Valuation

Our Surveyors offer a full Valuation service for all types of commercial property and are all Registered RICS Valuers. Existing clients include high street banks, property companies, local authorities and private individuals.

Our core Commercial Valuation business includes:

• Asset and investment purposes
• Company accounts
• Loan security
• Disputes and settlements
• Self Invested Personal Pensions (SIPP) and Small Self-Administered Schemes (SSAS)
• Statutory purposes
• Taxation

Our RICS Registered Valuers are conversant with the local housing market.  Whether you have a small studio flat, luxury apartment, terraced house, or mansion we can provide an impartial professional opinion of it’s market value.  One should not confuse a valuation with the estate agents marketing appraisal or asking price,

We act for individual homeowners, purchasers, developers and lenders.  Having viewed a property, we can appraise it by comparison to others.  Our report will summarise the issues affecting the market value and we are always pleased to discuss this with our client.

Our Residential Market Valuation services include:

• Inheritance Tax (Probate)
• Marital disputes and settlement (divorce)
• Asset management
• Litigation
• Secured Lending

We cover North Surrey and adjacent areas including: Addlestone KT15, Ashford TW15, Bagshot GU19, Byfleet and West Byfleet KT14, Chertsey KT16, Chobham GU24, Cobham KT11, Egham TW20, Englefield Green TW20, Esher KT10, Feltham TW14, Hanwell TW13, Hampton TW12, Hersham KT12, Knaphill GU21, Laleham TW18, Molesley KT8, New Haw, KT15, Ottershaw KT16, Pyrford GU22, Send GU23, Shepperton TW17, Staines TW18, Stanwell TW19, Sunbury On Thames TW16, Teddington TW11, Thames Ditton KT7, Thorpe TW20, Twickenham TW1 and TW2, Virginia Water GU25, Walton On Thames KT12, Weybridge KT13, Whitton TW2, Wraysbury TW19, Woking GU21 and GU22, Woodham KT15

A reinstatement cost assessment to determine the sum insured needed to rebuild a property requires careful consideration.  For building insurance, an inadequate declared sum leaves the insured at risk whilst too great a sum will incur unneeded premiums.

Curchod & Co will calculate the estimated rebuild cost for houses, flats, shops, offices and industrial units.  We use data from the RICS Building Cost Information Service, which is also utilised by the Association of British Insurers.  We adjust this data to reflect many factors to suit your specific property including size, age, standards of construction and permanent fixtures, grounds, location, access etc.

Rebuild Cost Considerations:

• The sum insured will often be quite different to the market value for sale
• A complete loss and rebuild of the property to a modern equivalent is assumed
• Allowance for demolition of remains, reconstruction and professional fees
• Provides for the main building structure fabric and fittings but excludes contents
• Extensions and alterations to properties will affect the rebuilding cost
• Outbuildings, garages, common parts, hard landscaping, boundary walls and fences should be included
• Listed and unusual buildings need special consideration as standard cost data might not be appropriate
• A reassessment is recommended every few years as Index linked policies may not reflect local trends and all changes in standards

Many flats, and a few houses, are owned leasehold.  This long lease, perhaps originally for 99 or 125 years when granted, will expire and eventually the ownership could revert to the freeholder.  The lease could be extended, for a premium, or sometimes a group of leaseholders may try to purchase the freehold to collectively enfranchise.  We can follow the statutory based process, or advise on the effects of staying outside the legislation.

Curchod & Co are experienced in valuing the premiums for a lease extension or collective enfranchisement.  We have acted for freeholders and leaseholders.  The landlord will need compensation to reflect their reduced investment.  This can be expensive.  We can assess the sums that could be payable, assist in negotiations between the lessor and lessee to encourage settlement, and if necessary have made representations at Tribunal where prior agreement proved impossible.

Legislation provides a basis for the extension of leases, or a collective enfranchisement.  This includes the Leasehold Reform, Housing & Urban Development Act 1993 and the Commonhold and Leasehold Reform Act 2002. We reflect the varied Tribunal decisions and some Court rulings which continue to affect best practice.

Premium Value Factors:

• Shorter leases have a lesser market value and so premiums will increase
• Premiums provide a lump sum to the landlord for the loss of future ground rent income
• Premiums compensate the lessor for their deferred future ownership, or their being forced to sell the freehold
• Leases of less than 80 years will be subject to marriage value (50% of the difference between the original short lease and the extended lease ownership market values). This can be considerable
• Leases of less than 70 years can be difficult to mortgage and to sell