RICS Valuations

RICS PROPERTY VALUATIONS

A panel of RICS Chartered Surveyors operating across Wimbledon London, offering extensive coverage of property services to residential and commercial clients. The valuers provide property valuations for a variety of purposes including matrimonial matters, tax planning, probate and insurance. The majority of valuation surveys will be under the RICS Valuation Standards Manual referred to as The Red Book, which is underwritten by RICS and has guidelines that are very strictly adhered to.

Our panel of Wimbledon London valuations surveyors have many years of experience in providing building valuations, surveys etc. meaning that they know how to help you get the most from your property purchase or property assets or management, whether you are a buyer or a seller.

When should I have my property valued?

Most people require a valuation when they are buying a property. It ensures the property you wish to purchase is suitable security for the amount of money you need to borrow. Some people choose to have their home valued professionally for probate purposes when they’re selling it. Other reasons for this include running a home-based business or simply knowing how much your home is worth. Some professions also value their home for a geographical or public figure reason.

Other reasons for having your home valued may be for divorce, ensuring a fair cost split with your ex-partner.

Does a “Valuation” mean the same as an “Estate Agent’s Appraisal?

Some estate agents will provide you with a “Valuation” and and may be nothing more than a guide price to help you decide what you may want to do next. An estate agent’s “Valuation” is normally only a series of sales of similar property types in your location, close by in the recent past, but it is usually inaccurate. There is no scientific formula at play; it has more to do with an estate agent trying to prove to you they are able to achieve the price you want in order to win the instruction. Therefore, an estate agent’s valuation is not the same as a formal valuation carried out by an RICS-accredited valuer or surveyor. Estate agents are not bound by the same legal regulations as RICS Approved Valuers, who will use their knowledge to give you a technically accurate, factually supported and impartial valuation for your property.

How is a Valuation done?

A valuation can be carried out on behalf of a client or mortgage provider when wishing to ascertain an accurate market value on a residential or commercial property. The valuer will undertake comparable research on local properties of a similar standard and use special formulae to arrive at a definitive value, which will be detailed in a report. This includes the value of the property itself according to market trends and any environmental factors. The surveyors also look into the sale prices of similar properties in the area and any planning restrictions. They also investigate any development planned or any zoning on the land which might affect the total value of the building.

How is the value of the property surveyed?

The surveyor reaches a figure as a result of a combination of data gathered. This data concerns the property itself as well as any relevant information about the local area in which said property is based. The valuer will also consider the overall size and condition of the building and by each room. He or she will also consider the garden if applicable, any outbuildings and garage. All features or defects that severely affect the value will be detailed within the content of the reports. Prices recently realised upon comparable local properties will also be scrutinised, as will any planning restrictions, projects or zoning of land that may impact upon the total value of the building.