RICS reminds buyers of the importance of a home survey

For many people, buying a home is one of the biggest decisions they will ever make. However, by failing to commission a survey before purchase, homebuyers across England and Wales* are risking potential bills running into thousands of pounds.

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A mortgage valuation for is not a survey - buyers should be warned says RSPA.

Mortgage Finance Gazette (MFG) has reported that the Council of the Residential Property Surveyors Association (RSPA) has written to Hector Sants, chief executive of the Financial Services Authority, calling for an investigation into the advice mortgage lenders give their borrowers regarding valuations and surveys.

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Allied Commercial Masterclass heralded an 'insightful success'
The Alllied Surveyors Commercial Masterclass, held at the East India Club in Central London at the end of May 2011, tackled many current valuation and legal issues.

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Residential property surveys and valuations in England and Wales

Valuations For Probate Taxation And Family Purposes

HM Revenue and Customs recommend that a professional valuer should be retained to advise in respect of the value of land and property comprised in a deceased’s estate. 

Usually acting for the executors (who would normally be able to recover the costs from the estate), our surveyors ensure that a fair market value figure is provided for probate and inheritance tax purposes and that this reflects the condition of the property, market conditions at the date of death etc.

Valuations of a similar nature may be required not only for tax purposes but for matrimonial disputes, family trusts part disposals etc.

Leader: Della Woodlands
Enquiries: clientservices@alliedsurveyors.com or telephone: Della Woodlands on 0333 666 7777