Residential Valuation Reports
The Purpose of a Property Valuation Report
A residential Valuation Report from Hocking Associates provides a professional assessment of a residential property’s open market value. The report is prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation – Professional Standards.
Valuation Reports are prepared by our qualified RICS Chartered Surveyors and Registered Valuers, who draw upon their extensive local knowledge of the Cornwall property market in order to assist clients with important property decisions. Our RICS surveyors can act for one party individually or on a joint basis for both parties in respect of, for example, a matrimonial dispute. We are also able to produce retrospective Valuation Reports for tax purposes where necessary.
Property valuations and surveys are conducted for a range of purposes, including (but not limited to) probate, capital gains tax, inheritance tax, matrimonial and open market valuations. We are also able to act as an Expert Witness for court purposes, during situations where court compliant reports are required.
Who Needs a Valuation Report?
There are many reasons why an individual, family, or organisation may require an independent Valuation Report for a residential property.
- A Valuation Report for probate purposes prepared by a qualified RICS Registered Valuer will be required by the Inland Revenue. This is to accurately assess the value of a deceased’s estate where it is likely to be subject to inheritance tax.
- In the event of a matrimonial breakdown, a professional Valuation Report is often required to establish the true open market value of any property assets in order to assist the parties in arriving at a fair financial settlement.
- Valuation Reports also support tax planning, in relation to:
- Capital gains tax issues, both future and past.
- Inheritance tax planning to reduce tax implications for future beneficiaries in respect of an estate.
- Tax implications where trusts and trustees are involved.
- Valuations when property assets are moved, for example, from private ownership to company ownership.
- Transfer of ownership from one individual to another to make use of the seven year rule to avoid potential inheritance tax issues.
- Buy-to-let investors and landlords may need formal property Valuation Reports when adding to their portfolios or to help mitigate potential capital gains tax issues.
- Where commercial properties have a residential element, for example a flat over a retail outlet, this sometimes needs to be separated out as an independent valuation, particularly if being sold off into third party ownership. We are able to provide advice as to how this can best be achieved, possibly incorporating advice on covenants to maintain the value of each independent element whilst ensuring adequate ongoing maintenance of the building as a whole.
What Does a Residential Valuation Include?
Hocking Associates’ residential Valuation Reports provide an up to date insight into the property’s true value as at the date of inspection or, in the case of retrospective valuations, as at the date specified.
Our professional Chartered Surveyors assess the building’s overall condition so that any significant repairs can be reflected in the Valuation Report, but the inspection does not constitute a Structural Survey.
- Property overview – type, age, tenure, accommodation details, parking, outbuildings, garages, etc.
- Condition of the property – to include matters such as damp, rot, infestations, and required repairs.
- Current valuation range – our professional judgement on market value when a range of figures is requested.
- Comparable sales data – prices achieved for similar nearby properties. This normally forms part of the Valuation Report to support figures provided.
What is Not Included in a Residential Property Valuation Report?
It is important to understand residential Valuation Reports from Hocking Associates have a specific purpose and scope.
A property valuation report is not the same as a mortgage valuation or an estate agent’s valuation. It is an independent RICS-approved valuation that can provide an accurate market value of your property based on strict criteria laid down in our Terms of Engagement. Such Terms of Engagement will include certain assumptions.
They do not include:
- Detailed Structural Surveys assessing every aspect of the property’s condition.
- Inventories of fixtures, fittings, and furnishings.
- Advice on defects, repairs, or making improvements.
- Assessments of energy efficiency or environmental factors.
A RICS Property Valuation report is also not to be confused with a Level 2 HomeBuyers Report or Level 3 Building Survey Report. A building survey will be far more detailed and make recommendations on items that need further investigation before purchasing a property.
For these more comprehensive building surveys, we offer bespoke services tailored to the client’s needs. Our team can provide guidance on the right property survey that meets your requirements.
Choose Hocking Associates for Your Residential Valuation Reports
Whether you are selling, buying, or expanding your property portfolio, or undergoing a change in circumstances, and you need expert, informed, and knowledgeable advice, Hocking Associates are happy to help you.
We cover all areas from Padstow and the North Cornish coast to Lands’ End. Please feel free to call for a no obligation initial consultation.