Assessment Types

Residential property valuation in Kingston London, Bristol Birmingham, Manchester and Cardiff.

To value a property in Manchester, one must first recognize that an assessment is not simply a number taken from Zoopla, rather, it is a detailed examination carried out by a registered professional—most often, a valuer who is a member of the Royal Institution of Chartered Surveyors (RICS),which is known around the world as the leading authority in the surveying profession.

What’s a RICS Valuation?

A valuation from RICS determines how much a property or part of land is worth by considering various factors -usually, people have this done when they are purchasing or selling property; however, others might ask for it in the context of wanting to find out how much their property is worth, especially when they plan to insure said property as part of a mortgage deal.

To ensure that properties have the right values, many things need to be taken into account when using the RICS Valuation Standards, which are also known as the ‘Red Book’ -the ‘Red Book’ is simple to reference and provides a clear set of guidelines to follow; those guidelines include best practices Ethics and professional standards. 

Whereas letting agents provide appraisals of a property’s value, RICS valuations are carried out by a special kind of surveyor namely a Valuation Surveyor who directly assesses the property’s condition and indirectly assesses the property market by comparing the property in question with similar properties that have recently been sold.

Factors That are Considered in Valuation

Here are the aspects our team takes into account to arrive at a valuation figure. This is a very first stage – consider a property like this one located in a converted office building, It could be worth as much as £375,000 in Manchester but only half that much in Cardiff, a knowledgeable valuer would never use the same approach to value a property in any two cities. 

Even in two areas that are next door to each other, properties might be worth quite different amounts, a valuer in the area knows this and knows why it is so, and they take a variety of factors into account to arrive at the right figure.

Why Should a Valuation be Done?

Why would anyone need a property valuation? People need them for many reasons: probate, divorce, tax planning, and so on, but the one scenario where it really counts is when you might sell the property – If you or your heirs must sell the property, you want to do it under conditions that make it a good deal for you; the property valuation helps you know your bottom line. 

Otherwise, you could end up in a situation where estate agents help you figure out what you’re going to ask for the property – they also base their arguments for 20-percent discounts on estate tax, and they’re key players in making the property sellable.

Leasehold Valuation

Lease valuation is helpful both to landlords and to tenants—to landlords, because it gives them some basis for what they might appropriately charge in rent for a leasehold property.

Tax Valuation

Taxation, too sometimes requires property valuations – the context might involve calculating capital gains tax, or it might concern liabilities associated with inheritance tax in connection with property in Manchester.

Estimating the Current Market Value

An RICS-registered valuer determines the current market value of a property by analysing its condition, size, and location, relative to other properties that have sold in the same area recently, the valuer makes an educated guess as to the price that property would likely bring if sold on the open market. While this estimate is obviously subjective, making it no more than an “opinion of value,” the process the RICS-registered valuer follows is systematic and considers both property and market characteristics.

Equity Valuation

Equity valuation is the process used to figure out how much a company’s shares are worth this kind of calculation is necessary to know when a person wants to sell re-mortgage or, split up a joint property interested with someone because of a divorce.

Valuation for Right to Buy

When a tenant resolves to purchase the property they rent from a council or housing association, a valuation is performed, the Right to Buy Valuation is conducted to ascertain the property’s open market value as well as to calculate the discount the tenant is entitled to under the Right to Buy scheme.

Purpose of Probate & Inheritance Tax Valuation

When a property owner deceases away, a Probate and Inheritance Tax Valuation is performed, this valuation assesses the market worth of the property at the time of the owner’s death, Which is frequently requested by HM Revenue and Customs (HMRC) in order to compute the Inheritance Tax due on the property.

Capital Gains Tax Valuation

Whenever a property has been sold or given away and has appreciated, it has triggered the need for a valuation for the Capital Gains Tax, this valuation serves to figure out how much, Capital Gains Tax might be owed when the property in question is compared to its original purchase price.

ATED Valuation

If a company possesses a residential property in the UK, it must undertake an ATED valuation -this is true for houses of any sort, so long as they are worth more than a certain amount (currently £500,000, but likely to rise substantially), and it is pretty much the same for flats, as long as they are not in a building that is obviously institutional or commercial.

Valuation for Those Who Are Not Domiciled in the United Kingdom

Assessment of Value for Persons Not Domiciled in the United Kingdom. The principal value they will need for estate planning is the value of their worldwide assets and are potentially liable for inheritance tax (IHT).

Divorce Settlement Valuation

A divorce settlement valuation is a service that lets you know you’ll have confidence in the accurate division of property during your divorce.

Contact

When dealing with residential properties, it is vital to have a thorough property valuation undertaken by an expert. This needs to be a person who is an RICS-registered valuer, and it needs to be done if you want to know the correct market value of a property. 

If you are buying or selling a residential property, especially if you are in the midst of applying for a mortgage. Or if you’ve needed to apply to a court for permission to carry out the deceased’s estate or the property part of a dispute (as when a couple divorces), you are likely to have needed an RICS valuation, our panel of professional valuers in Manchester is able to carry out the necessary process so as to present to you an accurate figure as to the market value of your property.

Understanding the true worth of residential or commercial real estate is a challenge in the rapidly-changing property market of the Kingston, London, Bristol, Birmingham, Manchester, and Cardiff areas. 

Surveys of Commercial Property

If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether. 

Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.

Contact

Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:

The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.

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