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 forms of work they get involved with.
Exactly what is a RICS Registered Valuation Surveyor?
Valuing property is really a specific part of surveying and not all surveyors are qualified to carry out valuations under RICS ?red book? rules. People that have the relevant expertise and training are referred to as RICS Registered Valuers.
Just how do Valuation Surveyors undertake valuations?
To complete a Valuation Report, a RICS Registered Valuer will observe the process as set out in the RICS Red Book. This includes a visual inspection of the house, where the surveyor is trained to recognize any serious defects or structural issues. Aspects concerning the property, like 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, that will take into account information on the sale price of comparable properties nearby which have recently been sold.
Your final valuation figure is then reached and provided in a detailed report.
When do I want a Valuation Surveyor?
There are a number of circumstances when a Valuation Report conducted by a RICS Registered Valuer will undoubtedly be required. Types of this include where property needs to be valued as part of a divorce or civil partnership dissolution settlement. A house that is included within probate may also should be valued by a RICS Registered Valuer.
Any transaction involving a house that has been purchased via the government? Check out this site to Buy scheme will also ought to be valued by way of a RICS Registered Valuer. If you are considering selling a property bought using Help to Buy, or for anyone who is paying off any portion of the Help to Buy loan (referred to as staircasing), you will require a RICS Registered Valuer readily available.
You are also unlikely to proceed with a mortgage for purchasing a home, or perhaps a sale of a shared ownership property, without a residential property valuation from a Valuation Surveyor.