Help to Buy valuation
An RICS valuation is needed in order to determine market value and the amount of deposit that should be repaid to the relevant scheme. David Baker & Company carry out Help To Buy Valuations that follow the exact requirements of the scheme and inspect the inside and outside of the property.
What is Market Value?
What criteria do I need to adhere to?
- You must instruct your own RICS valuer (registered member of the Royal Institute of Chartered Surveyors) to carry out the valuation and confirm the current Market Value.
- You should instruct the RICS valuer and return the completed valuation report along with the post completions instruction form.NB: A Memorandum of sale also required when selling the property.
- The valuer must have experience in the valuation of residential properties in the region.
- The valuer must confirm the Market Value of the property as defined in the information pack.
- The valuer must be registered with the recognised qualification of RICS.
- The valuer to provide 3 comparable properties and sale prices within the last 6 months of similar property types within a 5 miles radius of the subject property postcode area.
- The valuer must not be related or known to you and independent from the estate agent marketing or handling the sale and acknowledge this within the report.
- The valuer must inspect the interior of the property and provide a full valuation report confirming the inspection date.
Following receipt of all documents Help to Buy Wales will provide a provisional redemption statement via email to yourself (customer) and nominated solicitor within 10 working days of receipt. The RICS valuation will only be valid for 3 months from the date of inspection.
The Valuation Report needs to be presented on headed paper, signed by a RICS surveyor, dated, and addressed to the appropriate association.
More information can be found at www.gov.wales/helptobuy
Insurance resinstatement valuation
A reinstatement valuation is an estimate of value for a building
(a home, office, investment etc) should be insured and the cost to replace the building should it be destroyed.
Why do I need an Insurance Reinstatement Valuation?
Regular Insurance Reinstatement Valuations will ensure that in the event of a claim on a buildings insurance policy, the building is not under nor over-insured.
Home insurance is often an essential requirement of a mortgage lender and when insuring a home or building, it is not generally suitable to insure it against its sale price or current market value.
When instructing David Baker & Co for an Insurance Reinstatement Valuation you can be sure that we use the most up to date data provided by the Royal Institution of Chartered Surveyors Building Cost Information Service (BCIS).
Accurate valuation here ensures that in the event of a disaster, such as fire or flood, the building is insured to an appropriate amount making it possible to re build the building or find finance to do so if required.
Capital Gains Tax valuation
Capital Gains Tax (CGT), like all tax, is a complex field and independent financial advice should always be sought.
What is Capital Gains Tax?
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. The rate varies based on a number of factors, such as your income and size of gain. For residential property it may be 18% or 28% of the gain (not the total sale price). You may have to pay Capital Gains Tax when you sell a property that’s not your home, for example:
- buy-to-let properties
- business premises
- land
- inherited property
There are different rules if you sell your home, live abroad or are a company registered abroad.
You must report and pay any Capital Gains Tax on most sales of UK property within 60 days.
The District Valuer?
District Valuer Services (DVS) is the specialist property arm of the Valuation Office Agency (VOA). They provide independent, impartial, valuation and professional property advice across the entire public sector, and where public money or public functions are involved.
In order to determine if you’re liable to pay Capital Gains Tax, a property valuation is needed to provide reliable information on its value. Our Chartered Surveyor, Charles Wood, has many years of experience in providing a detailed report for you to submit to your Accountant or HMRC. Should the District Valuer dispute the figure, we can also help to negotiate on your behalf. We would always prefer to make a visit to site, but we can undertake this exercise on a drive-by valuation or desktop basis if required, particularly if you have already sold the property
Probate & Inheritance Tax valuation
David Baker & Company are here to help you through the most difficult of circumstances, and this includes when a beloved family member or friend dies. If a property is left to you, or if you are an executor of an estate you will need to get a valuation, even if you don’t have plans to sell the property, in order to complete the His Majesty’s Revenue and Customs (HMRC) Inheritance Tax form.
Grant of Representation
A Grant of Representation is a legal document that gives the person named on it the authority to administer the estate and other assets of a deceased person. There are two types, one of which is a Grant of Probate, which applies when the deceased leaves a will. You must obtain this before you are legally able to discharge an estate.
Property is very often the most valuable part of any estate and for that reason we strongly recommended an RICS qualified Chartered Surveyor is instructed to provide you with a formal valuation, during what can often be a difficult and distressing time. Although not always necessary, instructing an RICS qualified Chartered Surveyor will minimise your risk of having the property over-valued which could in turn could leave you subject to Inheritance Tax. If HMRC dispute a Probate Valuation, financial penalties can be applied in addition to any extra Inheritance Tax due – it is important to get it right first time.
Please be aware that you will be required to provide the date of death, the full name of the deceased and proof that you are the executor of the will, at the time of instruction.
Valuation
How long should Probate take?
A question often asked, but a difficult one to answer with any certainty due to the number of factors involved. A Grant of Probate can be issued within about three/four weeks from the date the Probate Registry receive the application papers but the process can take a lot longer. It is worth keeping an open mind, being flexible and keeping on top of the situation where possible.
Matrimonial valuations
An independent valuation of a shared home is often required when a long-term relationship comes to an end. This is something that can be commissioned by one person, if you continue to have a civil relationship with your partner, or you can both seek your own valuations.
Single and Joint Matrimonial Expert Valuation
The family home is more often than not the highest value asset a couple will have and an understanding its value is essential. We will undertake an independent matrimonial valuation that can be provided to solicitors dealing with the divorce as well as to county or high courts in instances of a dispute.
Only accredited experienced valuers will be able to undertake this type of instruction and all of our matrimonial valuations will be completed by Charles Wood, our RICS Registered Valuer. The report will be an unbiased and true opinion of the value of the property. Charles has years of experience in valuing property in the local area and is well respected. Our aim as always is to provide a discreet and comprehensive professional service, during what can often be a difficult and very sensitive time for everyone involved.
What is a Matrimonial Valuation?
Charles will visit the property to conduct a full internal and external inspection, and will take into account a number of factors including the condition of the home, the size, location and the specification. Those factors, combined with his extensive knowledge of the market and evidence of comparable sales in the local area will help us arrive at an accurate valuation.
When commissioning an RICS Matrimonial Valuation with David Baker & Co, you benefit from the RICS Professional Standards (the ‘Red Book’) which contains mandatory rules, best practice guidance and related commentary for all RICS Members undertaking asset valuations.