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Chapter CG75800

Document Cited authorities 1 Cited in Related
Vincent
Published date12 March 2016
Record NumberCG75800
1. Introduction

When a valuation of a foreign property (that is land or buildings outside the United Kingdom, including land or buildings in the Channel Islands or the Isle of Man) is required, the guidance below should be followed.

2. Valuation procedure

The precise procedure to be followed depends on whether the foreign property in question is residential or commercial property, and on the amount of the sale proceeds. Properties with mixed commercial and residential use should be treated as commercial properties for the purpose of this guidance.

Commercial property

Where the property is a commercial property, in all cases a valuation request should be sent to the Valuation Office Agency at the Land Portfolio Valuation Unit, following the submission procedure below, to:-

Residential property

Where the property is a residential property and the disposal is at arm’s length, a valuation request should be sent to Shares and Assets Valuation, addressed to SAV Foreign Land, following the submission procedure below, except in cases where:-

  • the sale proceeds are less than £100,000,
  • the only valuation required is at 31 March 1982, and
  • the value returned by the customer is not more than 1/3rd of the sale proceeds.

In these circumstances, the customer’s valuation should be accepted without further enquiry.

Where the property is a residential property but the disposal is not at arm’s length, in all cases a valuation request should be sent to Shares and Assets Valuation, addressed to SAV Foreign Land, following the submission procedure below.

3. Submission procedure

In all cases where a valuation is required in accordance with the guidance above, the customer or their agent should be asked to provide a valuation at the relevant date, prepared by a professionally qualified valuer.

When such a...

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