RICS Valuation for London Properties
What is an RICS valuation?
An RICS Valuation is a professional assessment of the market value of property or land, considering several factors. It is often carried out for mortgage purposes, financial matters, building insurance purposes or as part of a building survey to ensure that the property is a sound investment.
Guided by a strict set of guidelines, best practices, ethics and professional standards in the RICS Valuation Standards, often referred to as the ‘Red Book’, it ensures that properties are valued as accurately as possible by considering several factors.
Unlike the valuations offered by estate agents, RICS valuations are carried out by an experienced Valuation Surveyor to determine the property's value by assessing the property's condition.
Whether you’re buying or selling a home, applying for a mortgage, applying for probate or working through a property dispute, you could need a RIC Valuation; it calculates the market value of your property or land and provides a valuation report.
Market Valuation Quote
How much does a Property valuation in London cost?
A property valuation by an RICS surveyor usually costs from £500 upwards. This will depend on various factors, including the property value, size and location.
Recent Reviews
How long is an RICS Valuation Report valid?
Residential property valuations are valid for a three-month period due to changing market conditions.
Types of Valuation
A formal valuation of a property or building should be undertaken when required for taxation purposes or legal proceedings. This includes the following:
- Buying or selling a home
- Getting a mortgage
- Probate or transfer of estate
- Tax planning purposes
- Calculating Capital Gains Tax (Inheritance tax purposes)
- Transferring assets into a SIPP pension fund
- Court proceedings such as divorce (Matrimonial Valuation Report)
- Shared ownership
- Disputes being resolved through mediation or arbitration
- Help to Buy
- Right to Buy
- Shared Ownership
- Rent reviews or negotiations
- Reinstatement Cost
What is a Red Book valuation?
A 'red book valuation' is simply another name for RICS valuations. The name refers to the RICS code of practice, the ‘red book’ that explains the rules, guidelines, best practices and ethical standards that chartered surveyors must adhere to when creating their valuation report. For more information about Red Book Valuations, please read our article here.
Why can’t my estate agent carry out a valuation survey?
When buying or selling a property, your estate agent may offer to provide you with a market valuation. Although they are professionals and should act accordingly, they will have their business interests at heart and will not likely be impartial. Generally speaking, they’ll be most focused on making a sale, earning a commission or earning you as a client so they will be biased.
On the other hand, a Chartered Valuer is guided by strict rules, regulations and best practices that ensure they remain impartial and provide you with a professional, trustworthy service.
Commercial Property Valuations
Please click here for more information about commercial property valuations.
Why do you need an RICS Registered Valuer?
An RICS valuation provides a professional valuation of your property or land. Following strict RICS guidelines and standards and calculated following using one of five methods, they provide you with a market value analysis you can trust. Contact us today for an accurate, professional RICS valuation on your property or land.
Conclusion
At Harding Chartered Surveyors, we aim to be direct, open, and honest. We benchmark ourselves against the client feedback we receive. We deal with complex matters but interpret all the jargon for you to give you a common-sense opinion. We adhere to strict valuation standards as part of the Royal Institution of Chartered Surveyors. Whether you want to establish your home's value or require a comprehensive inspection of the property for other purposes, we guarantee excellent service.
Our valuers can provide a wide range of services, from a desktop valuation for a quick, preliminary assessment to a comprehensive report that includes every aspect of the property. We thoroughly inspect the property, considering all aspects that may affect its market value. Our report within the agreed timeframe is comprehensive and easy to understand, offering an accurate market value.
One of our core services is providing a lease extension valuation. This service is invaluable for those dealing with leasehold properties in London, particularly concerning the collective enfranchisement process. Our surveyors are also well-versed in handling shared ownership property valuations and Right to Buy valuations for housing associations in the London area.
For those purchasing a home, we offer a comprehensive report that includes the property's value at the time of purchase and an assessment of the value in line with current market trends. This will help you negotiate a fair purchase price.
In line with the government's Help to Buy scheme, we provide an exceptional valuation service to help you understand your property's market value and potential equity for borrowing.
Our services are not limited to residential valuations; we advise on the accurate market value for commercial properties. We would happily answer all our questions and provide a no-obligation quote. We aim to ensure that our clients are fully satisfied with our service. Many of our previous clients have been so happy with the service that they would not hesitate to use us again. Whether you are a homeowner, a housing association, or need a valuation for HMRC purposes, we're here to help. Let our team of experts provide you with an accurate, current valuation of your property.
The Benefits of an RICS Chartered Surveyor
- Accurate Market Valuation
An Independent valuation provides an accurate market valuation of your property. It considers factors such as location, size, condition (defects), and other relevant details to determine the actual value of your property. Therefore, this valuation is based on the latest market trends and is up-to-date. - Compliance with RICS Guidelines
RICS guidelines ensure that valuations are carried out according to industry standards. A registered valuer must be accountable for their valuation and provide supporting evidence. They must also carry out the valuation per RICS valuation standards, ensuring accuracy and reliability. - Legal Compliance
If you are involved in a legal process, such as a probate valuation, matrimonial valuation, or lease extension valuation, an RICS valuation is needed. An RICS valuer can provide a professional valuation accepted by the courts and other legal bodies. - Sell Your Property
An RICS valuation can help you set the right price to sell your property. This valuation considers the property's market value and the value of any improvements you have made. This information can help you set a fair price and attract potential buyers. - Right to Buy Valuation
If you are a council tenant wanting to buy your property under the Right to Buy scheme, you will need an RICS valuation. This valuation will determine the value of your property and help you calculate the discount you are entitled to. - Help to Buy Loan
If you are applying for a Help to Buy loan, you will need an RICS valuation. This valuation will determine the property's market value and the loan amount you are eligible for. - Commercial and Residential Property Valuations
An RICS valuation can be used for both commercial and residential properties. RICS Valuation Surveyor has expertise in valuing different properties, including flats, houses, offices, retail units, and warehouses. - Independent Valuation
An RICS valuation is an independent valuation that provides an objective assessment of the value of a property. This is different from an estate agent’s or landlord’s, which may not be impartial. - Shared Ownership Schemes
If you own a share in a shared ownership property, you will need an RICS valuation to determine the whole value of the property. This valuation is required when you want to sell or buy the remaining share. - Professional Valuation
An RICS valuation is a professional valuation by a qualified RICS registered valuer. This ensures that the valuation is accurate and reliable and gives you the confidence to make informed decisions based on reliable information.