From time to time, you may need to obtain a formal valuation of assets in your ownership whether it’s a residential, commercial or rural property, fine art and furniture, jewellery, modern machinery and plant or vintage machinery and steam engines. Valuations are required for a number of reasons including for probate purposes, sale or disposal, acquisition, property portfolio rationalisation, HMRC disputes, capital tax implications, divorce or strategic decision making.
Cheffins is a market-leading auctioneering and property consultancy business operating from six offices in the Anglia region offering a unique range of specialist valuation services across a number of sectors in Cambridgeshire and the wider region. We can help you make an informed decision by producing an accurate reflection of an item or a property’s true value. The multi-disciplinary nature of our business means that we can provide comprehensive valuation services and we work collaboratively across departments when the valuation is complex and cuts across a number of sectors.
We provide valuations for a diverse range of clients including private individuals, public sector, charities, executors, administrators, trustees, solicitors, insurance companies and businesses.
Our valuation experts are professionally qualified and RICS, CAAV and ARLA accredited. These professional accreditations mean that our valuers are regulated by governing bodies and the standards of our valuations are both consistent and accurate, adhering to a strict set of industry-wide protocols. The rigorous standards set by the governing bodies provide our clients with the reassurance that each valuation, regardless of asset type, follows a consistent procedure and can withstand the toughest of scrutiny.
A RICS valuation adheres to the strict guidelines set out in the RICS’ Red Book of Valuation Standards and each valuation will follow a consistent procedure regardless of the item in question. A RICS valuation is an impartial, professional opinion based on local knowledge and a fundamental understanding of a particular sector.
Our team of qualified and accredited experts have a profound understanding of the markets within which we operate. Our valuations are robust and can withstand the toughest scrutiny. We offer valuations in all of the following sectors:
Professional valuations are key to securing a fair settlement or price on the open market or you may be looking to accurately reflect the value of net assets on your balance sheet or ensure that you are adequately covered for insurance purposes. We offer valuation services in all of the following categories:
Marketing advice – for sales and lettings
Our estate agency teams and commercial surveyors provide accurate property valuations for sales and lettings of residential and commercial property. Our valuations are robust and based on significant property market industry experience and expertise. We can provide market appraisals or open market valuations. Where appropriate, we can draw on the expertise of our colleagues from the planning and development departments where the property in question has potential for expansion.
Prior to purchasing a property, it’s likely that you will want some assurance about your prospective purchase’s condition and value. Our RICS registered valuers can provide you with a Property Acquisition Valuation that will determine market value, provide you with detailed comparable figures and sensitivity analysis.
Rent review valuation and lease renewals
Commercial leases have rent review clauses which set out a time frame (typically every three to five years) detailing when rents can be reviewed. Rent reviews enable landlords of commercial properties to adjust the rent charged to a tenant based on different factors such as open market rent, turnover rent or a stepped rent review. Naturally, landlords want to review rents to ensure they receive the maximum rental income whereas tenants will be looking to minimise their liabilities. We act for both owners and occupiers who need a rent review valuation and work collaboratively to progress the rent review process and consequent negotiations.
Unlike other company assets, which are often written down over a number of years in the balance sheet, land and buildings are required to be valued on the basis of Fair Value. This is defined by the International Accounting Standards Board as being:
The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date”.
Our RICS Registered Valuers have a clear understanding of the relevant accounting standards and are well qualified to produce formal valuation reports for submission as part of your company accounts.
Pension Fund valuations
Commercial property is often held within a Self Invested Personal Pension (SIPP). These are regulated by the Financial Conduct Authority and require regular valuations, for both Market Value and Market Rent.
Our RICS Registered Valuers have a clear understanding of FSA requirements and regularly provide valuation reports to a number of large SIPP providers as well as individual SIPP holders.
Charities Act Services
Cheffins has a long history in providing advice and guidance to Charities. Section 119 of the Charities Act 2011 places an obligation on the trustees of a charity to obtain and consider a written report from a Chartered Surveyor when they wish to dispose of land or property or an interest in land or property by way of a lease.
Our RICS Registered Valuers have a clear understanding of the Charities Regulations 1992 and regularly receive instructions from national and local charities to provide qualified surveyors reports in accordance with Sections 117 – 121 of the Charities Act 2011.
Our valuation instructions relate to the disposal of properties and the granting of leases. Our qualified surveyor’s reports are completed in accordance with Section 119 of the Charities Act which requires the surveyor to stand back, maintain independence and advise the charity on whether it is in their best interests to alter the property or make adaptions before the sale or whether the property should be divided into lots to achieve the best value.
Valuation for Inheritance Tax Purposes
‘Probate’ is the term for the legal process under which a deceased person’s estate is managed. A valuation for inheritance tax purposes to gain probate is commonly referred to as ‘an inheritance tax valuation’ or a ‘probate valuation’. A valuation for inheritance tax purposes details the value of someone’s assets once they have passed away. You may be asked to obtain an inheritance tax/probate valuation on behalf of a deceased person’s estate in order to complete the probate submission for HMRC. Accurate valuations are critical because they will determine the amount of inheritance tax that needs to be paid to HMRC.
