A residential Valuation Report provides a professional assessment of a residential property’s open market value. The report is prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation – Professional Standards.
Valuation Reports are prepared by qualified RICS Chartered Surveyors and Registered Valuers, who draw upon their extensive local knowledge of the Cornwall property market in order to assist clients with important property decisions. Our RICS surveyors can act for one party individually or on a joint basis for both parties in respect of, for example, a matrimonial dispute. We are also able to produce retrospective Valuation Reports for tax purposes where necessary.
When someone in the family has passed away, you may need a Valuation Report for Probate purposes. If you are the executor of the will, you need to bear in mind the issue of Inheritance Tax. Property often makes up a substantial part of the estate, and it is crucial to understand the real value of the property so that the correct amount of tax payable can be calculated.
A Probate Valuation provides an accurate assessment of the value of the asset. At Hocking Associates, our extensive knowledge of Cornwall combined with many years of experience carrying out residential valuations for all types of property means that we are ideally suited to provide valuation advice for Probate purposes.
A Valuation Report for tax purposes may be needed for any number of reasons. It may be the case that the property has risen in value and a sale may trigger a Capital Gains Tax liability. Perhaps you are thinking of gifting a property to someone as part of your Inheritance Tax planning, in which case its current market value will need to be ascertained.
A RICS Residential Valuation Report is a valuable tool to help you establish the correct amount of tax likely to be payable to HMRC and to avoid the risk of lengthy, and possibly costly, disputes at a later stage. Having an accurate property valuation will also help with your general tax planning.
For advise on all property related matters including condition and survey reports you can ring Richard from Hocking Associates direct on 07515393511 or email info@hockingassociates.co.uk