Challenge

The instruction related to an office building constructed in 2000. The client took on the sixth and seventh floors in 2013. The property was assessed by the Valuation Office for the 2010 Rating List with a Rateable Value of £122,000. The areas of both floors were incorrect, there was lab space assessed on the seventh floor that was no longer in existence, lift access only went to the sixth floor and the tone of the building appeared excessive in relation to comparable properties nearby.

Solution

We were able to correct the factual discrepancies identified by way of a joint inspection with a Valuation Officer. They agreed with all our points and the areas taken by the Valuation Office matched those taken on our own inspection. Once the areas and lack of lab space had been settled, the next step was using comparables to demonstrate to the Valuation Office that the seventh floor should be discounted for the lack of lift. Once all of this was settled the final stage was then persuading the Valuation Officer that the level of value within the building was excessive and that the basis of value should be reduced. The outcome resulted in the rateable value of the property being reduced from £122,000 to £90,000, producing savings for the clients over the 2010 rating list in excess of £67,000.

Results

£67,000 Savings

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