Probate valuations of house contents – House contents accumulated over a lifetime may have significant value or little monetary value but huge sentimental value. Our valuers in our Fine Art department can provide a probate valuation which will determine the value of the entire house contents detailing items that are subject to inheritance tax. We would usually visit the property and conduct a valuation of the contents, highlighting any specific bequests in the valuation for ease of identification by the beneficiaries. We can advise you on auction sales where there is a surplus of items and house clearance where appropriate.
Probate valuations for land and property – A property’s value for probate purposes is defined as its open market value as at the date of death, which means the figure which the property might reasonably fetch it if was hypothetically sold on the open market at that time. Our RICS qualified surveyors can provide formal valuations for land and property, taking into account development opportunities, existing planning permissions, state of repair and comparable market values. Accurate property valuations carried out by RICS qualified surveyors are critical as executors of the estate may have to rely on the precise details within a property valuation to ensure that the correct level of tax is paid, including any discounts that might be applied for undivided shares of property.
Our surveyors have a wide range of experience valuing properties, such as houses, flats, farms, development sites and commercial properties, across the Anglia region and beyond.
Probate valuations for farm machinery and historic vehicles – our specialist teams can provide valuation advice for steam engines, motorcycles, vintage and classic machinery and vintage and classic vehicles.
We work with individuals, executors, trusts and legal representatives to provide an accurate Inheritance Tax valuation for probate purposes, while we have good working relationships with HMRC and the District Valuers, should negotiations be required at any stage. Cheffins is represented on HMRC’s fiscal forum so we are fully cognisant of all the latest changes in legislation.
Capital Gains Tax valuation
Cheffins’ qualified surveyors are experienced in valuing a wide range of assets for Capital Gains Tax purposes, including property (residential, commercial, land and farms), Fine Art, chattels and machinery.
Capital Gains Tax is a tax payable on the sale of property where it has increased in value. The tax obligations are calculated on the gain rather than the selling price. Capital Gains Tax is a complex area and further complicated depending on whether you are a resident or non-resident of the UK and on the type and value of property being disposed of.
Our RICS qualified surveyors can provide formal valuations for land and property, taking into account development opportunities, existing planning permissions, state of repair and comparable market values. Accurate property valuations carried out by RICS qualified surveyors are critical as clients and their advisers may have to rely on the precise details within a property valuation, such as any discounts that might be applied for undivided shares of property.
Our RICS registered valuers can provide detailed, accurate Capital Gains Tax valuations which can withstand any challenge from HMRC. We can also negotiate on your behalf with the HMRC’s District Valuer, and work with your accountants/advisers to help with future tax planning exercises.
Our team of specialist valuers are able to value all types of property to assist both the lawyers and clients in negotiations and litigation, often during divorce cases, which can be a stressful period for the parties involved.
Our matrimonial valuations are prepared in accordance with the Family Procedure Rules 2010 and can be used in matrimonial and family negotiations, or for court purposes where our surveyors are appointed as an expert witness.
Our RICS Registered Valuers can value all types of property and farm machinery and provide evidence to the Court, which is thorough and transparent for all the parties involved.
Expert Witness and Dispute Resolution
Our valuation specialists receive regular instructions to act as experts in providing clear independent professional valuation advice to solicitors and clients in relation to property disputes.
Our valuation experts are regularly instructed to act either as a Single Joint Expert appointed by the Court or to a single party to provide an impartial expert opinion.
Our experts can provide evidence on:
- Questions of value, rental levels, development values and overage.
- Disputes involving property can be very litigious and it can be beneficial to all parties to have one expert jointly instructed who can provide independent, impartial, transparent advice.
The appointment of a Single Joint Expert can save in terms of time and cost. The role of a Single Joint Expert is to assist the court by providing clear impartial evidence and not to determine the facts of the legal case.
Compulsory purchase order valuation
Cheffins valuation team includes compulsory purchase specialists who solely act for Landowners who are affected by compulsory purchase orders.
We are able to respond to statutory notices, submit objections, agree on accommodation works, negotiate sales of property by agreement and prepare, submit and negotiate claims for compensation. We will advise on the value of the property acquired as well as assessing the diminution in value of any retained property.
Business Rates valuation
Business rates are calculated on your property’s rateable value. This is the open market rental value based on an estimate by the Valuation Office Agency at HMRC. The valuation officer may alter the rateable value if circumstances change. The ratepayer can appeal the rateable value if you believe it to be incorrect or that you have overpaid.
Cheffins valuers have significant experience of acting for a number of ratepayers with substantial Rateable Values and we have a proven track record of providing Business Rates Valuations which are accurate and robust and have successfully challenged the rateable value and any proposed increase in assessments