In the UK housing market there is one overriding factor that has a pivotal bearing on purchasing and selling decisions – understanding the actual market value of the property. An objective property valuation by a third-party is the most accurate indicator of this. If you’re buying, selling, considering a extension or looking to secure a mortgage, an objective RICS property valuation could be priceless.
A property valuation is done by an experienced RICS Chartered Surveyor who looks at the condition of property, including any quirks and features it may have. By doing a thorough inspection, the assessed valuer will come up with the worth of the assessed property and ultimately its market value.
Including information about the size, location, and condition of the property and its surroundings, the independent valuation report provides a comprehensive and reliable answer. The answer you need can be invaluable if you are curious about the highest price a similar residence can bring in the current market or if you want to know what your house is worth.
Why do you need an RICS Property Valuation?
An independent property valuation supplies an impartial estimate of a property’s market value. It isn’t, as a rule, a substitute for a lender’s mortgage valuation, which mainly sets out to ascertain whether the property is a suitable security for a loan. It is a more wide-ranging view that considers the property as a whole and is therefore in the owner’s interest.
Whether you are looking to sell your property or to take out a mortgage on it, an independent valuation will give you an accurate evaluation of the true value of your property. This will enable you to make an informed decision and negotiate a better deal with the buyers or lenders.
Estate Agent Valuation v Surveyor’s Valuation
A Chartered Surveyor is an expert who is highly-trained and certified to provide a variety of services, including property valuation and surveys. By adhering to the rigorous standards set by the RICS, the precision and dependability of the valuation are secured.
A property valuation is usually provided by an estate agent as part of their service offering. However, it is crucial to be mindful that the primary motivation of an estate agent is to sell your property. Their valuation can be influenced by their desire to secure a mandate from you. Conversely, an independent property valuation is conducted by an impartial professional who does not have a vested interest in the outcome of the valuation. The impartiality of an independent property valuer ensures that the valuation is objective and precise.
Types of RICS Valuation
Reinstatement Valuation for Insurance: the cost to reinstate a property in the event of a total loss, providing a basis on which insurance cover can be arranged.
Probate: this is for the estate of a deceased person for inheritance tax reasons.
Market Valuation: determines the market price of a property, examining factors such as its size, location, condition, etc.
Equity Valuation: work out what a property is worth now to increase your ownership share or pay back a help-to-buy loan.
Help to Buy: primarily used to authenticate the worth of a council or housing association home that tenants are looking to purchase.
Capital Gains Tax (CGT): tax assessment on the gain from selling property.
ATED: applied to companies owning more than one UK residential property with a total value greater than £500,000 and the resulting annual tax charges.
Divorce Settlement: an unbiased appraisal which helps decide how property should be divided fairly in a divorce.
Commercial Valuation: appraisal of commercial properties, such as offices and retail buildings, for a variety of reasons, including loans, taxes, insurance, and adherence to the Charity Act.
Non-Domicile Valuation: estimates the market value of a UK property for non-UK residents, assisting in tax compliance and decision-making for property sales.
Online Estimator
It should be noted that an online tool for determining the value of a home can give you a rough idea, however, its accuracy is no comparison to a valuation done by a professional surveyor. The independent property valuation is very important because it is done by someone who is impartial and is well aware of the property market. The RICS registered valuer is bringing a fair and unbiased professional opinion for a proper declared cost of the property.
Contact
The RICS valuation report will provide you with a comprehensive assessment of the property. Part of this process involves considering the size, location, and the overall condition of the house. Surveyors will look at the house valuation, both inside and outside, and complete it for you. With a keen eye for detail and a wealth of knowledge in how different factors can influence house prices, your own RICS registered valuer will complete your house valuation for you. Contact us today for a valuation on your London property.
If you require a property valuation for a mortgage, loan-to-value ratio, probate or any other purpose, we can help. Our panel of London RICS-registered surveyors value property independently so the valuation process is transparent and reliable. They will talk you through your specific situation and carry out an unbiased assessment which will give you a realistic idea how much a similar property is worth, the possible market value of your home, and even the up-to-date valuation of an extension.
