Over 20 Years Of Experience
Certified Chartered SurveyorsValuation Services
Andrew Creighton’s Chartered Surveyors are RICS Registered Valuers and are qualified to undertake formal RICS ‘Red Book’ valuations for both residential and commercial property.
Our firm has the knowledge, skills and understanding to undertake the valuation with independence and objectivity. With a valuation from us, you will be getting a high-quality professional honest and transparent valuation report that adheres to strict RICS standards.
- Capital Gains Tax Valuations
- Market Valuations for sale or purchase
- Inheritance Tax / Probate Valuations
- Annual Tax on Enveloped Dwellings
- Matrimonial Valuations
- Help To Buy / Shared Ownership (Staircasing) Valuations
- Self-Investment Personal Pension (SIPP) Fund Valuations
If your property is subject to Capital Gains Tax (CGT), it will need a valuation prior to a sale or disposal. Your tax obligations are calculated on your gains rather than the selling price and the tax may be payable when you are disposing of a property that has increased in value.
A property valuation is needed to provide reliable information on the worth of the property and is especially useful to avoid situations where an individual or entity is charged much higher or lower taxes than they should be liable for. The market value of a property is a crucial component when calculating the capital gains on a property and therefore we pay attention to the detail.
The date of valuation for the purposes of CGT is based on the individual’s taxation arrangements and disposal type (for example, gifts, inherited assets, properties sold for less than their value to benefit the buyer, properties purchased before April 1982, etc.). There are two different rates for CGT, one is for property and the other is for other assets. How much you pay will depend on the asset you’ve made a profit on and your tax band.
The current approach to Capital Gains Tax is complex and we can advise further.
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All our property valuations adhere to the relevant legal framework and are carried out by an independent RICS Chartered Property Surveyor. This ensures the confidence in your valuation and is used to make an informed decision about your property.
A Market Valuation is a report that provides you with the current Market Value of a residential or commercial property in line with RICS Red Book requirements and giving you informed opinion on what the subject property is worth.
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When someone dies, their estate may be due to be paid on its assets (investments, property and possessions). Inheritance tax is a 40% tax which is applied after someone dies to an property that exceeds £325,000. There are a few exceptions such as where the process are left to a spouse or charity.
To determine how much tax is payable, an accurate market value of a property is necessary at the date of death for overall estate and individual property. This is known as an Inheritance tax valuation or valuation of probate and are legally required by HM Revenue and Customs. Probate is a legal authority to deal with assets which were owned by someone who has died. HMRC may require a valuation report before probate is granted. This will determine the amount of tax which will be payable.
Dealing with a death of a loved one is incredibly difficult and we are here provide advice and assist where necessary.
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Annual Tax of Enveloped Dwellings (ATED) is an annual tax payable on residential properties that are owned by companies valued at more than £500,000. An ATED will need to be completed if the property is:
A dwelling within the UK and valued at more than:
- £2 million (for returns from 2013 to 2014 onwards)
- £1 million (for returns from 2015 to 2016 onwards)
- £500,000 (for returns from 2016 to 2017 onwards)
Owned completely or partly by a:
- Company;
- Partnership where any of the partners is a company; and,
- Collective investment scheme — for example a unit trust or an open ended investment vehicle.
A property is a dwelling if all or part of it is used or could be used, as a residence, for example a house or flat. This includes any gardens, grounds and buildings within them. Like the Council Tax system, the amount of ATED is determined by the banding process. Property values that are within specified figures (as above) will be liable for an annual tax, also at a specific level. It is therefore important to find out which band the property is in.
ATED Valuations can be time critical and the need to get it right is particularly considerable given the large tax payments that can potentially stand. We have extensive experience in preparing ATED Valuation Reports.
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A Matrimonial Valuation Report will need to be prepared as part of a divorce or separation if the parties cannot decide on how to divide their assets. Either one of the parties or both parties can jointly instruct for this property valuation to take place. As this can be a difficult time, we will always remain impartial when completing the Valuation.
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Help To Buy is a Government scheme that allows you to share ownership of your new home with the Government. You must be eligible to take part in this scheme. Based upon your affordability, the scheme loans you a proportion of the property’s value (between 25% - 75%). Often the remaining share is owned by a Housing Association.
If you decide to sell the property at a later date or repay the loan back to the Government, you will need to get an independent Help to Buy Valuation which will determine the amount repayable in direct proportion to the current market value for the property.
If you already own a property on a shared ownership scheme, you are eligible to buy more shares via a process called ‘staircasing’. This means you can purchase additional shares in your property in increments of 10% or more. The Housing Association will require you to obtain a Shared Ownership Valuation report which will determine the current open market value of the property. Upon receiving your
valuation report, the Housing Association will also calculate the share value you intend to purchase based on the full market value of the property.
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Self-Investment Personal Pension (SIPP) Funds are a way to save for your retirement. These funds give you the control on where your money goes and how it grows. You are responsible for managing your investments and it is important you have the time and confidence to do this.
We can provide you with a SIPP Fund Valuation on any property that has been invested in as part as a SIPP. This can be done before or after an offer has been made. The valuation we provide you with, can be used to make a decision of whether is investment is the right one for you.
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At Andrew Creighton we have the required knowledge, skills & understanding to undertake the valuation.
Expert Witness ReportsAt Andrew Creighton we have the required knowledge, skills & understanding to undertake the valuation
Expert Witness acting & Expert Witness Report
If you are disputing the proposed rent or other terms for a lease renewal of commercial property or business premises under Part II Landlord and Tenant Act 1954, the matter usually proceeds to Court. The Court will normally order that the Expert Witness acting for each of the respective parties are to agree as much factual information as possible before they each produce an Expert Witness Report.
Expert Witness Services
When our Expert Witness services are required, we will inspect the property to ascertain the facts of the case. We will gather and prepare the necessary information, usually regarding the condition of the property forming the basis of dispute, this will be included within the Expert Report. Our report will aim to give unbiased independent opinion as to the evidence, identifying issues that may require decisions by the Court and explore areas where agreement may be possible thus aiding to reach a fair outcome.
We can act on behalf of the Leasor or Leasee
We can act on behalf of the Leasor or Leasee, both to advise clients directly and also to be submitted to the First-Tier Tribunal (Property Chamber) or for Court. This can be a complex matter.