Alternative reasons for Valuations and Surveys – Part 2
We recently looked at some of the alternative reasons – outside of a property sale or purchase – that you might look to have a survey or valuation conducted on land or a building. This last article looked at some of the legal reasons that might prompt an instruction of our services. In this next instalment in the series, we’ll look at some of the specialist residential reports we can provide.
Right to Buy
Right to Buy allows council tenants to buy their council home at a discount. Should they agree to sell, the landlord of the property is able to set the purchase price. As a Chartered firm of surveyors, Lea Hough are instructed to carry out independent valuations where tenants disagree with the purchase price proposed by their landlord or require their own independent valuation.
Insurance reinstatement valuations
When applying for property insurance, insurers will frequently request an estimate for the reinstatement of a property. In many cases, people will make a wild guess at such an estimate, therefore running the risk of being under-covered should the insurance ever be required after a fire or flood or other major damage at a property. A reinstatement valuation report gives an accurate assessment of the rebuild cost based on the property’s current condition so you can be sure you are sufficiently covered.
Land can be a valuable commodity – especially if there is an interest in developing it into housing. Where a landowner has been approached to sell their land we are able to inspect and value it independently and impartially, with consideration to any development potential. Our valuation can then be used as a basis for the sale. This could include development land, farmland, redundant brownfield sites, etc.
Compulsory Purchase Orders (CPO)
Compulsory purchase allows certain bodies which need to obtain land or property to do so without the consent of the owner. Examples include the construction of new buildings, roads or transport routes, which enable the acquiring authority (eg. a Council) to pursue Compulsory Purchase. We act on behalf of homeowners and owners of land/commercial property. Our role involves valuing the property to ensure that residents are treated fairly and ultimately seeing that an agreement with regard to the value of the property is reached.
During bankruptcy proceedings, the official receiver or the trustee may have to sell your home to help pay your bankruptcy debts. In such circumstances, a Valuation Report will be required so that a true and accurate sale price is put on the property. As Registered Valuers under the RICS, Lea Hough can be called in to prepare Valuation Reports as part of the bankruptcy process.
Being fully informed so far as a property’s valuation is concerned allows you to make decisions. All of our Property Valuation Reports are undertaken by our team of RICS Registered Valuers. We are independent and impartial and have extensive knowledge of the Lancashire property market. To speak to us about instructing our services, please get in touch here.BACK TO NEWS