Property Valuations

Do you need to know how much your property is worth? A property valuation does just this: it gives you the current market value of a property, from an RICS registered valuer. There are many reasons why you might like to know the value of your property for example:

  • For obtaining a mortgage for a property you wish to buy
  • Setting the correct selling price for your property
  • Capital gains and inheritance tax planning
  • Probate management
  • Divorce agreements
  • Matrimonial or pre-nuptial planning
  • Development appraisals
  • Accounting purposes
  • Insurance assessments, for example reinstatement cost
  • Compliance with the Charities’ Act

Your property is likely to be your largest asset and the most significant purchase you will ever make. Whatever the reason for requesting a property valuation, you will want to know that it is accurate and reflects the current market price. At Rumball Sedgwick we understand that this is essential, and we have the experience and current market knowledge to give you a reliable valuation.

What is a property valuation?

A property valuation is a simple report that advises on the market value of your property. This should not be confused with a marketing appraisal provided by an estate agent, which advises on the asking price and likely sale price.

A professional property valuation is provided by a qualified surveyor (RICS registered valuer), who will take account of the overall general market conditions and give comparable evidence in order to arrive at their professional opinion.

This is the same as a valuation commissioned by a lender for a mortgage offer. However, it will mention only those defects that will significantly affect the property value.

There are two types of residential property valuation reports available:-

  • A valuation for mortgages
  • An open market valuation

Valuations for mortgages

In most cases you will be buying your property with a mortgage from a building society or bank. Invariably the lending institution will carry out a mortgage valuation of the property. This valuation is for the benefit of the lending institution only, so that it can satisfy itself that the property is adequate security for the loan required.

It is important to understand that the mortgage valuation is not a full survey. The inspection carried out by the assessor is brief and the report does not provide detailed information on the condition of the property.

Open market valuations

Properties have to be valued from time to time for a wide range of reasons. An open market valuation can be useful in establishing the correct value of a property, not only for purchase or sale, but also for many other purposes including tax planning, probate, matrimonial or divorce agreements, financial planning and insurance claims. If you are buying a property without a mortgage, an open market valuation can be obtained from Rumball Sedgwick.

It will be useful if you are buying a property without a mortgage, but please note that such a valuation only gives an overview of the property and an opinion as to its open market value. It is no substitute for a survey, although you could choose to combine it with one.

Your property valuation will necessarily require a detailed knowledge of the property market and of changing legislation. At Rumball Sedgwick, our unrivalled experience of valuing all types of residential, commercial, educational and ecclesiastical property means that we recognise  the importance to our clients of up-to-date advice on the value of their assets.

Call our expert team today on 01923 200099 to request your valuation.