Valuations

R K Lucas & Son have considerable experience in the professional valuation field. Being a firm of Chartered Surveyors clients are secure in the knowledge that all our professional valuations are based on professional knowledge, academic skill and time tested experience, all backed by comprehensive Professional Indemnity Insurance. So well versed in valuation matters are we that R K Lucas & Son are often called upon to act as an Expert Witness in contentious court matters. Only surveyors who are at the top of their field with a proven track record of professionalism and indisputable credentials are able to act as an Expert Witness.

Below are some brief descriptions of some of the Valuation Services that we offer, should you wish to discuss your individual requirements please contact us.

Mortgage Valuation Reports

Carried out on instruction from the Building Society or Bank and used to assess the suitability of a property as a security of a loan. This report provides an opinion of current market value. It is not a survey on the condition of the property. We will contact the occupier or key holder of the property to arrange access directly and our report shall be sent back to the instructing party. We will be unable to discuss the contents of the report with anyone other than the instructing party.

Individuals may privately instruct us to carry out a valuation of a specific property for lending or mortgage purposes, however, you should consult with your lender first to see if this acceptable (and in most cases it is not). The vast majority of instructions come from the lender directly and it is very rare for the borrower to instruct individually.

Pre-Purchase Valuation Report

A low cost valuation in a letter form based on a brief inspection. This provides an opinion of current market value of the property and is useful in helping the prospective purchaser decide a number of potential purchases. You may wish to consider this option when you are considering a number of properties and would like a professional opinion on the shortlisted properties value in order to aid the decision process. You may also wish to consider this option where budget outweighs survey priorities and you are satisfied as to the condition of the property but would like a professional opinion on the properties worth.

Building Insurance Valuation

In letter form this provides a figure which would be the minimum recommended cost of rebuilding a property. The valuation is prepared in accordance with the Guide to House Rebuilding Costs published by the Building Cost Information Service. Your building insurance may not be covering you adequately without an accurate rebuilding cost figure.

Matrimonial Valuation

Modern times have seen high divorce and separation rates, it is usually necessary for matrimonial homes or shared property to be valued in order to decide upon how the assets will be divided. Most matrimonial valuations are carried out by a qualified surveyor/valuer appointed by both parties in the divorce with an independent valuation report provided for and to the Court.

R K Lucas & Son are able to undertake these matrimonial valuations and provide reports compliant with Rule 35 of the CPR 1998. In most cases we are jointly appointed by instructing solicitors (on behalf of each party) to provide an independent valuation report for the Courts. We are able to provide matrimonial valuation reports in respect of all manor of matrimonial homes and shared property assets.

Capital Gains / Inheritance Tax / Retrospective Valuations

Individual taxpayers, partnerships and trusts are required, under self-assessment procedures, to calculate their tax liability based on valuations they must supply.

It is important that taxpayers ensure any valuations used in their tax calculations have been calculated on the statutory basis, using best practice and experienced valuers in this specialised area of work.

In inheritance tax cases, personal representatives are required to submit an inheritance tax account which identifies all appropriate property and its value.

Valuations used by taxpayers in their computations are subject to checking by the district valuer on behalf of Her Majesty’s Revenue and Customs (HMRC). If the district valuer determines a different valuation to that supplied, and this results in a materially different tax bill, then the taxpayer could be faced with a claim for interest and in some cases, additional penalties. It is essential, therefore, that the figure are right, first time so why do anything other than instruct a professional valuer in the matter.

R K Lucas & Son are very experienced in undertaking valuations and negotiating with the district valuer on disposal, in accordance with statutory requirements for these purposes.

Agricultural Land Valuations

R K Lucas & Son are able to provide valuations of land for agricultural purposes, providing information for tenants and Landlords on a variety of rural matters.