Charities Act Valuations – What are they and why are they needed?
If you are a registered Charity, the Charities Act 2011 requires trustees to obtain a written report from an independent surveyor on the proposed sale or lease; although recommended, there is currently no requirement to obtain professional advice when acquiring property. A report is required where the Charity is disposing of an interest in land for a term exceeding seven years. Vickery Holman has been carrying out a number of Charities Act Valuations recently as charities assess the impact of the pandemic on their finances.
The surveyor advising the Charity must be a qualified Fellow or Member of Royal Institution of Chartered Surveyors (RICS) and have experience of similar valuations in the subject area.
A Charities Act valuation, sometimes referred to as a Qualified Surveyors Report (QSR), needs to advise the Charity not only on the value, but the most appropriate method of sale, how best to advertise the property and whether to carry out works prior to a sale.
The requirements under the Act go beyond those of the RICS Red Book. Our experience in Charities Act valuations ensure trustees receive the right advice to make optimum use of the property, in the best interest of the Charity.
To find out more, please take a look at our Valuations pages or talk to Rebecca Cook on [email protected] or 07515 993325
