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Wednesday 18th October 2017

Aston James Associates - Chartered Surveyors London

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Aston James Associates

Aston James Associates – London’s Independent Chartered Surveyors

Your interests come first at AJA! We are a privately owned Independent Chartered Property Surveyors based in South East London. Our independent status means we are we’re working for you – not a mortgage company.

We provide a range of respected property advice services. The focus of our services is to providing you with a quality property survey.  A reliable and professional property survey report, is just as important as having a soundly built property. The report lays the foundation for the important financial or investment decisions you’re about to make about the property you’re considering.

Our number one priority is to provide the highest quality of service to people like yourself looking for property survey and valuation services. This is why AJA  Surveyors is a small company with an excellent reputation and experience in the residential and commercial property markets. Our practice is governed by guidelines set down by the Royal Institution of Chartered Surveyors (RICS), so you can be confident in receiving professional and quality advice and service.

 

Divorce has become easier in the UK. One year’s separation is now legal ground for an official split by consent. But the age-old problems still remain of who gets what once it’s official – and the biggest asset is normally the marital home.

It’s a difficult time for both parties. So a friendly, sympathetic local surveyor who knows the area and its property values well and is easily contactable is the ideal person to call on in such trying circumstances.Aston James Associates Matrimonial Valuation Dispute

Aston James Associates can provide you with a profession valuation of your property; work with your Legal Advisor and if necessary provide evidential representations to The Family Court in accordance with The Matrimonial Act 1973. Part 25 of the family procedure rules the matrimonial (FPR) 2010 and practice directions 25B, 25D, 25E. Our objective is to assist you complete the process with relative ease.

Specialists in Staircasing Valuations

AJA Staircasing/Right to Buy valuation service provides you with an independent market valuation appraisal of your Shared ownership home for the purpose of buying some or all of the remaining shares.

We meet your Registered Landlords criteria, namely:

  • Registered Valuers with recognised qualification of RICS

  • Our market valuation reports include at least 3 comparable properties with analysis and justification where possible

  • Valuation reports are issued following full external and internal inspections of your home

  • Valuation reports are provided for non-lending purposes

  • The valuation report is valid for 3 months; the validity of the valuation is shown on the report

  • The number of years remaining on the lease will have an influence on opinion of value

In addition because the valuation report is prepared for Staircasing/Right to Buy purposes it will include the following information:

  • Exclude any significant improvements made regarding Staircasing value.

  • The open market valuation will include any improvements made.

  • Local knowledge is imperative when implementing this type of valuation method and it a mandatory requirement of the Royal Institute of Chartered Surveyors (RICS).

Valuation Comparables Approach: The buildings material elements should be similar to that of the subject property; within constraints of available market evidence and geographical location.

Valuation Analysis: Following retrieval of appropriate comparable evidence, analysis should be made. This involves making adjustments in sales figures achieved to capture the differences between comparable and the subject property; those differences are reflected on a percentage basis in comparison to the subject.

Application of these valuation methods can become complex however a Valuer’s appraisal has to take in to consideration a broad range of macro-economic and local-geographic factors to name but a few, to be deemed accurate and trustworthy. It is for these reasons that lending institutions and stakeholders only rely on professionals namely Chartered Surveyors for their opinions of property market value’s.

 

 

Lease Extension

You own the leasehold to your flat and want a lease extension or enfranchisement, how do you go about it? Answer: contact us.

The number of years remaining on your lease before it expires determines if and when it is worth a lease extension or, indeed, exercising your legal right to buy the freehold from your landlord. Add in the need to know the extensive legislation in this area and local market prices, and the reason to hire a local surveyor experienced in this form of valuation becomes clear.

Lease extension

Say you want to raise the value of your flat to sell it in a year or two, but your lease has more than 90 years to run. In this case, extension (normally by 90 years) will make little difference to market value.

If you are closing in on 80 years, act now and call a surveyor! Leave extending till your lease is down to 80 years or less, and you will incur higher overall costs and also have to pay your landlord an extra sum (premium) equal to 50% of the property’s “marriage value” – a share split between Landlord and Tenant in the additional value a lease extension will add to the property.

 

Primary statutes which govern leasehold reform are:

 

  • The Leasehold Reform, Housing and Urban Development Act 1993 – which gives the lessees of flats the collective right to acquire the freehold with other lessees of flats in the building or individual right to have a new extended lease for a term expiring 90 years beyond the existing term date of the current lease, at peppercorn rent. http://www.legislation.gov.uk/ukpga/1993/28/contents
 

(Please note: buyers will find it tough to get a mortgage on any lease with anything less than 65 years to run – you have been warned!) The surveyor will show you that value added or lost can be dramatic.

 

Please note simplified procedural steps regarding serving and registering initial notices in FAQ’s section.

 

Roofspace Valuation

Are you looking to purchase the roofspace from your Landlord? How much is it worth?

Perhaps you have a flat conversion situated on the second floor of a three storey building. Assuming access to the roofspace is gained from your apartment only, its valuation falls outside of RICS definition of market value.

Marriage value is therefore applicable: which is the difference between development value of the property and the apartment’s existing market value with the build costs of conversion inclusive. Aston James Associates can provide you with a roofspace valuation.

 

Please note a valuation example in the FAQ’s section.

Inheritance Tax Valuations

Inheritance Tax

At the time of death, a tax is paid on the assets (investments, property & possessions) that you owe. It is known as Inheritance Tax.

An accurate market value of property is necessary at the date of death for overall estate and individual property in accordance with Inheritance Tax Act 1984.

We liaise with the District Valuer/Inland Revenue to ensure that the probate process is completed accurately and efficiently at this emotional time.

Inheritance Tax is usually paid on an estate when somebody passes away. It’s also sometimes payable on trusts or gifts made during someone’s lifetime. Most estates don’t have to pay Inheritance Tax because they’re valued at less than the threshold (£325,000 in 2016/17). The tax is payable at 40 per cent on the amount over this threshold or a lower rate percentage rate if more than 10% of estate is donated to charity.

It pays to have an accurate property valuation to show if you owe inheritance tax. Undervalue your presidential property or estate and you’ll not only face an additional tax bill but also be fined up to 100% of the extra tax due.

An HM Revenue and Customs crackdown in the middle of the recession raised an additional £70m in tax after carrying out more than 9,300 investigations. Households shown to be undervaluing owed an average £24,600 in extra inheritance tax – plus possible fines if they had not shown “reasonable care” in their tax submissions. And that was when the crunch was only just starting to hurt – in 2010.

 

Capital Gains Tax Valuations

Capital Gains Tax

The Inland Revenue/District Valuer will require a formal valuation of a property following disposal, especially if it is not the principal residence.

The purpose of the valuation is to calculate Capital Gains Tax in accordance with Taxation of Chargeable Gains Tax 1992. The increase in property value is subject to the tax, unless it is owner occupied.

Other circumstances where Capital Gains tax is levied is where the occupier exercises right to buy or where there is a transfer of shared ownership, as the market value is established for stamp duty and Non Domicile assessments.

Aston James Associates, an as RICS Regulated Valuer, has the ability to provide the District Valuer with a professional valuation report in an acceptable format.

 

 

 

 

 

 

For more details of our IHT/CGT valuation services or to arrange a consultation, please call Aston James Associates on 0208 771 5035 or email info@nullajasurveyors.co.uk

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