What is a Property Valuation?
Valuations give you an accurate idea of the market value of a property – it should always be carried out by a RICS Chartered Surveyor. An Estate Agent will give you the recommended asking price that you might hope to achieve when you sell. A Surveyor should then carry out a market valuation, where they will use comparable properties and various condition assessments, economic review and significant issues with the subject building to arrive at an evaluated assessment.
Why do I need one?
You could need to get a valuation for a host of different reasons:-
- You simply want to check the value of your property – this could be because you have completed work on the property or are planning to sell and move.
- For PROBATE – if you are the executor and you are managing an estate, your Legal team will require an independent valuation.
- With BUYING a property – getting an independent valuation will ensure that you are paying what you should be paying. If you get a valuation as part of a survey, this will work even more in your favour as the survey will identify any major defects that could bring the price down!
- For tax purposes – you may need to assess your property’s value in order to manage your taxes effectively.
- HELP TO BUY – if you’re on this Government scheme, they will ask for a valuation.
- You’re getting a divorce or a family asset alteration – a MATRIMONIAL VALUATION will offer an impartial assessment of the property’s market worth.
- Shared equity – you may need a valuation if you want to buy or sell some shares, or pay back the loan.
- You want to assess the rental value of your properties.
- A variety of other financial reasons.
Obtaining a Mortgage Valuation
When applying for a mortgage, your Bank will require a mortgage valuation as part of the lending process. In almost all cases, this must be requested by the bank. Most banks will not accept an independent valuation, so please double check!
Mortgage valuations will not assess the general condition of a property. Please see our SURVEY section for further input here.
What Is A Red Book Valuation?
The Red Book contains mandatory rules, best-practice guidance and related commentary for all RICS-registered valuers undertaking asset valuations. This means that the client receiving the report can be sure that it has been prepared by a suitably qualified practitioner and that it is well considered and robust.
The Red Book standard is the almost universally adopted standard for valuations.
Why Instruct PA Surveyors?
Rest assured, at PA Surveyors all Valuation work will be administered by a Chartered Surveyor, also being an RICS Registered Valuer and having the expertise.
PA Surveyors will bring into the assessments our broad range of property related experience. This enhances the analysis and allows real life data to be incorporated (to include repair/maintenance requirements and their associated costs). All helping to improve the accuracy and professionalism of our Valuation work.