Philbeach Gardens, London SW5
Indefinite Leave to Remain Valuation:
Back in 2008, the Government introduced a way for high net worth individuals to qualify for permanent UK residence under the Tier 1 Investor Visa scheme with approximately 500 such persons being successfully granted in 2017.
We have written a brief guide to the entry rules before on our blog but to qualify for indefinite leave to remain the individual must be continuously resident in the UK as a Tier 1 for a minimum period of time. The qualifying period is dependent on the size of their investment:
- Continuous residence period of 2 years: total investment totals £10 million
- 3 years: total investment is £5million and
- 5 years if the total investment is £1million
The client in this situation had owned the property for almost a decade, but now wished to settle.
The Valuation
The property was a large 2nd and 3rd floor flat with a roof terrace in a good condition with modern and high-end kitchen and bathroom, which would be expected of the area, set over 1350 sq ft. Surveyors often use a comparable table to evaluate the differences between different aspects of local sales, similar to the following:
Properties with different characteristics need to be compared and adjusted to bring them into line with the subject property. This process can also be useful to highlight elements of properties that are either less or more desirable, and can serve as examples of properties that would clearly achieve a higher or lower price on the open market.
In this instance, X Philbeach Gardens was inferior to the subject. Z Philbeach Gardens was more desirable, whilst Y Philbeach Gardens was very similar. The subject was valued at £1,760,000.
Whilst in this instance the client’s property was well clear of the £1 million threshold, a valuation by a Chartered Surveyor was still required. If you are looking into a Tier 1 Investment VISA, either on an initial basis or wish to remain permanently, email us at surveying@peterbarry.co.uk or call our Head Office in Kensington on 020 7183 2578
