NEED A VALUATION? BETTER CALL IN
THE CHARTERED SURVEYORS…
The professionals at Lea Hough explain why it’s essential to turn to the experts if you need a property valuation
There are many reasons you might need a valuation on a property – from legal occurrences, such as when a property is part of the assets in a divorce settlement, to commercial reasons such as a landlord wanting a property portfolio review, or even to assist with Inheritance Tax planning.
Depending on why you need a property valuing, you might decide that rather than pay a firm of Chartered Surveyors, you will just ask an estate agent to carry out a valuation as if they were going to put it on the market.
That’s where you might need to think again.
Most people know from experience that the ‘asking price’ for a property is sometimes vastly different from the eventual price it sells for. The sale price of a property can depend on many factors, such as demand, availability of similar properties and the condition of the property, amongst others. It may even come down to a buyer really falling in love with a place and being willing to pay well over the odds. Alternatively, a property that is marketed for more than it’s worth may fail to sell. Therefore, any proposed ‘asking price’ arguably doesn’t represent a true ‘valuation’.
The motivation behind an estate agent’s ‘market appraisal’ could also give rise to an unreliable valuation. This is because when pitching for a client’s business, aside from their fees, estate agencies can only differentiate themselves by their track record of properties they have sold in the area and the suggested asking price they propose. Knowing a low valuation might lose them the business, estate agents are likely to aim high, even if the proposed price is unrealistic!
If you use a firm of Chartered Surveyors to conduct a valuation report on a property, you are guaranteed a number of things. RICS Registered Valuers and Chartered Surveyors are governed by the Royal Institute of Chartered Surveyors (RICS), meaning they must follow strict professional and ethical guidelines.
When conducting a valuation report, the Valuer or Surveyor will consider the exterior and interior condition of the property. Although a valuation is not a survey and an in-depth inspection will not be carried out, any issues will be flagged in the report.
A report from a firm of Chartered Surveyors will also look at what similar properties locally have achieved on the open market in recent months by all agents – allowing an unbiased comparison with the one they are valuing.
Ultimately, property owners seeking a valuation or buyers that obtain a valuation as part of the mortgage process, can rest assured that a Chartered Surveyor or RICS Registered Valuer will not be motivated by the prospect of a possible sale commission and their valuation will therefore not be biased in any way.
It is also worth noting that if you require a valuation for formal proceedings of any kind, such as court proceedings, it may be necessary to instruct a Valuation Report from a Chartered firm that is regulated by the RICS.
If you wish to instruct one of Lea Hough’s Chartered Surveyors or RICS Registered Valuers to conduct a property valuation (residential, commercial or agricultural), please contact us
Lea Hough Chartered Surveyors
Phoenix Business Park
Off Blakewater Road, Blackburn BB1 5RW
01254 260196
www.leahough.co.uk