What is a valuation?
A valuation is an assessment of the value of a property given certain assumptions. Most valuations are related to market value. It is important the purpose of a particular valuation is fully understood. The value for one purpose may be different from the value for another purpose. Property valuations require experience and expertise to keep them up to date with market developments.
Why Morgan Beddoe?
Morgan Beddoe are an independent firm of estate agents, auctioneers and valuers and have been advising clients on all aspects of property value since 1991. We mainly cover the Bristol and West Country region but travel further afield when required.
At Morgan Beddoe we offer a range of valuations services that include:
- Free sale valuation/ Marketing appraisal
- Probate Valuations for Inheritance Tax
- Capital Gains Tax
- Insurance/ Reinstatement
- Portfolio appraisal
On the occasions we cannot help we have a wealth of contacts we are happy to recommend in order to facilitate your particular needs. In most cases fees will apply unless stated otherwise.
This is a free of charge service we offer to anyone considering selling a property. Established in 1991 we have a wealth of local knowledge and expertise. Drawing on this and up to the minute comparable evidence we can provide you with the best method of sale to achieve the highest possible price, whether it's selling a property on the open market, by auction or by tender. It should be noted that this is a marketing appraisal aimed at determining an appropriate “asking price” as opposed to a valuation and should not be relied upon for any other purpose.
Clients may wish to acquire a freehold or leasehold property for occupation, investment or redevelopment. It is advisable to obtain a professional valuation to ensure that the price does not exceed the market value. Charges will apply.
Valuations for Inheritance Tax or Probate Valuations
It is often said that there are two certainties in life: death and taxes. Unfortunately, the first generally brings the second following closely behind it. Inheritance Tax is one of the great gripes and one of the first responsibilities of the Executor is to carry out a valuation of the estate. This valuation is often referred to as a Probate Valuation, the correct term is “An Open Market Valuation at the Date of Death”. Property is one of the biggest assets that needs correct valuing for Inheritance Tax purposes, especially as many properties may take an “estate” over the Inheritance Tax Threshold. This valuation must accurately reflect what the assets would reasonably fetch in the open market at the date of death.
Even if a property is not going to be sold by the beneficiaries, it is necessary to submit to the Inland Revenue the value as at the date of death in order to obtain grant of probate. These valuations are subject to checking by the District Valuer on behalf of Her Majesty's Revenue and Customs. 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 therefore good practice to employ experienced valuers to carry out such work.
At Morgan Beddoe we have been carrying out valuations since 1991 and are well versed in negotiating with the District Valuer on disposal, in accordance with statutory requirements for these purposes.
Inheritance Tax Thresholds
The Inheritance Tax threshold (or 'nil rate band') is the amount up to which an estate will have no Inheritance Tax to pay. If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, Inheritance Tax will be due at 40 per cent on the amount over the nil rate band. The current nil rate is £325,000 as at October 2010. This rate is subject to change so for the most up to date information please go to Inheritance Tax Thresholds
Capital Gains Tax Valuations
Working how much Capital Gains Tax you need to pay on a property can be complex, especially when you have owned a property for long time. 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 that the 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. At Morgan Beddoe our experience and expertise means we are well versed in preparing historic valuations including 31st March 1982 valuations and undertaking negotiations with the District Valuer. For more advice on Capital Gains Tax calculations please go to Capital Gains Tax
An insurance valuation estimates how much it would cost to reinstate your property in the event of a complete loss. The calculation is based on using modern/ appropriate materials and techniques, and includes costs such as site clearance. It forms the basis of your buildings insurance policy.
Over the years we have worked with various Charitable and Governmental organisations offering Valuation and Sales advice. We can provide a complete service including Valuations that comply with section 36 of the 1993 Charities Act. These valuations are required where a charity is to sell property or where it is deemed necessary.
Our portfolio valuation service is aimed at those who have established a small to medium sized portfolio and require advice on how to grow and develop it further. This can involve disposing of underperforming properties to advising on what to buy next. Together with our team of financial advisers we can offer advice on various funding and growth strategies.