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Valuation


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Marshalls undertake residential valuation instructions for mortgage lending, Inheritance tax (for the purposes of obtaining probate), shared ownership, Housing Association, Charities Act, matrimonial and other purposes. We also undertake expert witness work and can advise on lease extension and enfranchisement valuations.

Valuations are carried out in accordance with the RICS Valuation - Global Standards 2017 (The 'Red Book').  Where the particular purposes of the valuation require a different approach this will be stated in the report.

All of Marshalls Surveyors are RICS Registered Valuers highly experienced in the local property market.

Valuation Definitions:

Market Value

The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

Market Rent

The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

Investment value (or worth)

The value of an asset to a particular owner or prospective owner for individual investment or operational objectives.

Fair value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Equitable value

The estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties that reflects the respective interests of those parties

Synergistic value

Synergistic Value is the result of a combination of two or more assets or interests where the combined value is more than the sum of the separate values. If the synergies are only available to one specific buyer then Synergistic Value will differ from Market Value, as the Synergistic Value will reflect particular attributes of an asset that are only of value to a specific purchaser. The added value above the aggregate of the respective interests is often referred to as marriage value.

Liquidation value

Liquidation Value is the amount that would be realised when an asset or group of assets are sold on a piecemeal basis. Liquidation Value should take into account the costs of getting the assets into saleable condition as well as those of the disposal activity. Liquidation Value can be determined under two different premises of value: an orderly transaction with a typical marketing period or a forced transaction with a shortened marketing period.

Re-instatement Cost

This is not a valuation, but our opinion of the likely cost of re-instating all buildings, normally for insurance purposes, on the basis that:
(i) the accommodation provided will be similar in construction, design and area to the existing buildings;
(ii) the works will be in compliance with conditions imposed by Local Authorities in connection with the construction of the building;
(iii) unless reported separately, allowances are made to cover the cost of necessary demolition and site clearance prior to re-building, external works such as hard standings, private roadways and fences and professional fees which would normally be incurred.
Unless otherwise stated, the re-instatement cost does not include any allowance for:
(i) any loss of rent incurred during re-building;
(ii) planning restrictions which a planning authority might impose;
(iii) special foundations required for plant and machinery or due to adverse ground conditions;
(iv) any plant, machinery, equipment, tanks, loose tools, office furniture and equipment; any effect of inflation on building costs occurring after the date of the valuation;
(v) VAT which will be payable in certain circumstances, both on building works and professional fees. You are advised to discuss this matter with your Insurance Broker.

Note: A re-instatement cost is not a valuation.


PDF Residential Market Valuation terms of engagement

PDF Shared Ownership Valuation terms of engagement

PDF Inheritance Tax Valuation terms of engagement

PDF Charities Act Valuation terms of engagement

PDF The leaflet: Why use an RICS Registered Valuer


Prices

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Building surveys

Marshalls offer two types of residential building survey: The Marshalls Building Survey Report and The RICS Building Survey Report.

These are our most detailed surveys and are suitable for most types and ages of property, particularly older houses.

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RICS home surveys

Marshalls offer the full range of RICS Home Surveys: The RICS Building Survey, The RICS Homebuyer Report and The RICS Condition Report.

These surveys have the popular traffic light condition rating format and are mainly suitable for more modern houses and flats.

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Valuation

Marshalls undertake residential valuation instructions for mortgage lending, Inheritance tax (probate), shared ownership, Housing Association, Charities Act, matrimonial and other purposes. We also undertake expert witness work and can advise on leasehold enfranchisement (lease extension).

All of our Chartered Surveyors are RICS Registered Valuers highly experienced in the local property market.

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Commercial

In addition to residential surveys and valuations, Marshalls offer a full range of commercial services, including commercial surveys, schedules of condition and dilapidations advice on behalf of both landlords and tenants.

Note: we do not undertake commercial valuations.

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Party Wall

Marshalls offer a full range of specialist Party Wall services, working for both building owners and adjoining owners.

If you have received party wall notices from your neighbour or you are planning to carry out works, which may come under the Party Wall etc. Act 1996, we can advise you of your options.

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Lease extensions

A lease is a wasting asset and as the remaining term becomes shorter, a residential property may be difficult to sell or mortgage. As a general rule, any lease with less than 70 years remaining can be problematical and you may need to consider a lease extension or possibly a freehold purchase.

Marshalls offer comprehensive Leasehold enfranchisement advice, both for landlords and tenants.

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FAQ’s

Your choice of survey report has never been wider: Marshalls undertake five types of survey on residential properties.

Marshalls were established in 1979 and can offer great local knowledge and experience of all types of building. We might not be the cheapest, but you can be confident that we are the experts in our field.

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Property Advice

A range of pages offering useful advice on various survey, valuation and general property matters.

From asbestos and bats through to toxic mould and woodworm, we hope this general property advice is useful.

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Contact Us

Marshalls have offices in Oxford (01865-863020) and Newbury (01635-529777).

We cover Oxfordshire, Berkshire, Wiltshire and adjoining areas of Hampshire, Buckinghamshire, Gloucestershire and The Cotswolds.

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