Valuation Surveyors | Independent London Property Valuation
Are you aware of the crucial role that valuation surveyors play in the London housing market? These RICS-regulated professionals are responsible for conducting valuation surveys to determine the value of a property, often for mortgage valuations or house surveys. A valuation surveyor's expertise goes beyond simply determining the market value of a property. They meticulously inspect the property, considering the type, location, structural integrity, and potential defects or damp issues. They also collaborate with estate agents and other professionals to provide information on the property's condition and potential value, ultimately helping buyers decide whether to submit an offer or seek alternative options.
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You might need an RICS valuation for many reasons, such as probate, capital gains tax, shared ownership redemptions, matrimonial proceedings, or buying or selling your property in the local area. Here we look at the role of RICS Valuation Surveyors in London, why getting a market valuation from them is essential, and how the whole process works from start to finish.
What are Valuation Surveyors?
Valuation surveyors are qualified professionals, usually to a degree level, and regulated by the Royal Institute of Chartered Surveyors (RICS). The role of the valuation surveyor is to produce an accurate valuation report that indicates a property's market value.
Valuation surveyors provide their services for both residential and commercial properties. They may not only advise on the value of the property itself but can, at an additional cost, provide information on defects and potential problems with the property.
Valuation surveys are sometimes called ‘Red Book’ Valuations. That’s because accredited surveyors follow the guidelines laid down by the RICS. These are a set of guidelines that stipulate how valuations should be carried out from start to finish. This ensures consistent standards across all regions of the UK.
There are several reasons why a property valuation might be required:
- Mortgage valuation: Most mortgage companies will ask for a valuation surveyor to review the property so that they can be sure, as the lender, the property is worth what is being asked for.
- Market Valuation (Property Valuation Report): A market valuation can help you understand more fully if you are making a good investment, mainly if non-standard construction is involved.
- Shared Ownership Valuation: If you have a property on the help-to-buy scheme / shared ownership scheme, getting a valuation by an RICS Valuer is often required when you come to sell or increase your stake in the property.
- Right to Buy Valuation: If you are considering buying a home from your local council, you will generally receive a written notice stating the property's value. Ensuring this is accurate and having your independent property valuation carried out is essential.
- Probate Valuation: These valuations establish the value of a property subject to inheritance tax as of the date of death. These valuations are reviewed by the HMRC, and an RICS valuation is considered more robust for probate matters.
- CGT(Capital Gains Tax) Valuation: Again, these valuations are frequently scrutinised by the HMRC, and an RICS valuation is more robust. You may also need a retrospective valuation, where the valuer would need to look at data that may not be widely available.
- For more information about the other types of valuations that we offer, please click here.
How long does an RICS Valuation Report last?
Once completed, most property valuations for residential premises are valid for about three months.
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How much does RICS Property Valuation in London cost?
Valuing services and their cost can vary from region to region, but the bottom line is that they should all follow the same strict RICS process and be to the same high standard.
Hiring the services of an independent RICS professional for a valuation survey can cost anywhere from £500 upwards for an average home, depending on where you are located and the type of property you are hoping to buy. Use our Online Quotation System to calculate the cost for our Chartered Surveyors to undertake a valuation for you.
How long does a Chartered Surveyor take to conduct a valuation survey?
In most cases, property value is not too difficult to assess, and you should expect your valuation report to be produced relatively quickly. When our Chartered Surveyors visit the property, it will usually take 20 minutes and an hour to review everything they need.
About Harding Chartered Surveyors
At Harding Chartered Surveyors, we aim to be direct, open, and honest. As members of the Royal Institution of Chartered Surveyors (RICS), we must abide by strict ethical standards. 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.
Our MRICS Chartered Surveyors comply with stringent guidelines and use over 60 years of combined experience to provide accurate Surveys, Red Book valuations, Expert Witness services and Party Wall Matters for residential and commercial properties in London and the surrounding areas.
Contact our professional and RICS-qualified valuers to arrange the valuations that will help you save time and make the process more efficient. We have offices all over London and cover some areas of the home counties too and may be able to help you with your requirements.
How does an RICS Registered Valuer value your house?
In general, a valuation survey will involve the following:
- Looking at the age of the building and what materials it is constructed from.
- Surveying the construction of the building itself and what condition this is in.
- A survey of the surrounding area, including any outbuildings, if there is a party wall, parking areas and garages.
- An assessment of any defects or significant improvements that have been made recently (such as loft conversions and extensions).
A valuation surveyor will not just look at the property itself but consider aspects such as local amenities, the proximity of shopping areas, transport connections and schools. They’ll also examine the value at which other properties nearby have sold over the last few months.
One important thing to consider is that property valuations are not building surveys. There may be defects and other issues that require attention but will not immediately affect the property's value. A complete building survey, carried out by one of our chartered surveyors, will identify these items and indicate the repair cost.
Conclusion
RICS-registered valuers in London play a paramount role in establishing the actual value of your property. They instil confidence in all parties involved in the transaction by affirming that the proposed price is fair and reasonable. In matters concerning probate or capital gains tax, an RICS valuation is typically held in higher regard by HMRC. RICS registered valuers can provide crucial insight and expert property assessment services, indispensable to the London property market.
Furthermore, they provide guidance on rental agreements, leasehold reform, confirm property values, and advise on the financial implications of various housing schemes. Their advice includes lease extension valuation and is often sought after by landlords and housing associations.
Moreover, an RICS probate valuation is essential when someone dies, as it forms a basis for estate agents, solicitors and accountants to proceed with the estate's administration. The surveyors provide impartial services such as boundary issues resolution or valuation of outbuildings. Whether you are looking to sell your property, need a property valuation, or require a desktop valuation, RICS Chartered Surveyors can provide a no-obligation quote for these professional services.
In conclusion, securing the services of a firm of chartered surveyors, such as RICS registered valuers, is invaluable for a wide range of scenarios. From determining the value of a person's property to factors that may affect its value or providing an accurate market valuation, these professionals ensure the value of your property is accurately established. Therefore, if you need a reputable surveyor in London, feel free to call us. We're here to provide the professional assistance you require.