Private Property Valuations
All Private Property Valuations are carried out in accordance with the RICS Valuation Professional Standards (The Red Book) July 2017. Within the report the general construction of the property and overall condition is described along with comparable evidence of sold property prices which were used for the purpose of the valuation.
What is a Private Property Valuation?
A Private Property Valuation is an overall assessment of your property to determine its value. The valuation is based on multiple factors including the location and condition. A Private Property Valuation can be required for different purposes. Examples include if you are looking to put your property on the market, seeking a valuation for probate purposes or in the event of matrimonial requirement.
What determines the valuation of a property?
AW Surveyors will carry out a thorough valuation of your property. We take into account all aspects of the property, including the age of the property, storage allowances, size, structure, room layout and wear and tear. We will assess similar properties within the area and consider the current market position.
Is there a difference between a surveyor’s property valuation and an estate agent’s property valuation?
The most important factor to remember here is that a surveyor’s valuation will be unbiased. AW Surveyors have no stake in how much your property is valued at and therefore provide an experienced service that fully considers the structural condition of the property along with required improvements.
If you are looking for a Private Property Valuation in order to sell your property, it is common practice to seek the assistance of an estate agent. Most estate agents will offer a valuation as part of their service and will do the valuation following a visit to your property. Estate agents often provide free valuations in the hope of gaining your business to sell the property on your behalf.
If you’re looking for a valuation in order to know how to price your own property sell, you might think of asking for an estate agent’s valuation. These are free when an estate agent comes around to view your home in the hopes you might use their services to sell the property. An estate agent therefore has an invested stake in the valuation of your property. A valuation from AW Surveyors is based on the pure facts of the property itself and its location, not accounting for any external influences. Unlike estate agents’ valuations, there is no conflict of interest because surveyors do not earn commission.
What is a Red Book valuation?
A Red Book valuation involves a RICS approved property valuer assessing the property to provide a report that adheres to the RICS rules and guidelines. Chartered Surveyors who are accredited by the Royal Institute of Chartered Surveyors (RICS) must follow a strict code when conducting property reports including Homebuyer Reports and Building Surveys. The same applies for Red Book valuations.
If a chartered surveyor is carrying out a Red Book valuation, you can be assured that the valuation is RICS accredited, following best practice and procedures, in accordance with Global Valuations Standards.
The report gives details about the current market value of the property, and must follow these guidelines:
The surveyor must be registered with RICS as an associate member, a Member (MRICS), or a Fellow (FRICS) and be a member of the Valuation Registration Scheme.
The surveyor must choose 3 comparable properties to rationalise the valuation.
The 3 properties should have been sold in the previous 6 months and be within the same, or a similar area.
The valuation is only valid for 3 months but can be extended if requested within the 2-week window following the 3 months.
When might I need a Private Property Valuation?
A Private Property Valuation can be required for multiple purposes. The most common purposes include:
Help To Buy Valuations
A Help to Buy valuation is an independent RICS Red Book valuation from a RICS accredited valuer for properties purchased with the governments Help to Buy initiative, designed to support first time homebuyers to get on the property ladder.
A Red Book valuation is required when the homeowner is wishing to sell the property, re-mortgage the property or repay the initial loan. AW Surveyors provide an independent assessment of the property’s market value, which is a necessary requirement of the government appointed administrator or housing association. Only once the Red Book valuation has taken place can the process continue.
In the event of a divorce, it is common practice to organise settlements and workout the separation of assets. The marital home is likely to be a key part of such discussions therefore a matrimonial valuation is often required to reach a considered agreement based on the true value of the property without need for ambiguity or approximation.
A matrimonial valuation from AW Surveyors will provide you with an accurate valuation of the property, which you can then take forward into separation proceedings. AW Surveyors can undertake matrimonial valuations on behalf of one of the parties, or both parties can chose to directly instruct us to conduct the valuation.
As an accredited RICS member, matrimonial valuations from AW Surveyors comply with all rules and regulation of the RICS Red Book. Wherever necessary, AW Surveyors also provide matrimonial valuations in accordance with part 35 of Civil Procedure Rules (CPR) 1998. We prepare valuation reports that can be used in matrimonial and family negotiations, or for court purposes where a surveyor is appointed as an expert witness.
Above all, AW Surveyors understand that such proceedings can be extremely stressful and emotional. We pride ourselves on providing reliable, transparent, professional advice at all times, using our experience to assist in what can be a particularly difficult time for all involved.
AW Surveyors are aware of all government changes to inheritance tax thresholds and therefore emphasise the importance of having an accurate valuation in place for probate.
Probate is the legal process of accounting for a person’s assets in the event of their death. This process is most commonly conducted by the executors who will carry out all wishes of the deceased, as stipulated in the will. Often the largest asset a person will hold is property and therefore an accurate probate valuation is vital.
A probate valuation allows you to make an informed decision on whether you wish to sell the property along with the organisation of dividing the asset amongst multiple inheritors.
A property valuation for probate will be required for Inheritance Tax Purposes (IHT) on any property over the value of £325,000. All our probate valuations are RICS accredited and therefore in compliance with the rules and guidelines of the RICS Red Book.
AW Surveyors understand that probate matters can be a difficult time for families. We ensure a clear process is implemented. We will sit down with you to guide you through the steps required and the paperwork needed for grant of representation. The valuation will be provided in a straight-forward, easy to understand structure and time effective as possible.
Shared Ownership Property Valuations
A Shared Ownership valuation, otherwise known as a Shared Equity valuation needs to be carried out by an RICS registered valuer to provide a market value for the sale or purchase of your percentage share in your property.
An RICS Red Book Valuation will be required whether you are looking to sell the property or if you are looking to purchase a larger percentage of the property (known as ‘staircasing’.) Every time you try to increase your portion of your property, you’ll need a valuation on the current value. This is so you are paying the most current market rate when you buy the next portion.
In most cases, shared ownership schemes are managed by Housing Associations. If you are considering selling the property, you will most likely be required to offer the share you have in your home to the Housing Association in the first instance. In the event that the Housing Association does not want to purchase your percentage of the property, they will instruct you on the next steps of the process. AW Surveyors recommend making the Housing Association your first call, however we pride ourselves on offering an experienced, expert service and will answer any questions you have before conducting a RICS Red Book valuation.