Good Question, and actually a rather conventional question that we’re presented with week on week!
A property valuation is an Property Surveyor’s opinion, assessment and appraisal of a subject property’s value.
This opinion, or valuation, is going to be made up of a number of factors, however generally speaking strongly based on the properties location, the overall condition and state of repair, and the overall size of the property.
What are the most Typical Valuations?
While no two properties are alike, the same cannot be said of valuations!
A valuer (also known as a surveyor) is often going to find themselves completing one of the following valuation exercises.
Market Valuation
This is by far the most common type of valuation surveyors complete.
The valuation exercises will involve determining the market value of the subject property, carefully accounting for and considering all of the factors that work both in its favour, along with those work against it!
Probate Valuation
This form of valuation is required when the owner, or one of the owners of the property a person dies, or has died.
The HMRC will require any properties that form part of the deceased owner’s estate being valued for inheritance tax purposes and requirements.
The property valuation surveyor will therefore need to provide the value of the property upon the date of their death.
Help to Buy Valuation
This form of valuation is required when an owner intends to repay their Help to Buy equity provider and their loan, or alternatively, when the owner wants to sell the property.
The surveyor will prepare a valuation of the property, the outcome then being that the amount to which they need to pay their Help to Buy equity provider and their loan will be confirmed.
Matrimonial Valuation
This form of valuation is needed when a couple who jointly own a property are getting divorced. With the divorce, they will need to separate, split and divide their assets.
The aim of the valuation will be to provide one of the parties, or potentially both of the surveyor’s valuation of the property.
Who is going to be Valuing the Property?
Most likely, it’s going to be an RICS Chartered Surveyor, RICS Valuer or RICS Surveyor. These surveyors are likely to have the designations; MRICS, FRICS AssocRICS or RICS Registered Valuer after their name.
How much does a Property Valuation Cost?
The cost of a property valuation will much vary depending on a number of factors. These can included, however are not limited to; the property type, the location of the property, the speed at which the report is required, the valuer (also know as surveyor’s) experience. As an average, property valuations are likely to start at circa £300.00 + Vat.
Here at Stokemont, we’re always going to offer fixed and competitive pricing. If you would like to obtain a fixed cost quotation for your valuation, please get in touch today.
