The Property Experts
CHARTERED SURVEYORS AND PROPERTY CONSULTANTS
Valuation
Valuation in Fulham, London SW6
Use: Residential house Client: Hillman Legal
The Client
Newman Webb was instructed on behalf of executors Hillman Legal to provide a valuation of the subject property for a probate case.
The Issue
As part of the valuation process we made enquiries into the nature of ownership of the property and interest to be valued. Our enquiries revealed the deceased only owned a third share in the property.
Our Approach
We are well versed with providing probate valuations and the methodology to be adopted when valuing a shared interest. We made an allowance to our valuation figure to reflect the difficulties in selling a share of a property.
We provided the client with our valuation report of a third share in the property, ensuring the deceased’s estate paid the correct amount of Inheritance Tax.
The Result For Our Client
Our meticulous approach ensured that Inheritance Tax payable was not calculated on 100% of the property’s value, resulting in a large saving for the estate.
Valuation in Chelmsford CM1
Use: Mixed use development Client: LPA Receivers
The Client
Newman Webb was instructed to provide valuation advice (LPA) Receivers for a part-constructed, mixed-use development of 4 retail units and 8 one-bedroom flats. The valuation was needed to inform their disposal strategy.
The Issue
The valuation was complex because of boundary issues; the developer had built over a service road, over which adjoining buildings had a right of way. Party Wall Awards had not been agreed with adjoining owners prior to starting construction and the works completed to date were of poor quality and not in keeping with the Conservation Area in which the property was located.
Our Approach
In our valuation report, we had to provide an estimate of the value of works undertaken to date and the cost of works required to complete the development.
The Result For Our Client
Despite the difficulties encountered, we completed and issued our valuation report to the client’s timescale. The client was satisfied with our valuation and adopted our recommendations as part of their disposal strategy.
Valuation in Brixton, London SW2
The Client
Newman Webb was instructed by the Trustees of Lambeth Voluntary Action Council (LVAC) to provide a valuation for the disposal of a property. LVAC is a registered charity and would require a written valuation report from a Chartered Surveyor which complied with Section 119 of the Charities Act 2011 (formerly Section 36 of the Charities Act 1993).
The Issue
The valuation report needed to be prepared in accordance with the RICS Valuation Standards and meet minimum reporting standards to comply with Section 119 of the Charities Act 2011. The report would also need to cover issues such as the most appropriate method to dispose of the property, advice on whether works should be carried out prior to disposal and a market value for the property.
Our Approach
Newman Webb is experienced in undertaking such valuation reports and we were able to complete this one efficiently and to the client’s timescale. Our report included recommendations that planning permission be sought for the conversion of the property from offices to residential use, increasing its value.
The Result For Our Client
The property was sold with the added benefit of planning permission granted for 2 flats. Following the sale of their property, LVAC sought to purchase a replacement property with the proceeds of the sale. Whilst there are no requirements for a charity to seek advice from a Chartered Surveyor, we were retained to provide pre-purchase valuation advice on the strength of our previous service.