Our RICS Registered Valuers carry out a range of residential property valuations in compliance with the RICS Valuation – Global Standards 2017 (The Red Book).
Help to Buy / Shared Equity
If you purchased your home using the government ‘Help to Buy’ scheme you will need an independent RICS valuation when you come to sell or redeem your shared equity loan. This cannot be a valuation from an estate agent, as it has to meet a certain set of criteria set by the RICS and the government ‘Help to Buy’ scheme.
This type of valuation report normally has to meet the following criteria:
- The Valuer must be registered with the recognised qualification of RICS ✓
- The Valuer must be independent to an estate agent ✓
- The report must be on headed paper, signed by the RICS surveyor ✓
- The Valuer must provide at least 3 comparable properties and sale prices ✓
- The comparables provided must be like for like in terms of property type, size, and age and within a 2 mile radius to the property that is being inspected ✓
- The Valuer must not be related or known to you ✓
- The Valuer must inspect the interior of the property and provide a full valuation report ✓
- Valuations carried out for bank or mortgage purposes are not acceptable ✓
Valuation for Probate Purposes (Inheritance Tax)
Probate is the legal process of dealing with someone’s assets after they have died. This is normally conducted by the executors of the person’s will.
A valuation figure for probate purposes (often referred to as a probate valuation) has to be submitted to HMRC as part of the assessment of an Estate (total value of property, possessions and money). In 2020, the Inheritance Tax Threshold is currently set at £325,000.
If the total value of the Estate was worth more than £325,000 on the Inheritance Tax threshold date – the date the person died, then Inheritance Tax is payable subject to certain exemptions ie. if the deceased left everything to their spouse who lives permanently in the UK.
Additional information can be found on the HMRC website https://www.gov.uk/valuing-estate-of-someone-who-died
If you would like to more information, please fill in the contact form and we will call you at a convenient time.
Reinstatement Cost Assessment – For Insurance Purposes
A reinstatement cost assessment is the cost of rebuilding an average home of the type and style inspected to its existing standard using modern materials and techniques and in line with current Building Regulations and other legal requirements.
This includes the cost of rebuilding any garage, boundary or retaining walls and permanent outbuildings, and clearing the site. It also includes professional fees, but does not include VAT (except on fees).
The reinstatement cost helps you decide on the amount of buildings insurance cover you will need for the property.