private Sale Valuation, the transaction is not conducted in a competitive, open market, but the principles of establishing Market Value still apply.

While the underlying methodology for determining Market Value remains the same for both, the primary difference lies in the circumstances surrounding the sale. In a Private Sale Valuation, the transaction is not conducted in a competitive, open market, but the principles of establishing Market Value still apply.

In line with RICS standards, a Private Sale Valuation will evaluate the property’s condition, location, size, and other attributes that would affect its Market Value. Unlike popular misconception, personal circumstances or emotional factors are not taken into account in this professional appraisal.

Typically, a Private Sale Valuation is valid for up to three months, mirroring the general market conditions and property value trends at the time of appraisal. Should market conditions dramatically change, a re-assessment may be recommended.

The surveyor conducting a Private Sale Valuation should be RICS-qualified and have a thorough understanding of the Red Book standards governing valuations. Experience in conducting similar private sale valuations would be advantageous.

Capital Gains Tax Valuations

When you sell a property, you may be liable for Capital Gains Tax (CGT) on any profit made from the sale. The amount of CGT you owe is based on the difference between the sale price and the original purchase price of the property. To accurately calculate the CGT owed, you need to know the property’s value at the time of purchase and sale.

At CJ Bloor, we provide a compliant valuation report that can be used to calculate your CGT liability. Our report will provide an accurate valuation of your property at a fixed point in time, which is essential for CGT calculations. We understand that the CGT process can be complicated and stressful, and our team is here to help make it as straightforward as possible. Contact us for a free, no-obligation quote.

FAQ: Capital Gains Tax Valuations

A Capital Gains Tax Valuation is a specific type of property valuation required to calculate the capital gains tax owed when you sell or dispose of an asset that has increased in value. This valuation helps determine the gain you’ve made, which forms the basis for calculating the amount of tax you may be liable to pay.

Unlike standard market valuations, a Capital Gains Tax Valuation might require retrospective valuation depending on when the property was acquired. It serves a specific purpose: to determine tax liability as per HMRC guidelines. Therefore, the approach and reporting may differ to comply with tax law requirements.

In keeping with RICS standards, a Capital Gains Tax Valuation evaluates factors like the property’s condition, location, and size. However, this type of valuation may also take into account improvements made to the property during the period of ownership and their impact on its value.

The validity of a Capital Gains Tax Valuation is not constrained in the traditional sense, as its primary aim is to ascertain the property’s value either at the point of sale or at a specific historical date for tax calculation. Nonetheless, it should be conducted as close as possible to the date of disposal for the most accurate calculation.

The surveyor should ideally be RICS-qualified with a robust understanding of HMRC requirements pertaining to capital gains tax. They should have experience in this specific type of valuation and be knowledgeable about tax laws affecting property transactions.

Lease Extension Valuations

A lease extension valuation is a critical process for leaseholders wishing to extend their lease, serving as a means to determine the premium payable to the freeholder for the additional years of ownership. This valuation takes into account several factors to estimate a fair premium, which compensates the freeholder for the delay in regaining full ownership of the property. The valuation is inherently subjective, relying on estimates of future property values and uses industry-standard methods to provide a range of what could be considered a fair price. The lower end of this range represents the minimum the freeholder should accept, while the upper limit is the maximum they could reasonably demand. This negotiation process often focuses more on the evidence supporting the calculated figures than on the premium itself, underlining the importance of a detailed and well-supported lease extension valuation.

Calculating a lease extension valuation involves several complex factors, including the present value of future ground rent, the difference in the property’s reversion value before and after the extension, and the potential marriage value, which arises if the lease has less than 80 years remaining. The valuation process requires professional judgement, especially in determining the term rate for discounting future ground rent payments and assessing the current market value of the property without considering any improvements made by the leaseholder. Given the complexities and the subjective nature of some of these judgements, leaseholders often seek the expertise of professional lease extension surveyors. These professionals can provide detailed reports and advice, ensuring the leaseholder navigates the valuation and negotiation process effectively, whether they are pursuing a formal statutory lease extension or a privately negotiated one.

FAQ: Lease Extension Valuations

Yes, negotiation is a key part of the lease extension process. Once both parties have obtained their lease extension valuations and the leaseholder has served notice, negotiations can begin. Leaseholders are not obligated to accept the freeholder’s initial counteroffer and have the right to negotiate a more favourable premium.

The cost of a lease extension valuation can vary widely, usually between £400 and £1,500 plus VAT, depending on factors such as the complexity of the valuation, the length of the current lease, and the surveyor’s fees. This fee covers the detailed report that outlines the existing leasehold value, the value of the ground rent, and the marriage value.

Extending a lease can increase a property’s value by between 5% and 35%, especially for properties with short leases of less than 60 years remaining. The actual impact on value depends on various factors, including the length of the existing lease and the property’s location.

Typically, the leaseholder pays for the lease extension valuation as they are seeking to extend the lease. The leaseholder is responsible for their own valuation costs and may also be required to cover the freeholder’s reasonable legal fees and the cost of their valuation surveyor.

While online calculators can provide a rough estimate of extension valuations, they are not as accurate as a professional valuation by a RICS surveyor. Freeholders often require a RICS surveyor’s valuation, and an online valuation may not be accepted as evidence in tribunal disputes.

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