We, as RICS registered valuers, will carry out work under the RICS Valuation Professional Standards Manual (also known as the “Red Book”) that will have to meet the governing body’s strict criteria
Please note that a property valuation is a simple report that advises on the market value of a property. This should not be confused with an appraisal provided by an estate agent which advises on a suitable asking price and likely sale price of a property.
Valuation for the following purposes
A property valuation gives you the current market value of a property. There are various reasons why you might require such a valuation:
- For obtaining a mortgage on a property you wish to buy
- Setting the correct selling price for your property
- Capital Gains and Inheritance Tax Planning
- Shared Ownership / Staircasing Purposes / Right to Buy
- Probate purposes
- Divorce purposes
- Matrimonial or pre-nuptial purposes
- Accounting purposes
- Development appraisal
- Insurance assessments, for example reinstatement cost
- Residential Lease Extension / Enfranchisement
Whatever the reason you will want to know that the valuation is accurate and reflects the current market. At Symondson & Co we understand that this is essential and we have the experience and market knowledge to give you a reliable assessment of value.
Why get a valuation
There are two types of residential property valuation reports available:
- A valuation for mortgages
- An open market valuation
Lenders Valuation
A lender’s valuation is usually required when you are buying a home and is generally carried out by “In-House” surveyors. It is not a Full Building Survey. It is a limited check on the property that your mortgage lender carries out to ensure it is worth the money they are lending you.
They will probably ask you to pay for the valuation. Lenders may provide a copy of the mortgage valuation to the buyer but it is unlikely to cover important items which would be picked up in a more detailed survey. This is why it is really important you have a thorough and more detailed survey carried out.
Open Market Valuation
An open market valuation can be useful in establishing the correct value of a property, not only for purchase or sale, but also for other purposes including tax planning, probate, matrimonial or divorce agreements, financial planning and insurance claims, shared ownership / staircasing / right to buy purposes, etc. If you are buying a property without a mortgage, an open market valuation is also advisable.
Please note that such a valuation only gives an overview of the property and an opinion as to its market value. It is NOT a substitute for a more detailed survey.
For a no-nonsense discussion about the best options for the property you are looking at call us on 07836 216517 or fill out our form on the contact us page.