ABSTRACT

This chapter looks at some of the professional, ethical and regulatory frameworks that apply in the United Kingdom and are replicated in other parts of the world. It considers the ethical requirements relating to professional advisors and in particular to valuers. The valuer will define the basis of value which must accord with the valuation purpose. To identify matters which might impact on value, a valuer can undertake desk researches. A critical part of any valuation is ascertaining the legal title to be valued and the details of any leases that might relate to the property. The chapter considers the client's need for ethical and professional standards. It looks at the main areas of risk and also explored the issue of taxation concluding that market valuations should be undertaken on a before tax basis. The chapter explores market valuation using the income approach to establish the market value of freehold and leasehold interests in property.