Chartered Surveyors and Commercial Property Agents on the Isle of Wight & South Coast

SURVEY & VALUATION

Commercial Valuations

Commercial valuations can be provided for a variety of purposes. This may include secured lending in the case that funding is required against a commercial premises put up for security, taxation in the case of inheritance or capital gains tax scenarios, or simply to be advised as to the current value of a specific property asset.

It is important to make the observation that a Valuation can only be provided by a Chartered Surveyor in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Manual.

This promotes consistency in the assumptions and investigations a Chartered Surveyor will make in providing formal advice. As such this will often be referred to as a 'Red Book Valuation' due to the simple explanation that the RICS Appraisal and Valuation Manual is a large red book.

In assessing whether a Valuation is required, property owners or potential purchasers may consider whether formal advice is necessary. Under certain circumstances a Chartered Surveyor is permitted to give advice which is not a Valuation but nevertheless can be of real benefit in the decision making process when considering the acquisition or disposal of a commercial property asset..

As a result of the detailed investigations essential in providing a Valuation, the costs can often be significant. If, for example, a client requires broader information to assist negotiations to purchase a property, or in deliberations as to whether it would be appropriate to dispose of a property, less formal advice may be given. This will not normally entail detailed investigation with regards to, for example planning, environmental or legal issues, which would be covered by a Valuation, but will focus predominantly on market activity and how that may specifically relate to a particular property, on the assumption there are no other issues to have a material influence.

Gully Howard would always advise that prior to commissioning any form of advice, specific requirements are discussed with a Chartered Valuation Surveyor so the appropriate information can be provided at a relevant cost.

Gully Howard Chartered Surveyors are always happy to give such initial advice without obligation or charge.
As Specialists in the Valuation, Acquisition and sale of commercial property, Gully Howard Chartered Surveyors are retained on the Valuation Panels on some of the leading financial institutions. These include Bank of Scotland, Lloyd TSB, HSBC Barclays Bank and Nationwide Building Society.

We can also undertake surveys of commercial premises and are always happy to discuss client's requirements in strictest confidence.

If you require further advice, please call 01983 822555 or e-mail swoolford@gullyhoward.com in the first instance.

Buying A House Or Flat?

You will need a survey ...

Home purchase is a major commitment. It is essential that your investment is fully protected and that you have unbiased independent advice; you will want to be sure that the property is secure and satisfactory whilst it is in your ownership and also genuinely saleable if you should wish to re-sell in the future.

Many defects which may be present in the property could remain unknown to you until it is too late, but these should be identified by the trained professional who will quantify their effect before you commit yourself to purchase.

When viewing the property you may not have sufficient opportunity to inspect the structure closely. For the qualified surveyor; this is his job.

If you are purchasing with the aid of a loan, a mortgage valuation will have to be undertaken; it is very important NOT to rely on this as it is commissioned by the lending agency and it is not a survey.

Alternative Services

Which type of survey?

1. Valuation Inspection

This is not a survey, but a valuation similar to one which a Lending Institution may require in order to establish the value of the property. It is based upon a limited inspection only.

2. Home Buyer's Survey & Valuation

A concise and economical survey in which the inspection and report are strictly controlled by the Royal Institution of Chartered Surveyors.

This is the most popular type of survey for house purchase; sufficient detail is given to make an initial assessment of the state of repair and to identify elements for closer investigation, if necessary. The report includes comment upon adverse features in the locality where they are known to the surveyor.

3. Building Survey

The most extensive and technical type of inspection. The scope of the survey may either aim to be comprehensive or may focus upon certain elements only. In each case the specific instructions of the client will be followed and specialist contractors may be engaged to test installations or to excavate trial pits to inspect foundations. It must be remembered that works can only be undertaken with the permission of the owner and reinstatement costs may be necessary.

The Cost

Survey costs are normally based on the age and type of property concerned and the work involved. Quotations for survey work will be given without obligation on request.

The modest cost of a survey could save you many hundreds of pounds in subsequent remedial works and will certainly enable you to make your decision on the purchase price.

Action

Speed may be vital if you are to secure the property you want!

We aim to give the most efficient service possible. We will make arrangements for access without delay and your report will be prepared as quickly as all matters permit.

If you require a market appraisal or valuation please call or e-mail Gully Howard in the first instance.