Accurately assessing property is essential for executors distributing the assets in a deceased estate. Land and buildings are often the late person’s most significant wealth. Moreover, their value usually dictates whether inheritance tax is due, or not. Property valuations by RICS surveyors help answer these questions, with the measure of certainty executors need.
Property Valuations by RICS Surveyors on Solid Foundations
The London property market was booming in the mid-nineteenth century. Queen Victoria was a much-beloved monarch watching over the most powerful empire in the world at the time. Investors longed to own property in the City, but who could they trust, in a brave new world where money was power?
A group of London property specialists gathered at Westminster Palace Hotel on 15 June 1868, to put this matter to rest. The goal of the forty-nine surveyors was to establish a professional governing body to regulate property valuation. They were successful. Their ‘Surveyors Institution’ received a Royal Charter in 1881.
Royal Charters by a British sovereign have established public and private corporations in England since the thirteenth century. They continue to confirm the pre-eminence, stability and permanence of these carefully-chosen professional institutions and charities. Royal Charters truly are the mark of an organization dedicated to advancing public interest.
Membership of Royal Institution of Chartered Surveyors
The Royal Institution of Chartered Surveyors, affectionately known as RICS, continues in this tradition of independence and public interest. It has become a global body, setting standards for professionals in the built-environment, construction, land, property and real estate industries.
- RICS operates at cross-governmental levels, to promote and enforce highest international standards in property.
- It’s remit includes valuation, management, development, land, real estate, construction and infrastructure too.
Property valuations by RICS surveyors do not, however, occur in a vacuum. The Royal Institution of Chartered Surveyors has headquarters in London, and regional offices across the United Kingdom. But its interests do not stop at our national borders. They link across to sister bodies in other countries too.
Special Interest Groups Under RICS Umbrella
The 134,000 RICS members must meet high standards before they qualify. There are four main routes to joining, namely academic, graduate, technical, and senior professional.The organization interfaces with universities worldwide, to accredit and approve related qualifications.
Members upgrade their status through a continual process of updating their knowledge and competence. Their level of status is confirmed in this hierarchy of membership:
- Associate (AssocRICS)
- Full Member (MRICS)
- Institution Fellow (FRICS)
- Honorary Member (HonRICS)
Only full members and institution fellows may use the title of Chartered Surveyor. This confirms they are experienced and highly trained professionals. Advancing to these levels reinforces their commitment to offer impartial, specialist advice on a variety of property-related matters.
Property valuations by RICS surveyors continue to be the public face of the organization. However, many RICS members gradually gravitate towards one of these special interest groups:
How Property Valuations by RICS Surveyors Are Different
RICS-accredited property valuers are bound to maintain high standards in terms of their affiliation. Therefore, our executor clients are entitled to expect the following service from them:
- A professional estimate of the market value of the subject property.
- This will be retrospective to the date stated on the death certificate.
- And will reflect what a willing buyer would have been prepared to pay.
Of course, this could be at variance with an estate agent’s opinion. The difference could be they may want a quick commission, while a RICS professional charges a fixed fee regardless of what happens next.
A RICS valuer first takes an objective look at the subject property itself. They need to know the size, situation, construction method, and overall condition. Then they investigate further to establish the following:
- The number of separate rooms and what they are used for.
- Any useful additional buildings like garages and outbuildings.
- How solid the building(s) are in terms of their construction.
- Recent prices obtained for similar, nearby properties.
- Neighbouring buildings and any public amenities in the area.
Avery Associates’ Panel of RICS Valuers
We are able to facilitate property valuations by RICS surveyors throughout Greater London, the South of England, and beyond. All members on our panel are accredited to the parent body, and in good standing.
We regularly help clients obtain property valuations for inheritance tax purposes, and it would be our pleasure to assist you too. Our agents handle all commissions promptly and professionally.
We have RICS specialists on board with deep understanding of residential, commercial, and industrial premises. Why take a chance when we have experts available at a fair fee?
How to Enlist Professional Probate Support
Contact Avery Associates in Tooting London by following this link. Contact us using any of the channels we offer. We’ll get back to you as soon as we can, to understand your requirements and agree our fee.
Then sit back and relax in the knowledge that you will soon have what you need to close out on inheritance tax. We could even handle the submission at no extra cost, if that’s what you would like us to do.
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