Valuation Report

The Valuation Report is a brief report on the Market Value of a property. Reports are prepared for a variety of purposes including, sale of equity share in social housing, mortgage security, taxation, probate and family issues. The Practice also undertakes Right to Buy valuations. All valuations are carried out by a RICS Registered Valuer.

RICS Condition Report

The RICS Condition Report is appropriate if you are buying or selling a conventional house, flat or bungalow built from common buildings materials and in reasonable condition. It focuses purely on the condition of the property by offering the following advice:

  • Clear 'traffic light' ratings of the condition of different parts of the building, services, garage and outbuildings, showing problems that require varying degrees of attention
  • A summary of the risks to the condition of the building
  • Advice on replacement parts guarantees, planning and control matters for your legal advisers.

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RICS Homebuyer Report

The HomeBuyer Report provides buyers with all the basic information they need on condition
and value before they commit to purchase. The report is designed for most properties built
since 1850 and includes comment on all visible sections of the property. It gives a simple
traffic light condition rating for elements of the building so that you know where any action
is required before you buy, in an easy to understand format. Also included is a market
valuation that indicates whether the property you are buying is good value for money, plus a
reinstatement cost figure for insurance purposes.

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RICS Building Survey

The RICS Building Survey is the most detailed type of report available, and is particularly suitable for individual properties, including large, extended or older buildings. The report will include full details of all visible elements of the building and items of disrepair and defect. It will also include information relating to the method of construction, condition of the structure and likely future repairs. A recommended reinstatement cost for insurance purposes is included but the report does not include a market valuation. This can be provided as a separate additional service.

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Insurance Valuations

An Insurance Valuation is an assessment of the rebuilding cost of the property which reflects
the construction type and includes all ancillary features like roadways, gardens, stores etc.
Such assessments are carried out in accordance with RICS/ABI guidance on both houses
and blocks of flats. Most leases for blocks of flats require a regular updating of insurance
valuations based upon accurate rebuilding figures. This is usually required every 3 years.

Compulsory Purchase

A Compulsory Purchase Order permits certain bodies, usually public authorities, which need to obtain land or property to do so without the consent of the owner. It may be enforced if a proposed development is considered to be in the public interest; for example, when constructing public roads on land an owner does not wish to sell.

The Practice, which is acknowledged by the RICS as a specialist in this area of expertise, has particular experience of the Planning Act 2008 and the framework for compulsory acquisition and compensation that operates within these provisions. These are mostly codified in the Land Compensation Acts 1961 and 1973 and the Compulsory Purchase Act of 1965.

Recent IHCS Ltd compulsory purchase instructions in the East Midlands include acting on behalf of householders and business owners affected by the A46 dualling, HS2 and Nottingham Transit Scheme (NET Phase Two). Other work, at locations throughout England and Wales, includes the acquisition of land with other rights for the Norwegian/UK Electricity Interconnector, determination of loss to residential property values arising from major utility work, valuation of charges for rights to construct the Thames Tideway sewerage tunnels, the application of the Development Consent Order Rights for the A556/M6 link road Manchester and the assessment of injurious affection caused by other nationally significant infrastructure schemes.

The professional fees charged for acting on behalf of property owners affected by compulsory acquisition are typically met by the scheme promoters.

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