There are many circumstances in which our clients may require a property valuation report undertaken and written by an RICS Registered Valuer, such as for the purposes of tax planning, probate, matrimonial matters, insurance or court proceedings.
The majority of these valuations fall under the RICS Valuation Standards Manual (also known as ‘The Red Book’) and have to meet the governing body’s strict criteria. The most recent global edition of the RICS Valuation – Global Standards (or RICS ‘Red Book Global Standards’) incorporates significant changes taken from the International Valuation Standards (IVS) 2017 along with progress in international standards for ethics and for measurement.
All of Peter Barry’s Chartered Surveyors who undertake Red Book work are also Registered Valuers and are experienced in a variety of valuation fields. We pride ourselves on our professional approach based on consistency, objectivity and transparency – criteria that are fundamental to building and maintaining public confidence and trust in our valuation work. We work hard to ensure that our clients understand the exact nature of their instruction and what they can expect to receive from the Peter Barry team. Our Valuers possess a high level of appropriate skills, knowledge and understanding of the respective field and work and conduct themselves in a highly ethical manner, delivering valuation reports that are clear and easy to understand whilst conforming to recognised practices.
A formal ‘Red Book’ property valuation carried out by a RICS Registered Valuer may be required for any number of official reasons, including:
Red Book valuations may be specified by institutional lenders, by solicitors or accountants or by HMRC. At Peter Barry Surveyors, our RICS Registered Valuers can provide confidence that all correct procedures have been followed and that the valuation will stand up to any scrutiny it may face.
All our property surveyors are regulated by RICS. We only provide services to areas where we have a local expert surveyor.
High efficienty allow us to offer great rates.
Our reports are RICS Red Book compliant but also easy to understand.
Our surveyors undertake hundreds of valuations per year and understand your local market.
A property valuation is carried out on your behalf (or on behalf of your lender), to accurately determine the current market value of your home or business premises. Precise details will vary according to your circumstances, but the valuation almost always takes the form of a report that includes data supporting your property’s value.
To accurately determine the value of your property, your valuer will need to visit it in person. Following their site survey, they will conduct research into similar properties in the local area, ultimately producing a concise document with their conclusive valuation.
In the case of commercial property, after their initial visit to the premises a valuer may be able to periodically perform desktop valuations of the building. These can be more cost-effective for both parties, although they do rely on no major changes being made to the structure.
The surveyor will use a combination of data gathered from the property and information they have about the local area.
For example, they will take into account the measurements, condition and general presentation of each room, as well as the building as a whole. The valuation will also consider the outdoor elements of the property, including gardens, outbuildings and parking structures (garages, carports etc.) It may be the case that your property has a feature or defect that substantially affects its value, in which case particular attention may be brought to this in the valuation report.
Your surveyor will then research recent sale prices of comparable property in the local area, and consider how any planning restrictions, upcoming projects or land zoning may affect the total value of your home.
The majority of buyers will find that they need a property valuation before their lender approves their mortgage application. This is carried out on behalf of the bank to ensure that the value of the property matches the amount you are intending to borrow, in the event that they should need to recover outstanding payments.
You may also choose to have a professional valuation before selling a house, for probate purposes or to calculate the worth of an estate in matrimonial proceedings.
The figures provided by estate agents are not the same as a formal valuation that has conducted by a surveyor or qualified valuer. The appraisal given by an estate agent is intended to win your business as a seller, and is too-often calculated with their commission in mind.
Reputable agents will use their local experience to provide you with an honest figure when it comes to pricing your home but, even still, they are not obliged to work to the same professional standards as a RICS-approved valuer or to provide you with a technically accurate, factually supported quote.
For in depth advice and a quotation.
Book one of our Chartered Surveyors to undertake your property survey.
One of our Valuers will be in charge of your case and analyse the market.
You will receive your report within 4/5 working days.
Our surveyors will be more than happy to address any concerns or queries.