1 General Conditions
1.1 Personal Property (Chattels) refers to assets that are not permanently attached to land or buildings. They include antiques and fine art, furnishings, collectables and appliances. Personal Property does not include part interest in land and buildings, plant and equipment or an operational entity or part thereof as regards trading potential.
1.2 Fees are usually calculated on the basis of an hourly rate applied to work carried out at the property and any subsequent additional research required. If appropriate the fee is subject additionally to VAT at the current rate. A minimum charge will apply to all variations. A fixed fee for a valuation report may on occasion be agreed with the Client. All matters relating to fees and costs, will be set out in the letter of instruction and signed by both parties prior to commencement of work.
1.3 Market Values depend upon the basis of valuation required by the client (see also 4, 5, 6 & 7 of these terms and conditions).
2. The Valuation Report
2.1 The Valuer shall provide to the Client a report setting out their opinion of the value of the relevant interest in the Personal Property (Chattels) plus whatever other items are considered appropriate, P&M, Office Equipment, Vehicles etc.
2.2 The Valuation Report is principally based upon the Valuers opinion, taking into account the degree and conditions of examination. A valuation is the opinion of a general Valuer or a Valuer in a specialist field acting with reasonable care and skill. A valuation is not a guarantee of value or the price payable or receivable in respect of an item.
2.3 The Valuation Report is the copyright of Beaumonts Associates LLP and will be provided for the stated purposes and for the sole use of the named Client. It will be confidential to the Client and their professional advisers. The Valuer accepts responsibility to the Client alone that the report will be prepared with skill, care and diligence reasonably expected of a competent valuer, but accepts no responsibility whatsoever to any person other than the Client themselves. Any such person relies on the report at their own risk.
2.4 Neither the whole nor any part of the report or any reference to it may be included in any published document, circular or statement nor published in any way without the valuer’s written approval of the form and context in which it may appear.
2.5 Client details and Valuation Reports will not be released to any third parties without the Client’s express permission except as required by law.
2.6 Comparables, where appropriate, will be sought and recorded on the valuers notes.
2.7 The Valuation Report is only valid on the valuation date stated.
2.8 All monetary values will be quoted in £ Sterling unless specifically stated.
2.9 Unless subject to a specific request, only items with a stand-alone value of more than £500.00 are individually identified. All other items surveyed, of lesser value, are grouped together, in total sums, under their appropriate heading.
3. The extent of the valuer’s investigations and nature and source of information relied upon
3.1 It is the instructing Client’s responsibility to disclose all property to be valued and to ensure that it is included in the Valuation Report.
3.2 It is the instructing Client’s responsibility to disclose any material involvement in the personal property and provide Beaumonts Associates LLP with a statement of any previous involvement.
3.3 Where items are not available for inspection and the Valuer therefore relies on photographs and/or information supplied by the Client, this will be stated in the Valuation Report. The Valuer shall, unless otherwise expressly agreed, rely upon information provided to him by the Client or the Client’s legal or other professional advisers. It is the responsibility of the Client or the Client’s legal or other professional advisers to ensure this information is accurate and advise the Valuer if it is not.
3.4 Items are catalogued with reference to the guidelines of Object ID (further details can be found at http://archives.icom.museum/objects-id/html). However, cataloguing detail will vary to be appropriate to the values of the Personal Property (Chattels) and other items being valued and the purpose of the Valuation Report.
4. Definition of Market Value
4.1 Market Value is defined in RICS (Royal Institute of Chartered Surveyors) Valuation – Professional Standards as:
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing seller in an arm’s length transaction after proper marketing and where the parties each acted knowledgeably, prudently and without compulsion” (RICS, VS3.2, 2012, P130).
4.2 In respect of goods subject to inheritance tax, the market value will be assessed in accordance with Section 160 of the Inheritance Tax Act 1984 and Section 272 of the Capital Gains Tax Act 1992 is defined as:
“The price which the property might reasonably be expected to fetch if sold in the open market at that time, but that price must not be assumed to be reduced on the grounds that the whole property is to be placed on the open market at one and the same time” (RICS, UKGN3.2, 2012, P268).
For all other goods to be valued, such valuations will be conducted in accordance with the client’s instructions and our basis of valuation.
5. Inheritance Tax Valuation (in accordance with Section 160 of the Inheritance Tax Act 1984 at Market Values)
5.1 It is the instructing Client’s responsibility to disclose any specific bequests of Personal Property (Chattels) under the terms of a Will.
5.2 Where the Valuer is made aware of specific bequests in a Will, these items will be noted under a separate heading in the Valuation Report.
5.3 It is the instructing Client’s responsibility to disclose whether any gifts of Personal Property (Chattels) have been made within seven years of the date of death. Any such items must be included in the Valuation Report.
