A valuation is an assessment of what a property is worth given certain assumptions. Most valuations relate to the market – commonly known as open market value – and it is therefore important that the purpose of a specific valuation is fully understood. Since a valuation can be on the basis of a projected market value also known as a forced sale value or indeed a rental value.
Here at OCK we have an experienced team of Chartered Surveyors who undertake valuations on all forms of commercial and residential property. We rely on our extensive knowledge and experience taking into account the many and varied factors which have an impact upon capital or rental value.
The team is led by Robert Levy FRICS, who is assisted by James Kritzler BSc (Hons) MRICS. OCK's valuation team was awarded with the "Secured Loans Valuer of the Year 2014".
Insurance valuations: These are usually included in every report as they give the client a guide as to the recommended level of building insurance cover for a specific property. More detailed buildings insurance valuations are carried out by our building surveying department.
Inheritance tax valuations: Inheritance tax is paid on the estate of the deceased. A probate valuation is therefore a market valuation of a property or portfolio of properties owned by the person who has died. The valuation is carried out and the relevant date is the date of death. Negotiations may then be required between the district valuer and the surveyor in order to agree a level which inheritance tax is then based.
Tax valuations: There are many circumstances when a valuation is necessary for taxation purposes. Apart from inheritance tax valuations are also required from time to time for calculation of capital gains tax purposes and other similar situations.
Bank Valuations: OCK specialise in carrying out bank valuations for a number of high street lenders, secondary lenders and especially bridging loan providers. These are normally instructed and submitted within 48-72 hours – a relatively fast turnaround period. Over the years, OCK have established a successful working relationship with a number of brokers as well as lenders and many individuals choose a particular lender knowing that OCK will be instructed to carry out the valuation.
Leasehold Enfranchisement: OCK specialise in carrying out Leasehold Enfranchisement
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