A valuation is required when a shared ownership property, such as one purchased through Help to Buy, is sold or re-mortgaged. Such valuations let all parties know how much money their share of the property is worth. You will also need a valuation if you want to repay your loan or purchase the remaining equity.
RICS valuations are also useful if you wish to take advantage of a Right to Buy scheme. In such cases, you can use them to check that your landlord’s valuation is fair and accurate.
RICS valuations are also carried out for mortgage purposes. These valuations help lenders know whether their loan is secure.
An RICS valuation must be carried out by an independent RICS Registered Valuer. The valuer will assess how much the property is worth using the criteria set out in the RICS ‘Red Book’ guidance document. This document sets out professional standards for Red Book valuations and ensures a high-quality service.
RICS Red Book valuations differ from an estate agents’ valuation appraisal. Surveyors inspect the construction, size, condition and location of the property. They then make a thorough technical assessment using their extensive training and experience. The results of this assessment, combined with information on the sale price of three comparable properties in the close vicinity that have recently sold, are used to make evidence-based valuations.
Unlike estate agents’ valuations, there is no conflict of interest because surveyors do not earn commission.
– Inspection of the property by an RICS-certified surveyor local to the area
– Overview of the property, its construction, location and accommodation
– Overview of the property’s general condition, with photographs
– Details of three comparable properties nearby that have been sold recently
– Valuation of the property, with a detailed description of the evidence and assumptions used
– Our valuations are all Red Book valuations and meet the RICS Valuation Standards
– We are totally independent from any estate agency
– We carry out a full conflict of interest check upon inspection to ensure no conflicts exist
– Our report will be on headed paper and signed by a member of the RICS
– The inspection date will be shown on the report
Allcott Associates LLP employ both Building Surveyors and Structural Engineers and all our Chartered Building Surveyors are members of the Royal Institution of Chartered Surveyors (RICS). This ensures our Building Survey Reports are comprehensive and will never need referring back to a Building Surveyor or Structural Engineer for further investigation at a further cost unless in the unlikely event that opening up of areas is required. Unlike other firms, we are completely independent and our reports are accepted by all financial institutions and insurance companies.