RICS Valuation report
A valuation is carried out by an independent and qualified 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
RICS valuations are valid for 3 months from the date of the report.
If you contact Knights Surveys within 2 weeks of the expiration date, a desktop valuation will be carried out, extending this for a further 3 months. A charge is payable for a valuation extension in most cases. We provide RICS valuation reports typically for the following purposes:
Standard Private Valuation
You can opt to get a standard Valuation Report if you simply wanted to know what the current market value is for a property. This is particularly useful if you are looking to buy a property for cash, or selling your own property, or for Matrimonial purposes.
Help to buy
If you are selling, remortgaging, or paying off the Government’s Help to Buy loan, a Valuation Report (Valid for 3 months) by an RICS Registered Valuer is required.
Shared ownership
Prepared if you are selling or ‘Staircasing’ (buying more shares in a Shared Ownership property), taking in account your Housing Associations requirements.
Probate
Recommended following a bereavement to determine an accurate property valuation, usually as of the date of death, although a Current Market Valuation can also be included. You will be required to provide the date of death, name of deceased and proof that you are the executor of the will, at the time of instruction.
Tax
Where Capital Gains Tax is payable, usually following sale or gifting of a chargeable asset, a Valuation Report would be required for a given date. This would be used by your Accountant to calculate tax due to the HMRC.
Knights Surveys are regulated by The Royal Institution of Chartered Surveyors (RICS) and Valuer Registration Scheme (VRS) Registered.