02 Mar 22 by Kate Robertson
Charities (registered at the Charity Commission or are subject to the Charities Act 2011, including scout groups and places of worship), that hold a property portfolio are required to follow The Charities Act 2011 when selling or letting (over 7 years) a property. Disposals require a RICS Red Book Valuation which must state the current Market Value, most appropriate method of sale and whether works are required on the property prior to marketing. To let a property for a term of 7 years or over again a report must be produced.
Vickery Holman has experts across the South West who are focused on valuing charitable assets, for charities who are looking to dispose or acquire new assets in land or property.
We regularly undertake instructions by the Salvation Army and recently valued a property in Exeter, for disposal purposes complying with the requirements of Ss.119 – 120 of the Charities Act 2011 & Charities (Qualified Surveyor’s Reports) Regulations 1992.
Another regular client of Vickery Holman is The Dartmouth Trust which has a large commercial portfolio, for whom we provide Charities Act Reports for disposal.
A number of reports are requested once a property has been marketed and under offer to ensure that the Charity is achieving the best possible price in the best possible manner, however another facet of our offering is to provide reports on properties prior to them going to the open market. This is with the requirement to advise on what improvement works should be undertaken, estimated costings for work, type of marketing to undertake and the guide price of the property once complete.