Request a valuation

There are many reasons why you may require a valuation of a property you own. Most people arrange a valuation prior to selling the property and ask a small number of estate agents to advise on a marketing price. Other reasons for a property valuation include raising money for a mortgage or loan; for probate purposes after a death; when splitting assets during a divorce, planning for inheritance and for a general update of a property portfolio.

It is important to have a property valuation to enable you to plan ahead. If you are thinking of selling, an early indication of your current property’s likely value assists you with forward planning. For raising a loan or mortgage, probate, divorce or portfolio update purposes, a professional valuation is essential.

Unless there is a circumstance which requires a professional valuation, most people will only require a valuation before they decide to sell. We often find sellers looking to ascertain value from looking at properties on the market. It is important to understand that there can be a difference between asking prices, and the levels that are actually achieved. We spend a great deal of time and deploy in-depth analysis, looking at sold prices. Therefore, it’s important to speak to an agent who is an expert, who can account for attributes such as condition, aspect, floor level, lease length and a great many other variables that have a bearing on value.

Unless there is a circumstance which requires a professional valuation, most people will only require a valuation before they decide to sell. We often find sellers looking to ascertain value from looking at properties on the market. It is important to understand that there can be a difference between asking prices, and the levels that are actually achieved. We spend a great deal of time and deploy in-depth analysis, looking at sold prices. Therefore, it’s important to speak to an agent who is an expert, who can account for attributes such as condition, aspect, floor level, lease length and a great many other variables that have a bearing on value.

An appointment needs to be made with your chosen valuer. It is best to do some preparation beforehand to make the property look as inviting and fresh as possible. The valuer will inspect the whole property. There will be questions regarding tenure, access or shared rights of way, any recent works done and anything else which may have an impact on value. The valuer will then research recent sales and use their knowledge and experience to arrive at an appropriate valuation figure.

This depends on the size of the property and could range from half an hour to a few hours.

Having available as much information as possible is always helpful. For a freehold property a title plan showing the boundaries is useful. For a leasehold property, a copy of the lease and copies of management accounts and maintenance charge invoices will be required.

A property valuation prior to sale by an estate agent is an informal opinion of value or market appraisal. There is usually no charge for these as the estate agent hopes to be instructed in the sale.

For a professional valuation carried out by a member of the Royal Institution of Chartered Surveyors (RICS) for use when applying for a mortgage, loan, probate, divorce or portfolio update for a bank, a charge will be made. This covers the valuer’s professional indemnity insurance and that the figure could be justified if necessary in a court of law.

A lender valuation is carried out by an expert, usually a member of the Royal Institution of Chartered Surveyors, and the figure can be justified through comparable evidence collected, the valuer’s knowledge of the local area and market conditions. The valuation is backed by professional indemnity insurance.

A valuation prior to sale by an estate agent is for guidance on an appropriate marketing figure and is not able to be used for loan, mortgage, probate, divorce or other formal valuation purpose.

Location is a key factor, this may include which side of the road the property is on or which Local Authority it lies in. Age, construction, extensions, alterations all play a part as does structural and decorative condition. Aspect, where the sun rises and sets, outside space, interior layout and floor space, volume and ceiling heights are all considered. Activity in the local property market and the balance between supply and demand will assist the valuer in reaching a conclusion on value.

Improvements, renovations and extensions can all have a very positive impact on value as long as they have been done to a high standard and comply with all Local Authority guidelines, planning consents, building regulations and, if appropriate, Listed Building consents. Poor workmanship, cut corners and non-compliance with the Planning Authority will have a detrimental effect on value and saleability.

Location has a big impact on value. Not just geographical but immediate vicinity too. Some areas are in high demand and this has a positive impact on values, although factors such as which side of the road, the aspect, neighbouring properties, access, Local Authority and school catchment can negatively affect value.

Valuation reports are generally e-mailed but a hard copy can be requested too.

This depends on the nature of the valuation. If it is for a lender or bank it is unlikely you can change the original figure provided. If you wish to challenge a valuer’s findings, the best way to do this is a conversation to discuss how the figure was arrived at and for you to point out any aspects of the property you think have been missed.

If you disagree with the valuation the first step is to discuss your reasons for this with the valuer. If the valuation is for a lender, bank or for a probate or divorce, the valuer has set guidelines to follow so it is unlikely you will be able to change the figure unless something significant has been left out.

If the valuation is by an estate agent prior to sale, then a discussion should provide some flexibility in settling at an acceptable marketing guide price.

A valuer will require full access to the property, therefore you must be the legal owner or have their permission for the valuation.

To provide accurate information and any documents requested for a formal valuation.