There are numerous reasons why a valuation by a Chartered Surveyor which provides impartial and non-biased confirmation of a property’s value might be required. A Chartered Surveyor’s valuation is different to an estate agent’s valuation; the purpose of an estate agent’s valuation is to obtain an instruction to sell the property in question and this often influences the valuation figure whereas a Chartered Surveyor is obliged to provide properly researched, objective and impartial valuation advice.
All our market valuations are undertaken by Chartered Surveyors who are also Registered Valuers under RICS Valuation Professional Standards (also known as the RICS Red Book).
Where a family member has passed away their property may need to be valued for the purpose of calculating the estate’s Inheritance Tax liability. The valuation must be prepared in accordance with the ‘RICS Valuation – Professional Standards (the Red Book)’, under the proper statutory definition of market value and in the proper format to stand up to any scrutiny from the District Valuer.
When a couple separate, their assets must be valued and this will often include property. A report will need to be prepared by an RICS Registered Valuer who will determine the market value of the property in question. The Chartered Surveyor is typically instructed by both parties as a ‘Single Joint Expert’. The report is prepared in accordance with the ‘RICS Valuation – Professional Standards (the Red Book)’ which are the RICS standards for surveyors acting as expert witness and Part 35 of the Civil Procedure Rules.
Where a property is in shared ownership or was purchased under one of the Government loan schemes a valuation will be required when the owner wants to sell or buy additional equity in the property (often called staircasing). The valuation will be prepared under the ‘RICS Valuation – Professional Standards (the Red Book)’ and in accordance with any requirements of the Housing Association or scheme provider.
This government scheme allows buyers to get a loan worth 40% of a property’s value which allows them to take out a 5% mortgage on the remaining 60%. This will need to be repaid when the property is sold at which point an RICS valuation is often required.
If you selling on the open market, you have a whole market of possible buyers. When you are selling your property privately, determining what it should be sold for is not something you want to leave to an Estate Agent. You will need a surveyor to determine an impartial value.