Charities Act 2011: Why do you need to be aware of it?
Have you ever wondered how a charity with multiple trustees agrees to sell a property asset; or are you a trustee in a registered charity looking for advice on disposing a property asset? James Carruthers, Associate, explains what the Charities Act 2011 is and why it is legislation.
What is the Charities Act 2011?
The charities act is a piece of legislation that states that when a registered charity wishes to dispose of a property or land asset, either by way of sale or a lease with term of greater than seven years, it is required that the trustees obtain a written report on the proposed sale or lease from a qualified surveyor giving advice prior to entering any agreement.
Why is it required?
The valuation report is to provide an opinion as to the current market value of the property, whether any works are required prior to disposal as well as opinion on the best method of disposal and the most appropriate marketing strategy for the property to achieve the best price possible.
The Charities (Qualified Surveyors’ Reports) Regulations 1992 set out further, and very detailed, items that a Qualified Surveyor should look to include within their report. It is therefore essential to choose a surveyor with the knowledge of the relevant legislation and the experience of providing charities with key strategic advice with which to achieve a successful sale at the optimum price.
How can we help?
At George F. White, our experienced team of RICS Registered Valuers have extensive experience of acting for a wide range of Registered Charities and in valuing an extensive range of property assets for Charities Act 2011 purposes; including former education facilities, places of worship, residential care properties as well as more typical asset classes such as land, commercial units and residential dwellings.
This experience and expertise enables us to provide our clients with the clarity to help make the right decisions and achieve the best possible results.
For more information about our valuations service, please visit our valuations page.