Case Study - Commercial Property Valuations 1

Published on Friday, July 6, 2007

Ref: JH/06/7'07           Jean Howe – Partner Kirkby & Diamond

An instruction was received to undertake valuations of a number of residential properties owned by a family for tax planning purposes.
Of the numerous residential properties involved, the valuations had to be undertaken on several different bases. Each of the properties were affected by different issues including; those with vacant possession, those with potential for development, those subject to regulated residential tenancies ie with security of tenure and those with Assured Shorthold Tenancies in place.
Inspections were undertaken on all the properties involved. Discussions then took place between Kirkby & Diamond, the clients and their Legal Advisers as to the implications of the findings of the inspections and how it could possibly affect the required valuations.
After clarifying these numerous issues with the clients to ensure that the valuations provided met the clients’ needs, valuations of all the properties in the portfolio were provided.
The Result
Understanding the client’s requirements to ensure that the valuations provided met their needs; even when the client may not have been aware that they required a different valuation from that originally envisaged.
Subsequently, the valuations were used to enable various transfers of property to be undertaken for tax planning purposes and further work was undertaken where the initial inspections and investigations had brought to light the development potential.