Valuation, rating and compensation
We provide a prompt A–Z valuation and rating service, using local market knowledge and a wealth of specialist local authority expertise.
Accurate property valuation and rating is fundamental to the property market – and to your decisions about your built estate. It forms the basis of performance analysis and all types of strategic asset management decisions. It is also part of your responsibility to meet the requirements of the International Financial Reporting Standards. Our dedicated team of real estate experts provides advice on all the major property sectors that public authorities need.
We undertake all types of local authority asset valuations and, dealing with an in-house portfolio of £3bn, we have considerable expertise in a multitude of diverse property types.
Our valuations are fully compliant with the new International Financial and Reporting Standards and we are familiar with the Code of Practice on Local Authority Accounting (the Code), so we can offer advice to ensure that your own portfolio meets the requirements of the Code, particularly in relation to
- asset classification – including identifying assets for sale and investment assets
- application of ‘Fair Value’
- finance and operating leases
Whilst often considered to be of low importance, asset valuations have taken on far greater significance in relation to the performance of an authority and for the identification of increased value following capital improvements.
An often undiscovered area of an authority’s portfolio lies in property which is surplus or under-utilised. Our valuation expertise can help unlock the full potential of your property portfolio, providing valuable resources to enable improvements and efficiencies to services, or improving the balance sheet.
Our expert rating team advises on business rates, a property tax which typically equates to 45% of annual rent – but is often a forgotten outgoing in the costs of occupation. We are committed to providing comprehensive advice to minimise this expenditure.
A new rating list came into force on 1 April 2010. This has resulted in significant changes to both rate payments and transitional arrangements.
Our specialist service includes
- a comprehensive review of the 2010 rating list assessments, giving advice on the levels of rateable value and rights of appeal
- challenging the assessments and negotiating with the Valuation Office Agency to secure the best possible reduction
- calculating and advising on rate rebates and ensuring that alterations to properties or special circumstances which would give rise to reductions or reliefs are notified to the relevant authority
- general rating management throughout the list, completing forms of return, monitoring changes to properties and assessments, and providing strategic advice, for example with regard to empty rates avoidance
- representation at valuation tribunal where agreement cannot be reached with the valuation officer
Getting the best from valuations and rating of your buildings requires in depth technical knowledge, experience, understanding of the market, and excellent negotiation skills. If, like most other public authorities, you have many specialist buildings, you’ll also find our intricate knowledge of the different methods of valuation for rating invaluable.
Compulsory purchase and compensation
We provide a full service to support compulsory purchase, from an initial estimate through to settling the last claim, whether by agreement or through the Upper Tribunal (Lands Chamber). This includes claims under the Land Compensation Act 1973, Part 1.
Compensation law is complex and can affect not only the total cost of a scheme, but also when that cost may arise. It can apply where no land is taken, and whether or not a Compulsory Purchase Order (CPO) is involved.
In urban areas, in particular, claims under Part 1 of the Land Compensation Act 1973 can add significantly to the final scheme cost while the serving of Blight Notices may necessitate early purchase of property.
Our team of valuers is highly experienced in dealing with both large and small schemes and can highlight the risks to the timing of projects, negotiate settlements and advise on ways to minimise the costs of schemes.
The rating team routinely saves Hampshire County Council in excess of £1 million in overpaid rates each financial year.
We value a fifth of our diverse £2.9 billion property asset portfolio every year, in addition to a wide range of valuations for sales, asset rationalisation, feasibility reports, acquisitions and leasing.