Valuation surveyors analyse and measure the value of buildings, providing an accurate assessment of its market value for a wide range of purposes.
Here we take a closer look at the role of Valuation Surveyors and the types of work they get involved with.
What is a RICS Registered Valuation Surveyor?
Valuing property is a specific element of surveying and not all surveyors are qualified to carry out valuations under RICS ‘red book’ rules. Those with the relevant expertise and training are known as RICS Registered Valuers.
How do Valuation Surveyors undertake valuations?
To complete a Valuation Report, a RICS Registered Valuer will follow the process as set out in the RICS Red Book. This includes a visual inspection of the property, during which the surveyor is trained to identify any serious defects or structural issues. Aspects about the property, including the size of the building and grounds, its location and desirability, and any recent improvements or extensions. The Valuation Surveyor will also conduct research and assess data as part of their investigations, which will take into account information on the sale price of comparable properties nearby that have recently been sold.
A final valuation figure is then reached and provided in a detailed report.
When do I need a Valuation Surveyor?
There are a number of circumstances in which a Valuation Report conducted by a RICS Registered Valuer will be required. Examples of this include where property needs to be valued as part of a divorce or civil partnership dissolution settlement. A property that is included as part of probate may also need to be valued by a RICS Registered Valuer.
Any transaction involving a property that has been purchased via the government’s Help to Buy scheme will also need to be valued by a RICS Registered Valuer. So if you are considering selling a property bought using Help to Buy, or if you are paying off any portion of the Help to Buy loan (known as staircasing), you will need a RICS Registered Valuer on hand.
You are also unlikely to be able to proceed with a mortgage for purchasing a home, or a sale of a shared ownership property, without a residential property valuation from a Valuation Surveyor.
For more information on the services provided by our RICS Regsitered Valuers, or to instruct us on a Valuation Report in relation to a residential or commercial property, please get in touch.