Just a valuation, not a survey

Property Valuations

Valuations may be carried out for a number of reasons but (notoriously) often initiated by Death, Debt or Divorce. They are often required for a proposed property purchase (or for lending security) and may form part of a survey report. A valuation is a formal written document which takes into account a number of factors, most importantly local market conditions and evidence from recent sales. Fees will vary depending on the complexity of the job, the value of the property and the associated liability to the valuer.

Why use an RICS Registered Valuer?

How is Value Defined?

Market Value is the most common basis and most people when asked would expect this to be the price you could get if you put the property on the market for sale. However, some property interests are not readily saleable and there are different approaches depending on the circumstances. Valuation guidance is given in the RICS Red Book. This provides an effective national and international valuation framework to ensure consistency, objectivity, and understandable reports..

Insurance Valuations

Many people are confused about what is an insurance valuation. It relates to the cost of reinstating the property, for example in the case of fire, and must cover the cost of re-building, demolition, site clearance, architects’ and other professional fees. It does not bear any direct relation to market value, and although usually less, can on occasions be substantially more. Particular care is required to ensure that listed buildings are adequately covered.

Choosing between surveys

For further guidance on choosing between surveys

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