5.4 It is the instructing Client’s responsibility to disclose whether any gifts of Personal Property (Chattels) in an Estate are made available to the Valuer and are included in the Valuation Report.
5.5 The Client must inform the Valuer where the Personal Property (Chattels) have been subject to a previous valuation as HMRC (Her Majesty’s Revenue and Customs) may compare older Valuation Reports for Inheritance Tax and Insurance with the new valuation and may request explanations for any discrepancies especially in relation to values. Where possible, older Valuation Reports should be made available.
6. Family Division Valuations & Capital Gains Valuation (in accordance with Section 272 of the Capital Gains Tax Act 1992)
6.1 Valuation Reports for these purposes are usually carried out at Market Values reflecting likely hammer prices and do not take account of commissions or other potential expenses often associated with buying or selling Personal Property (Chattels) at auction (see also 1, 3, 4 and 5).
7. Insurance Valuation
7.1 Indemnity is like for like; two objects are rarely identical. Markets referred to typically comprise retail replacement costs, or probable auction price. Auction prices will usually include additional sums to cover likely buyer’s commissions, taxes and other costs.
7.2 Retail values are subjective and will vary, sometimes significantly, from retailer to retailer. Where possible, the Valuer will take into account the retail habits of the Client. This will also affect potential values. High Net Worth and specialist insurers and their loss adjusters will often take these factors into account when settling a claim.
7.3 Valuers may apply a multiplier to Market Values reflecting retailers’ likely mark-up in given specialist fields, in order to arrive at an insurance value. The multiplier used will vary and will be recorded in the valuer’s notes.
7.4 “New for Old” is the likely cost of replacing a used item with a new one of similar quality and type in the retail market.
7.5 Where an old item is unique or where an object is handmade, a value may be allowed for re-manufacture on a ‘facsimile’ or ‘replica’ basis.
7.6 The basis of valuation for insurance will be stated in the Valuation Report.
8.1 Even where competent to do so, the Valuer will not normally undertake condition reports on Personal Property (Chattels) to establish faults, alterations or restoration. However, where problems of condition are obvious and affect the value they will be noted in the Valuation Report.
8.2 Where Personal Property (Chattels) is not new, an assumption will be made that new items are in reasonable condition unless specifically stated in the Valuation Report to the contrary. In the event that an item is in a distressed, damaged or incomplete condition, the term AF will be used (as found).
8.3 Where appropriate, the Valuer will rely upon the legal opinion of the lawyers, be they the instructing Client’s or acting on the instructing Client’s behalf.
8.4 Special Assumptions will be noted in the Valuation Report.
9 Complaints Procedure
9.1 To make a complaint, send a written copy or email of your concerns to Bennett Corner House, Coleshill Street, Sutton Coldfield, West Midlands, B73 1SD or use the contact form here. You will receive a response within 15 days of making your written complaint.
9.2 Failure to resolve complaints can be referred to NAVA for consideration. Details of the procedure can be found here.
10 Fees and Charges
10.1 For certain types of contract fees will be agreed separately and, as with all fees, clearly identified in the letter of engagement, prior to commencement.
10.2 For the sale and disposal of goods we would act as agents. A fee is agreed with the client prior to contract commencement. The fee is either an agreed sum or an agreed % of the sale, proceeds, payable, by the client, to Beaumonts Associates upon receipt of the sale proceeds and invoice from Beaumonts Associates LLP.
10.3 Any fees due to Beaumonts Associates LLP will be in accordance with the agreed letter of engagement and are due for settlement within 21 days of invoice date. Valuations and or reports remain the intellectual property of Beaumonts Associates LLP until paid for in full.
10.4 Our hourly fee rate is available on request.
11 Data Protection
11.1 We use the information you provide to us primarily for the provision of our services to you and for related purposes including updating and enhancing client records; analysis to help us manage our practice; statutory returns; legal and regulatory compliance and marketing our services.
11.2 Our use of that information is subject to your instructions, the Data Protection Act 1998, the General Data Protection Regulation (EU 2016/679) and our duty of confidentiality. Please note that work we do for you may require us to give information to third parties such as expert witnesses and other professional advisers. Additionally, throughout and following the conclusion of the work we do for you, we engage the services of third parties such as IT and telecommunication providers and shredding and storage companies to assist us in the conduct of our practice.
11.3 The processing of your data is necessary for the performance of the contract under which we carry out work for you and to enable us to comply with our legal obligations. You have a right of access under data protection legislation to the personal data that we and our suppliers hold about you. You also have a right to request that we rectify or delete your personal data and you are entitled to restrict or object to how we process your personal data.
11.4 We may from time to time send you information which we think might be of interest to you. If you do not wish to receive that information please notify us in writing.