Posted on 13th June, 2022
Charites Act Valuations
When a registered charity wishes to sell a property or offer a long lease (an interest in any property over seven years) on a property, a valuation report produced by an independent RICS Chartered Surveyor (MRICS /FRICS) is required to be obtained in accordance with the Charites Act 2011.
These reports are also referred to as a Qualified Surveyor report (QSR).
The RICS chartered surveyor must have comprehensive knowledge and expertise in the area the property is located and must produce the valuation in accordance with the requirements of the legislation. In addition to advising on the market value of the property, the qualified surveyor must advise on the best approach to marketing the property and if improvements are necessary before selling. These requirements of the Charities Act are above the requirements for a standard RICS Red Book valuation. That is why it is important to not only use a qualified surveyor but one who is experienced in dealing with Charities Act valuations. This means that the Qualified Surveyor report (QSR) will give the charity trustees the necessary information on which to make appropriate judgements with the interests of the charity at the forefront.
When a charity purchases a property, the Charities commission does not require a Qualified Surveyor report (QSR). However, it does strongly advise one is obtained. When buying a property there are many factors to consider such as any potential planning issues or the reasonableness of the proposed purchase price.
We often undertake Charities Act valuations here at Julian Wilkins & Co. Chartered Surveyors in both property acquisitions and property disposals. We are experts in dealing with Charities Act valuations in West Sussex, East Sussex and the wider South East. Ware always happy to assist charities in these matters.
If you need any more information about a Charities Act valuation please contact us on 01903 892211 or by email at firstname.lastname@example.org. One of the team will be happy to discuss your individual circumstances with you.