Gibbs Gillespie Chartered Surveyors
Tel: 0208 866 6565 | Email:

Chartered Surveyors covering London, Middlesex, Hertfordshire and Buckinghamshire

Residential Valuations

Valuations of residential properties can be required for many different reasons.  We would be only too pleased to discuss your particular requirements in preparing a valuation of a house or flat, but the following is a list of the typical types of valuation which we frequently undertake.

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It is often the case that upon the death of a person it is their property which forms the largest part of the estate.  In order to assess the level of Inheritance Tax that is owed, it is necessary for a formal valuation of the property to be carried out.  An assessment of the property is prepared,  reflecting the value of the property on the date that the owner died, and this report is prepared in accordance with RICS guidelines.  This valuation report will include information as to the general condition of the property and incorporate comparable information, where possible, justifying the property’s value and enabling a reasoned and informed valuation to be submitted which should satisfy any subsequent enquiries by the Taxation Office.  However, should the need arise, we would be only too pleased to receive instructions to act on behalf of the Estate in subsequent correspondence with the Taxation Office.

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Where a valuation is required for use in divorce proceedings, we would normally be jointly instructed by both party’s solicitors, or by the Court, to act as a Single Joint Expert in providing valuation advice in accordance with Part 35 of the Civil Procedures Rules.  However, where a joint appointment cannot be agreed, or is inappropriate, we can prepare a formal valuation for one party in the proceedings.

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Building Insurance valuations or valuations for reinstatement purposes are required to ensure that the property is adequately insured.

Upon the renewal of a building insurance policy we are able to undertake an inspection of the property and advise as to the approximate cost of reinstating the property, in accordance with the latest construction costs provided by the Building Cost Information Service (BCIS).  The cost of reinstating or rebuilding a property has no direct link with the property’s market value.  The reinstatement value will always be included within a Homebuyers Report, but not automatically within a Building Survey or Home Condition Report.

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Leasehold valuations are required by lessees of residential properties, either to acquire an extended lease on their property, or where collectively a group of lessees wish to purchase the freehold interest of their building.

In the present economic climate, where the demand from first time buyers to acquire flats is at an all time low due to relatively high levels of deposit required by lenders, lessees who own premises where the unexpired term of the lease is relatively short – ie below 75 years – are finding it increasingly difficult to attract prospective purchasers.  In order to enhance the value and saleability of their property, lessees have to enter into negotiations with the freeholder and require advice upon the potential cost of obtaining a lease extension or collectively acquiring the freehold interest.  We are able to carry out inspections in connection with the Leasehold Reform  Housing and Urban Development Act 1993, as amended by the Housing Act 1996 and the Commonhold and Leasehold Reform Act 2001.  This legislation gives the lessee the right to acquire a new lease, which will be the balance of the existing lease plus a further term of 90 years.  The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the new lease under the terms of the Act.  As the unexpired term of the lease decreases, the relative cost of obtaining a lease extension increases, and it is therefore important for a lessee to assess the relative merits of obtaining a lease extension prior to considering placing the property on the market for sale.

In certain circumstances, the lessees of flats are entitled to collectively purchase the freehold interest in their building.  The valuation process is very similar to that used for a lease extension.  The acquisition of the freehold by a number of lessees is often undertaken to enable the lessees to have a greater control over the management of their building, and potentially reduce management costs.

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If you would like any further information on any of the above services, please do not hesitate to contact Andrew Barton, MRICS or Ros Small, Practice Manager, on:  0208 866 6565,
or by email:, or use our contact form.

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