Luxury property developer builds a stronger financial foundation with RVA Surveyors
Case study:
Property Development Firm | London
Specialises in creating residential and mixed-use developments, focusing on designing high-quality homes.
KEY
FACTS
FOUR MONTHS
ACHIEVED IN
£43,659
SAVINGS
Office & Premises
PROPERTY TYPE
The Client
A property development company based in London, England specialising in the development of both residential and commercial real estate. The client had recently split a large property into two separate units and needed to ensure their business rates accurately reflected this change.
Given the complexities involved, they were concerned that the original rateable value (RV) might still be applied, resulting in unnecessary overpayments.
The Problem
Following the division of the property, the client continued paying business rates based on the pre-split rateable value, which was higher than it should have been for the two smaller properties. The RV did not account for the updated layout and usage of the newly formed units.
This inconsistency in the assessment left the client unsure whether they were being fairly charged for the space they actually occupied. Lacking the expertise to dispute the assessment by themselves, they faced the risk of continuing to pay more than necessary.
The Solution
RVA Surveyors engaged with the client and conducted a thorough inspection of the client’s lease for the newly split properties. We quickly identified that the current lease did not accurately reflect the changes in the property’s structure.
To ensure the business rates were aligned with the new configuration, we reached out to the Valuation Office Agency (VOA) and initiated a Check. Our surveyor received the revised lease, fully reflecting the property split. The updated lease was submitted to the VOA, who accepted the changes and agreed to adjust the rateable value.
The Outcome
Following the division of the property, the client continued paying business rates based on the pre-split rateable value, which was higher than it should have been for the two smaller properties. The RV did not account for the updated layout and usage of the newly formed units.
This inconsistency in the assessment left the client unsure whether they were being fairly charged for the space they actually occupied. Lacking the expertise to dispute the assessment by themselves, they faced the risk of continuing to pay more than necessary.
Savings achieved: £43,659
Surveyor comment
“By presenting precise evidence during the Check stage, we achieved a substantial reduction, directly benefiting the client.”
