Retrospective Valuation & Rustic Repast!

A 1982 valuation sees the hungry surveyor in the historic market town of Ashbourne with a lunch stop at F.Coffee

OK, I’ll admit it… Surveying & Estate Agency can be a bit of a dry subject for casual reading and most of you will skip this section and head straight over this section and look straight at the new exciting new places to eat out in your local area. However, stick with me today, particularly if you are an investor solicitor or an accountant as this one is both a bit unusual and important from a legal standpoint…

Normally I tend to refrain from writing about specific instructions, but today’s subject property is a slightly unusual one and presents something of a unique challenge in that it is a retrospective and current valuation on behalf of a solicitor for capital gains tax purposes:
Our subject property is a circa 1900 workers Cottage which has been subject to a regulated tenancy. Two valuations are required; the first is a present day valuation and the other a retrospective valuation dated 31st March 1982 as this is the date that the concept of capital gains tax came into effect. 

Effectively, this is a specialist valuation that requires not only a sound grounding in the fundamentals of surveying practice, but also a little bit of archaeology and detective work to draw an accurate interpretation of the market in the subject area some 4 decades ago to attain an accurate valuation of the property as it would have stood back in 1982.
The present-day valuation facet of the instruction is straightforward and is carried out with the usual due diligence. However, the retrospective element valuation must be compiled from a number of unique sources including historic auction data via EIG (a professional subscription service) and indexed using obsolete ONS data spreadsheets in line with RICS guidance.

Historically, property sales data didn’t become widely available until around the late 1990’s with many data sources that surveyors use not even being widely accessible until the late 2000’s. For these reasons it becomes very difficult to determine the value of property as far back as 1982 with the accuracy required by the HMRC. Understandably therefore, this is why solicitors and accountants seek out to appoint a suitably qualified RICS chartered valuation surveyor to ensure their client stays the right side of the law by paying the correct amount of tax at the point of disposal.

Do you need to dispose of a property you have owned for a long time? Whether you are an investor or a professional acting on behalf of a client or the executor of an estate we are here to help you navigate complex valuations like these.

If you have a similar requirement, please see here or call our office on 0115 77 33 000

Lunch in Ashbourne:

Located at the heart of the town centre. F. Coffee is a nice little café with a genuinely pleasant atmosphere. Lots of choice on the menu and reasonable prices. If you’re in the area, it’s well worth a try.

The hungry surveyors choice:

Flat white, cheese, pepper, and chilli jam toastie on choice of bread brown or white.

Summary: Great coffee, tasty toastie. Nom!

Simple things done right will always keep you coming back!