Independent Valuations

Help to Buy Valuation

If you are in a position to repay your Help to Buy loan then you will be required to obtain a Help to Buy compliant valuation in line with Target HCA requirements. 

A RICS valuation provides an independent assessment of the current market value of the property.  The government administrator requires the homeowner to provide a valuation report from a RICS registered valuer. The valuation is used to calculate the amount you will need to repay.

The report must be based on at least three comparable properties. An internal inspection is also made of the property. 

Chesterton Smart are able to provide a report to you within 5 working days.  The valuation is valid for 3 months from the date of inspection

RICS Independent Private Valuations

What should you know about valuing your home?

Most RICS valuations are for residential mortgage purposes. 

Banks and building societies stipulate property valuations are undertaken for the purpose of guaranteeing that the money they loan to purchasers is secure and represents a sound investment proposition. The borrower does not normally see the valuation.

Valuations are undertaken for the lenders by Surveyors who must be on the RICS Valuers Registration Scheme and hold the designation VRS.

You may want to get an RICS valuation as part of a HomeBuyer or as an additional service for example when instructing a full Building Survey, so that you are equipped with the reassurance that you are wholly aware of the true market value of your proposed purchase. This can be most useful when negotiations are necessary during the buying or selling process.

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Shared Ownership Valuations

If you looking to increase your share in the ownership of your home or sell your current property then you will require a valuation carried out by a RICS Valuer. 

You will be required to obtain the requirements of the Housing Association as different associations have different rules and requirements. Chesterton Smart’s valuations are carried out in accordance with the RICS Red Book. Depending on the requirements, we may take into account any improvements that have been made when assessing open market value. 

We will inspect the property and take into consideration the condition of the property but this is not inspected in detail. 

The valuation is valid for 3 months. If the sale has not completed during this time, we can undertake a desktop valuation to review and/or renew the valuation for an agreed fee. 

Capital Gains Tax Valuation

Since 1982 any gain made from an investment property sale is the subject of Capital Gains Tax. 

Payment of tax is due on the increase in value. For residential property it may be 18% or 28% and is not applied to the total sale price of the property. The amount of tax is dependent on various factors which includes income and whether the property is held as an individual or joint names. 

Capital Gains Tax is payable on both residential and commercial properties. 

Chesterton Smart are experienced in providing a robust report for you to submit to your accountant or direct to HMRC.  This is helpful where an individual or entity is being charged much higher or lower tax rates than required.  

It is important to consider the condition and status of the property at that date of inspection. If you have already sold the property then we undertake a desktop analysis to establish the value at a specific point in time.

Matrimonial Valuations

Chesterton Smart is adept in delivering RICS market valuations to be used within matrimonial proceedings to assist divorcing parties to work out how joint property assets are to be divided up.

We can undertake valuations for either party or jointly when instructed providing an impartial evaluation of property values using our expert judgment. We are additionally able to help the parties in the courts. This is sometimes crucial when agreeing an even handed settlement concerning matrimonial assets.

A valuation will provide an accurate open market valuation which comply with the guidelines a set out in the current RICS version of the Red Book.

We will be pleased to discuss your requirements and offer our assistance to you during this difficult time. 

Matrimonial Valuations

Where an estate is subject to inheritance tax, it is likely that a RICS Red Book valuation is required to assist in calculating the inheritance tax due to HM Revenue & Customs. In your duty as an Executor, you will be responsible for discharging your duties to the Estate. Probate valuations are often retrospective and can date back many years.

A probate valuation prepared by Chesterton Smart is compliant with all the rules and regulations defined by the Red Book. We will provide the relevant assumptions in calculating the market value which can be justified if questioned.