This month we’re talking to Jacob Capewell, Chartered Surveyor. Discussing lease advisory, valuations and how Covid and technology has impacted his role.
Q1. So what does ‘professional work’ mean?
It covers a range of services we supply including rent reviews, lease extensions and renewals and enfranchisement (for both landlord and tenant) and valuations. As Chartered Surveyors, particularly RICS Registered Valuers like myself are required to produce high quality work in accordance with strict professional standards set by the RICS – so it’s fair to say that we are subject to much greater scrutiny and are more accountable in our work than general advisers. ‘Red Book’ valuations need to be undertaken by a chartered surveyor.
Q2. What is a ‘Red Book Valuation’?
In essence it’s written advice in accordance with guidelines set by the RICS; Red Book valuations are formal and can only be undertaken by RICS Registered Valuers and not by estate agents – marketing reports do not constitute formal valuation advice and cannot be relied upon for HMRC tax returns such as Inheritance Tax, Capital Gains etc
Hindwoods provide Red Book valuations across all property sectors for a variety of purposes including: –
• Pension fund purposes (Self Invested Payment Plans)
• Tax (Capital Gains Tax / Inheritance Tax)
• Secured lending (Mortgages)
• Residential Lease Extensions (leasehold reform/enfranchisement)
• Sale and Purchase (off market transactions)
Q3. Which part of you work has Covid made most difficult?
Unsurprisingly, a lack of transactions in some of the markets has made evidence gathering more difficult than ever – this was made harder with the introduction of the furlough scheme because agents who I would normally speak with to verify deals and chat through local trends with suddenly were not available which was frustrating.
Q4. Which if any part of your job has technology made easier?
I love the iPad – it’s a game changer. I use an app called sketch pad which allows me to draw floor plans much easier than pen and paper – it also allows me to erase any lines that have gone a bit awry.
You can also upload pictures and existing floor plans/lease plans and draw measurements straight onto those which is helpful – once you’re done there is an export option to Outlook so your site notes are already in the office waiting for you when you get back.
Q5. Which parts of your job do you think technology may ultimately replace if any?
Tech has already replaced some of the manual work involved for example with the use of automated calculation software such as Argus. However, there is a subjective element in valuation meaning that inspections are almost always going to be necessary in order to really understand the property – be that its condition, layout, location etc. And as each property is unique, experience and local knowledge mean we are a way off replacing the human factor just yet.
To find out more about the professional services Hindwoods offer contact: