Frequently Asked Questions

An estate agent's figure is a marketing opinion of a likely asking price. For tax, divorce, probate, lending or disputes you need a formal valuation by an RICS Registered Valuer under the RICS Red Book. HMRC, the courts and solicitors expect that standard, and it is backed by our professional indemnity insurance.

No. It is done for the lender, to confirm the property is adequate security, and is often a limited or desktop inspection with no advice on condition. To understand the property, commission an RICS Level 2 or Level 3 survey.

We start with recent sales of similar properties nearby, adjust each for size, condition, specification, location and date of sale, and give the strongest evidence the most weight. Local knowledge is essential, which is why we only value in areas we know.

Level 2 suits conventional houses and flats in reasonable condition. Level 3 suits older, larger, listed, altered or run-down properties, or where you plan major works. Either can include a market valuation. If unsure, call us.

Yes, if the property has been extended or the figure has not been reviewed for several years. Reinstatement cost is the cost of rebuilding, not market value, and the two can differ widely. If you are underinsured, your insurer may reduce a claim in proportion. We provide reinstatement cost assessments.

Common reasons are bank lending, company accounts, transfers between connected parties or into a pension, capital gains tax, and lease renewals and rent reviews. See commercial valuations.

It is not a legal requirement, but the home is usually the largest asset, so an independent matrimonial valuation is a sound basis for a fair settlement. If you already agree the value, you may not need one.

Courts usually favour a single joint expert instructed by both parties, because it is quicker and cheaper. In proceedings, expert evidence needs the court's permission under Part 25 of the Family Procedure Rules 2010. We act as single joint experts and, outside proceedings, for one party.

Each party can put written questions to the expert, who must answer them. If doubts remain, the court can allow further expert evidence. We can review an existing valuation and tell you whether it stands up.

Executors must report each property at its open market value at the date of death. HMRC can refer the figure to the Valuation Office Agency, and penalties can follow a careless undervaluation. A probate valuation at the date of death gives you a defensible figure.

The nil-rate band is £325,000. A residence nil-rate band of up to £175,000 applies when a home passes to direct descendants, tapering away on estates over £2 million. Unused bands can pass to a surviving spouse or civil partner, so a couple can pass on up to £1 million. Both bands are frozen until April 2031. Tax above the threshold is 40%, or 36% if at least 10% of the net estate goes to charity. Take advice on your own position.

Usually the executors, from the estate. Trustees pay on trust assets, and people who received gifts in the seven years before death can sometimes be liable. Some or all of the tax must be paid before the grant of probate is issued.

It is not a legal requirement, but we strongly recommend one. A defective notice can be challenged, and if a notice is withdrawn you cannot serve a new one for 12 months. You also pay the freeholder's reasonable costs. Get a lease extension valuation first, as the notice must state your proposed premium. The two-year ownership rule was abolished on 31 January 2025.

The freeholder must serve a counter-notice by the date in your notice, at least two months after service. If terms are not agreed, you can apply to the First-tier Tribunal between two and six months after the counter-notice. Miss the six-month deadline and the claim is treated as withdrawn.

If no counter-notice is served, you can apply to the County Court within six months of the due date for a lease on the terms in your notice. If the freeholder cannot be found, the County Court can order the new lease, with the tribunal setting the premium to be paid into court.

Not yet. The Act provides for marriage value to be abolished and for prescribed rates, but those provisions are not in force. For now premiums use the existing method, including marriage value where under 80 years remain. Try our free lease extension calculator.

We start from the value of the finished flat and deduct build costs, fees, finance and a developer's profit to find what the space is worth today. Where it is sold to an existing leaseholder, the gain is often shared by negotiation. Any scheme needs planning permission and the freeholder's consent.