Valuations continue despite Coronavirus restrictions

Posted by ChantelleStenner on June 17, 2020

Valuations continue despite Coronavirus restrictions

June 17, 2020 at 9:30 AM

Restrictions have now been lifted in England to enable homebuyers and estate agents to access property to boost the housing market but surveyors have been working throughout the lockdown to help keep vital valuation work on track.

“While certain valuation work can be conducted  to an extent without a site visit, inspections are necessary in many instances and this work has been continuing by adopting  a common sense, precautionary , approach,” explained Eifion Bibby, a Chartered Surveyor at the Colwyn Bay office of Davis Meade Property Consultants.

Property valuations have been essential in particular instances to enable crisis-hit businesses to access emergency loans to get them through the lockdown ,although more recent regulations have enabled larger sums of up to £250,000 to be borrowed without security therefore negating the need for an onsite appraisal .

Valuations have also been necessary on the estate of a deceased to assist with probate - and often the start point has been a pre-Covid valuation of the furniture and property.

“The key message here is that Inheritance Tax returns will still have to be made to the Capital Tax office but that doesn’t mean you have to give a detailed valuation of the estate, you can put in an estimated value , in the first instance, provided you pay any duty by the end of the sixth month of death, explained Eifion.

“The procedure allows for valuations to be prepared on ‘restricted information’ which in this case means you haven’t been able to look closely at the property, only from the outside due to Coronavirus restrictions.”

Property owners have been concerned that coronavirus restrictions could impact on commercial deals but in many instances, valuations have continued with appropriate precautions and agreement from the parties involved.

“The big driver for property valuations has been Inheritance Tax and for loan securities particularly for those taking advantage of the larger loan schemes, and we are expecting valuation work to increase as businesses, all being well, get back on their feet after the lockdown,” Eifion added.

Eifion Bibby can be contacted at Davis Meade Property Consultants on telephone 01492 510360, email eifionbibby@dmpcuk.com

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