Below are some commonly asked questions when valuing a commercial or residential property, or piece of land:
Why do I need a valuation?
To understand the value of your property with regards to the below:
- Secured lending / Mortgages
- Financial Reporting
- Inheritance Tax
- Capital Gains Tax
- SIPP and SSAS Valuations
- Internal Reporting Purposes
- Charities Act
- Dispute Resolution / Expert Witness
- Acquisition Valuations
- Development and development viability
Who requests a valuation?
- Banks - secured lending,
- Accountants / companies / Local Authorities - financial reporting
- Individuals / companies – internal reporting valuation.
- Trustees / accountants - SIPP and SSAS Valuations
- Trustees / solicitors – Taxation valuations
What types of property are you able to value?
Our valuers have a range of experience in different types of valuations allowing us to specialise in sectors including;
- Commercial
- Development
- Residential
- Rural
- Solar farms
- Battery energy storage sites
- Wind farms
- Anaerobic digestion plants
- Hotels
- Licensed & leisure
- Student accommodation
What type of valuations do you provide?
We provide valuations for:
- Secured lending / Mortgages
- Financial Reporting
- Inheritance Tax
- Capital Gains Tax
- SIPP and SSAS Valuations
- Internal Reporting Purposes
- Charities Act
- Dispute Resolution / Expert Witness
- Acquisition Valuations
- Development viability
How much does a valuation cost?
Costs will vary for each individual valuation. We take into consideration the use of the property, number of properties, value and the amount of time and research it will take us to complete the valuation, whilst providing a high level of service to our clients.
When will I need to pay?
Again this varies for each individual valuation, but we typically require payment of the fees prior to inspecting the property and starting the valuation.
What is in a valuation report?
The majority of our valuations will outline the below details:
- The parties and properties involved
- Location
- Description
- Accommodation
- Condition
- Tenure
- Tenancies
- Statutory enquiries
- Environmental matters
- Equality act 2010
- Asbestos at Work Regulations
- Factors affecting value
- Current market commentary
- Marketability
- Valuation approach
- Comparable evidence and opinion of market value
- Valuations
- Strengths and weaknesses
- Verification
- Signatories
How long will the valuation take?
The length of the valuation will depend on the extend of each case, the complexity of the property and availability of the required information. Our valuers are readily available to inspect, measure and progress forwards with the valuation and our standard turnaround time for most valuation work would be 10 working days.
How long is the valuation valid for?
The report will outline the Date of Valuation that is relevant for the particular purpose of the valuation. There is no validity period associated with a particular valuation, and it is at the client’s discretion as to any period of validity.
What do I need to do? Eg access, information etc.
Once terms of engagement have been signed and fee payment has been made, the valuer will contact you to arrange access to inspect and, if necessary, measure the property. Typically, the type of information a valuer requests is:
- Contact details for arranging inspections
- Tenancy details/schedules
- Details of any recent, current and/or proposed negotiations involving the assets
- Any available legal due diligence (Historic or current Report on Title/Certificate of Title, Lease summaries/Sample lease agreements, etc.)
- Any available technical and environmental due diligence (Building Survey Reports, Historic or current Phase 1 Environmental Risk Assessments, etc.)
- Detailed floor areas
- Floor plans, where available
How can I get in touch?
Submit an enquiry form on our website.
What is the process of a valuation?
Initially, we will agree upon terms of engagement, these are to be signed by both parties, then we will complete our due diligence such as conflict checks. If nothing is raised, we will send an invoice for payment of the fees. Upon receiving payment one of our valuers will get in touch to introduce themselves and arrange an inspection and measurement of the property. The valuer will then complete the report, which will be proofread by a valuation Partner before it is sent to the client.
Can you give advice on purchasing land or property, the process and the price I should pay?
Yes, our valuers are able to advise on the process and market value of the property. We also have agency and investment teams who can act on your behalf during the transaction if you require.
What is the RICS? Does the valuer have to be a Chartered Surveyor?
The Royal Institution of Chartered Surveyors (RICS) helps to maintain the highest standards of education and training, protects consumers through strict regulation of professional standards and is the leading source of information and independent advice on land, property, construction and associated environmental issues.
To complete a Red Book valuation, yes, a surveyor must be chartered and an RICS Registered Valuer. This means the Chartered Surveyor has worked in line with the RICS Valuation Standards and is registered and regulated to do so. The Valuation Standards, Red Book outlines the mandatory and best practice principles of a valuation.
What is a Red Book valuation?
Red Book valuation reports are those that meet the criteria set out by the Royal Institution of Chartered Surveyors (RICS) and are carried out by Chartered Surveyors who are RICS-registered valuers.
These reports are required by banks and other lenders or mortgage providers for secured lending purposes. Red Book reports are also generally required where formal legal proceedings have been entered into or tax calculations are involved. That said, expert witness reports will be required in legal disputes, and we would be pleased to provide advice should you require clarification.
What areas of the country do you cover?
We have valuation experts across all our main office locations allowing us to provide valuation advice across the whole of the UK.
Do you do home buyers reports?
We do not provide home buyers reports, however we can provide a more detailed valuation of residential properties.
Do you need to inspect the Property?
This depends on the exact client requirements. Valuers are able to undertake ‘desk-top’ valuations under the Red Book, but the normal practice would be to inspect the properties that are subject to a valuation.
Who can rely on the valuation?
The Valuation Report is provided for the stated purpose and for the sole use of the client they are addressed to. It is confidential to that client and in some cases their professional advisors, and values are not permitted to accept responsibility whatsoever to any third party.
Neither the whole nor any part of a valuation report may be included in any published document, circular or statement, nor published in any way without a Valuer’s written approval of the form and context in which it may appear.
Can you value my business?
We do value trading assets such as hotels, sustainable energy assets, pubs, care homes, healthcare assets, but we do not value businesses separate form a particular trading asset.
Can you value a leasehold interest of a property?
Yes, our valuers are qualified to value both freehold and long leasehold interests.
What happens if there are physical issues with the property?
Fisher German has a team of Building Surveyors who we are able refer you to.
Get in touch
Our national Valuation team helps clients to make informed decisions based on accurate market and property intelligence. Every member of the team is a RICS Registered Valuer and works to stringent internal protocols – this ensures the accuracy, consistency, and quality of our valuation reports.
Find out more about our commercial property valuation service or get in touch today.
North - Phil Winckles
South - Tom Norfolk
*Royal Institution of Chartered Surveyors (RICS) is a long-established professional body for surveyors, worldwide.
