*To download as a printable leaflet: Valuation Service PDF*

JHWalter are valuation surveyors specialising in the appraisal of all types of property from fields, small business units and cottages to farms/estates, major commercial projects, complex development appraisals and grand houses. Established over 200 years ago, the firm operates across the East Midlands, Lincolnshire, Nottinghamshire and South Yorkshire and has expert valuers in agricultural, commercial and residential disciplines. Our valuation team gives independent advice for many purposes, such as secured lending, disputes and litigation, sale, probate, accounts and tax planning. Private and corporate clients, lawyers, accountants and bankers all appreciate our methodology which delivers timely, well researched and objective opinions.

Valuation is both art and science requiring the application of judgement to calculations made from technical information gathered in the field. Governed by the Royal Institution of Chartered Surveyors Valuation Standards (The Red Book), at JHWalter we pride ourselves in a professional approach to appraisal and valuation. With a good track record, we are supported by substantial professional indemnity insurance giving a further foundation of reassurance that our valuations are dependable.

Why Choose JHWalter?

• A clear reporting style compliant with RICS Valuation Standards (Red Book)
• Mature understanding and advice on all issues – not only the valuation figure
• Prompt reporting
• Extensive coverage of property types across a wide region
• Decisive advice accounting for the client’s objectives
• Experienced valuers who are active in the market
• Excellent comparable databases

At JHWalter, we have valuation experience covering the following property types:

Commercial Valuation

Commercial property is a wide discipline within which our valuers will advise on shops and retail property, industrial premises such as factories and warehouses, offices and leisure property including public houses. With experience in all types of commercial and residential development land as well as investment property, we can tackle intricate valuation issues.

Agricultural Valuation

Agricultural and rural property valuations not only include farm valuations, small holdings and fields but also major landed estates, diversification projects, horticultural property, glasshouses equestrian property and rural homes

Residential Valuation

The valuation of residential property is not limited to standard single dwellings. At JHWalter, we specialise in unique and individual houses and undertake valuation of residential investments and portfolios.

Based in Lincoln, we can offer a valuation service over the East Midlands including Lincolnshire (as well as South Humberside/North Lincolnshire and North East Lincolnshire), Nottinghamshire, Leicestershire and northern Cambridgeshire. Also, our service extends into South Yorkshire.

Examples

On behalf of a major lender, we advised on the value of an investment property.  This involved assessing the value of a well located unit and the strength of the tenant – research showed they were a very substantial company with great potential.  Given the quality of the location and the quality of the building, even without a good covenant, the property had a substantial value.

On behalf of a major lender, we prepared a bank valuation on a racing yard, land and gallops in the East Midlands. JHWalter was able to tackle this unusual property through team expertise in residential, agricultural and equestrian markets.

On behalf of a number of parties to litigation, we have provided expert valuation advice under Civil Procedure Rules (CPR) on the extent to which value has been damaged by events. The house affected by unexpected aircraft noise; the shop with dry rot and structural movement not highlighted in a survey; the development site without a vital right of way and the diminution in value as a result of dilapidations (section 18 valuation).

On behalf of lenders and landowners, John Elliott has given advice on many development opportunities. These have included more than 30 acres of land zoned for housing in a Lincolnshire town; a closed military base with potential to develop and improve quarters, mess buildings, hangars and specialist buildings; substantial urban fringe land not yet available for development but providing undoubted long term and profitable prospects.

What a relief!

Owners and tenants of empty property will be relieved to know that Empty Rates Relief will be increased to apply to properties with a rateable value of up to £18,000 rather than current £15,000 following the Pre Budget report. With an admirable statistical dexterity, The Chancellor claimed this will mean 70% of properties will be eligible for Empty Rates Relief. However, this includes 'properties' such as ATMs, advertising posters etc meaning that a greater proportion of real properties will still be subject to empty rates. In any event, from April 2010, newly reassessed rateable values come into effect. On average, these are 20% higher than in the old list meaning that the 20% increase in empty rate relief is not an increase at all!

For those planning for the future, it is difficult to rely on Empty Rate Relief. It is not actually part of on going legislation and is being given from year to year at the will of the Chancellor - there is no permanent relief except for very low value properties of less than £2,200 pa. There are nevertheless ways to minimise rates payment on empty properties however large but these require some ingenuity on the part of the rate payer and some good advice.

On a five yearly cycle, Rateable Values (RV's) are reviewed. Valuation can seem to be a dark art; an alchemy that is hard to understand. But when you are taxed on value, rateable value, it makes good business sense to understand the mystic science which takes so much out of your balance sheet.

The theory is that this keeps values in line with the real world out there in the property market. In practice, this is a judgement based on historic information supported by computer models.

At the last review of rateable values, many occupiers didn't challenge their assessments. In 2005, property and economic conditions were more favourable. Businesses concentrated on boosting income and there was a suggestion that the Valuation Office deliberately kept rating assessments on the low side to avoid appeals.

Did you know that you may not be too late to appeal a 2005 assessment and get the saving back dated 5 years? If you have not previously appealed, a proposal for a changed RV may still be possible until March 2010.

The next review of Rateable Values swings into place from April 2010. If correctly assessed, it should be based on the rental value of your property as at April 2008. Overall, values were higher in 2008 than the previous valuation date in 2003 so most will see an increase.

The amount paid in Rates per £ of RV should go down from the 2009/2010 figure of 48.5p to a provisional 41.3p. The theory is that the changes in RV will be "revenue neutral" - on average the increase in RV will be cancelled out by the fall of the rate in the pound while adjusting for inflation.

But that assumes the Valuation Office have the correct factual information about your property and have judged values correctly. Even if your RV has gone down (and some will), you are still paying too much if it should have gone down further!

It is well worth having your RV checked to ensure your assessment is correct - you may find an opportunity to profit from a reduction. April 2010 will soon be here and there is work to do to before the new tax year. A property should be correctly measured, evidence gathered and grounds for appeal decided before a proposal is submitted to the Valuation Office.

An appeal of a Rateable Value has to be done carefully. The proposal form needs correct rate payer details and evidence based grounds for reviewing the value. Most importantly, you need to be reasonably sure that your RV is too high (not just higher than you would like it to be!) For this it is wise to get professional advice from a Chartered Surveyor specialising in Valuation.