For many people, the only time they need a property valuation is when they are buying or selling a house. However, there are a number of other situations where an assessment of the value of a home or business premises is essential – and here Maunder Taylor, who offer high-quality property valuation services in London and Hertfordshire, identify some of the most common alternatives.
When a homeowner dies their estate needs to be valued as part of their estate. This enables the executor to act on the dead person’s wishes as outlined in their will, and it applies even if the property isn’t being sold.
For probate purposes, the value is defined as what the property could reasonably be expected to fetch on the open market on the day of the owner’s death. This means any offers from people prepared to pay ‘over the odds’ to buy it can be discounted.
More realistic indicators such as any recent house sales of similar properties in the area can be used as a guide. However, the best way to establish the value is to use chartered surveyors like Maunder Taylor, who operate in North London and Hertfordshire. We will be able to establish an accurate figure even if the house is unique, due to its size, construction or location.
Once the probate valuation is established, then HMRC can calculate how much inheritance tax needs to be paid.
Sometimes personal or commercial disputes which end up in the courts require a property valuation. For example, if a couple are divorcing, or splitting up, the courts need to valuation to determine how the assets should be divided up. Litigation is also carried out for business reasons – if one partner wants to buy out another’s interest in a company, you may need a professional valuation to determine the value of any premises.
Although we always prefer to settle disputes by negotiation, we can supply independent property valuations directly to the court, tribunal or hearing. We are also highly experienced in offering expert witness valuations, and we have given evidence either in person or in writing on many occasions.
Capital gains tax applies whenever you sell a property for more than you paid for it. Normally this is automatically calculated from the sale price.
However, you might need a professional valuation if you ever sell the home or business premises for less than its market value. For example, you might want to pass it on to a family member or friend.
Companies are required to submit annual accounts at the end of every financial year. Copies need to be sent to any shareholders and HMRC as well as Companies House. Any property, assuming that it is owned rather than leased, requires an independent valuation as it needs to be included on the balance sheet as an asset.
Sometimes property valuations are carried out in advance of a potential sale, or if the company needs to raise finance from a bank or other financial institution.
Property Valuation in London from Maunder Taylor
Maunder Taylor provide property valuations across London and Hertfordshire. Members of our team are chartered surveyors are registered with the RICS so you can be sure you can rely on us for professional, impartial advice.
If you would like to learn more about our services – which include property management, insurance and estate agency as well as property valuation – you can contact us by clicking on this link and filling in the online form. You can also call us at our Whetstone office on 020 8446 0011.