Valuation
Secured lending - Valuation is a core function that underpins all property transactions and ownership. In short, all those who occupy, own, develop or trade in today's sophisticated economy rely on competent and impartial valuation advice.
We act for many of the UK’s lenders, delivering loan security valuation advice on a diverse range of properties and portfolios within London and the Home Counties.
Our valuations are based on our team’s market knowledge and we have specialists in a range of sectors and property types, as well as an in-depth understanding of market conditions.
We utilise various software packages including Argus Developer to undertake detailed development and residual appraisals as well as Argus Capitalisation to undertake both commercial property and all types of investment valuations.
We ensure a peer review of all valuations before conclusions are reached and the report is jointly signed.
Our valuations for secured lending are undertaken in accordance with the RICS Valuation Professional Standards incorporating the International Valuation Standards (The Red Book).
The valuation department includes a team of experienced Chartered Surveyors who are all RICS Registered Valuers and Kirkby Diamond is an RICS Regulated Firm.
- Development appraisals
- Leasehold enfranchisement
- Regulated purpose (accounts) & pensions
- Statutory valuations
- Expert witness
Development Appraisals / Residual Land Value
Development Appraisals are used for a number of purposes in respect of both residential and commercial development.
A typical purpose is the assessment of profitability of undertaking a development, where all the costs, including land costs are known. These are most often used for negotiation of Section 106 Contributions with the Local Planning Authority.
A significant number of Kirkby Diamond clients have saved many thousands of pounds by undertaking Development Appraisals.
Residual Land Valuations are prepared mainly for loan security purposes and prior to purchase to assess the value of the land to be purchased or sold, when a scheme has been drawn up.
Kirkby Diamond have, on numerous occasions, drawn up Development Appraisals and Residual Land Values in respect of sites where no planning consent or scheme exists, these are more uncertain as numerous assumptions have to be made. On the basis of the experience of the valuers within Kirkby Diamond, the outputs of such valuations assist developers, land owners and potential purchasers to assess the value of the asset.
Red Book Compliant Valuations
The “Red Book” is formally known as the RICS Valuation – Professional Standards. These valuations should only be undertaken by registered valuers. Within Kirkby Diamond, there are seven registered valuers.
The valuations provided have to comply with professional standards and valuation practice, set out in the Red Book.
The typical purposes for which Red Book valuations are undertaken are:
- Valuations for accounts purposes.
- Inheritance Tax purposes on the death of a property owner.
- Loan security purposes.
- Valuations of Charity assets.
- Periodic valuations for pension fund purposes.
- Capital Gains Tax
Kirkby Diamond registered valuers are regulated by the RICS. Where necessary, the valuers do support their valuations in negotiations with the HMRC and we are very proud of the quality of the reporting provided for such purposes.
Statutory Valuations
Within the scope of statutory valuations, the most common valuations undertaken are in connection with:
- Lease extension valuations.
- Collective enfranchisement valuations.
- Compulsory purchase.
- Rating.
Kirkby Diamond are renowned experts, specifically in the enfranchisement field, dealing with lease extensions and collective enfranchisements on a daily basis.
Whilst the valuations are the starting point, negotiations are a requirement of this type of work and ultimately, Kirkby Diamond valuers have attended Tribunal as expert witness on such matters and also as advocate at Valuation Tribunals.
Rating Valuations are also part of an appeal process. Kirkby Diamond have regularly attended Valuation Tribunal for rating purposes, where discussions with the Valuation Office Agency has failed to reach an agreement and where it is felt appropriate to take the matter to a third party.
Expert Witness
Kirkby Diamond has several experienced registered valuers who also act as Expert Witness in various forms of litigation.
Experienced valuers regularly act as a jointly instructed expert witness, particularly in marital disputes. Other Expert Witness subjects include:
- Collective enfranchisement.
- Lease extension work.
- Compulsory purchase work.
- Claims in respect of professional negligence where some form of property is involved and it is necessary to assess damages, including retrospective valuations.