Upon death, in order to apply for a grant of probate for the deceased’s estate, a formal valuation is commonly required if the assets in the estate exceeds the nil rate band for inheritance tax (IHT). If the assets are unlikely to exceed the nil rate band, and there is not likely to be an IHT liability, a letter from a valuer may be sufficient. Your solicitors, or estate advisors, will be able to advise you as to the requirements for a particular estate.
Valuations for this purpose as undertaken as at the date of death –there can be varying amount of time between death and us being instructed but we have a wide range of data, sale values and information available to us to allow us to undertake valuations as the required date. If challenged by the Valuation Office, we are then able to justify the valuation on your behalf to assist the application for probate to be as smooth as possible.
From undertaking a probate valuation we are then able to, if required, explore and maximise any development or planning potential, regularise any outstanding tenancies/agreements before advising how to dispose of assets if required –all from one office with a single point of contact.
We regularly undertake valuation work for use in matrimonial disputes/divorce cases. Most commonly our instructions come via a party’s solicitor where we act as a joint expert (instructed by both parties) to prepare a valuation of the assets for use by the court in proceedings. We are used to dealing with such sensitive matters and, if required, are able to attend court hearings for questioning in relation to our valuation during proceedings.
Charities Act 2011
Any assets owned by a charity, charitable trust or community assets must, before disposal, undergo a formal valuation to ensure that the proposed sale price is the best price achievable for that asset for the benefit of the charity/community.
To comply with the requirements of the act a formal valuation must consider all relevant factors including methods of marketing and advertising in a report prepared by someone acting solely on behalf of the trust/charity.
We have undertaken several valuations of this nature as both a standalone valuation or as a valuation to support sale of an asset which we have marketed and agreed a sale upon.
This is another example where our estate agency and professional sides of our business can work seamlessly to dispose of such assets.
Help to Buy Redemption
If you have purchased your home with assistance from the Government’s Help to Buy Scheme when you sell, or re-mortgage, you will be required to re-pay the loan through the scheme in order for a sale to complete.
You will repay based upon the sale value, or the market value, whichever is the highest.
We have a wide range of experience in valuing flats, and houses, which have been subject to this scheme with a large number completed in Redditch, Pershore, Evesham and Worcester.
We understand that often many people don’t realise a formal valuation is required to progress the sale so we work quickly to give a transparent fee quote and produce reports within a week of inspection.
Our valuations meet both valuation standards but also the requirements of the Help to Buy Scheme in terms of the provision of specific market evidence from sold properties within the area.
It should be noted that such valuations are only valid, for the scheme, for three months but in the event your sale takes longer than this we can quickly update and re-issue your report for you.
Taxation of assets can occur for a variety of reasons but the most common is capital gains tax (CGT) upon disposal of an asset which is liable for this tax. CGT is a tax on the uplift in value upon disposal with the uplift calculations from the date you owned the asset or March 1982 if owned prior to this date. We are able to work with your professional advisors, and accountants, to produce a report to calculate any tax due but also advise as to what likely costs and personal allowances can be put against the tax liability.
Assets held in a trust often require regular, formal, valuations to calculate any tax liabilities or charges during the lifetime of the trust. We have several clients for whom we value assets, held in trust, and produce reports for trust specialists to administer the trust for the beneficiaries.