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Premises valuation

I joined a partnership three years ago and the other five partners own the surgery in equal shares. One partner retired six months ago and I have the opportunity to buy their share. The partnership deeds state the building should be valued within three months of a partner exiting. The partnership had a valuation within the three-month period to establish the current market value and to assist the practice in negotiating a notional rent uplift. I have just managed to arrange loan finance and want another valuation as I feel the earlier figure was done for a double purpose and is too high. Is it possible to get a retrospective valuation?

A chartered valuation surveyor with proper experience in medical premises should have no problem in providing you with a retrospective valuation for practice purposes. The valuer will need to have a copy of the partnership agreement that will set out the basis of valuation and whether there are any special assumptions to be considered.

The same valuer should be able to value for loan security purposes as at the date of the report on the assumption your bank will require a copy of this.

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