An early valuation could be important if you are making a gift of land or property.
The advice comes from Gillian Jones, a partner in the company and commercial department of Wollens solicitors.
Gillian, who is based at Wollens’ Barnstaple office, says: “If you are making a gift of land or other property there is always a chance that at some point you or your family may need to have an idea of what it was worth.
“If you know that you will need valuation then it is a good idea to have a proper one done at the outset, but if you don’t want to go to that expense, or if you think there won’t be a need, then try and make the best assessment of value that you can and keep a note both of the value and why you decided it was right because trying to sort out an idea of valuation many years later, when the property may have changed, can be difficult and expensive.”
She added: “If you are thinking about an informal valuation , then you can ask an estate agent for an ‘off the cuff’ figure. Look for similar properties that are up for sale to get comparable evidence of value and it cannot do any harm to agree the value with the person who gets the gift as they are going to have to record a valuation with the Land Registry as part of the fee assessment process.”
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