Valuation Services & Planning for Next Steps
In uncertain times, property owners need professional advice more than ever to ensure the value of their investment is maintained, and where possible, enhanced.
Over the last few weeks of the lockdown, we have been providing desktop valuation reports while the property market was largely on hold. Due to the lifting of some of the lockdown regulations, we are now able to carry out physical valuations of properties if required and subject to safety protocols we have in place, for a range of owners and occupiers, investors, organisations and private landlords. However, there is undoubtedly going to be some timing issues while we take the initial steps to ensure the safety of our staff, clients and the general public prior to physical inspections being carried out.
Under the current circumstances, we continue to see demand for property valuations for the following purposes:
Desktop Valuations of ‘Standard’ Property
There is a range of cases where we can perform digital desktop valuations. However, the ability to conduct a remote valuation does depend on the type of property. Many lenders favour more ‘standard’ properties such as houses and flats which are already habitable or that have been valued recently. It is also commonplace for desktop valuations to be completed on re-mortgages.
It may not be possible to perform desktop valuations in more ‘complex’ properties such as HMOs or those properties built using non-standard construction. Where needed, we are now able to attend the sites following
Currently, desktop valuations are taking place for:
- Loan Security
- Property Investment
- Portfolio Management
- Leasehold Enfranchisement
- Charities Act
- Compulsory Purchase
- Statutory Valuations
- Transfer of Property Assets
- Lease Advisory
We are able to provide sensitivity analysis and stress testing within our valuation reports to highlight the impact of recent events. One issue we will be facing in valuation activity is that values will be based on pre-COVID-19 levels and it won’t be until the market re-opens again that we will be able to fully assess the impact of the virus on these values.
We are continuing to carry out statutory valuations for Probate, Inheritance and Capital Gains Tax purposes. We have extensive experience of negotiating values with the district valuer (acting on behalf of HMRC).
Transfer of Property Assets
This will be required by property owners to transfer interests between companies or related parties where the value may have been adversely impacted by recent events. With values reduced and the market uncertain, now could be an ideal opportunity to proceed with transfers between connected parties.
We can provide advice relating to forthcoming rent reviews, lease renewals and lease re-gearing and how these can have a positive impact on the value of a property.
While we wait for the UK to further emerge from lockdown, we recommend taking professional advice from our experts to ensure your property investment is maintained. In this unprecedented and complex environment, our clients continue to benefit from our ability to unlock the value of property and we would be happy to help do the same for yours.