WHAT'S IT WORTH?
A valuation report will establish the market value of your property. The report may also note a reinstatement figure and highlight issues that require further investigation e.g. legal issues.
All of our valuations include a visual inspection of the property and an analysis of previous sales in the area. As RICS registered valuers, our reports are compliant with the RICS Red Book: a set of globally recognised standards for all members undertaking asset valuations.
There are many reasons why you might need an independent valuation of a property. You may simply be interested to know the value of your home, or you may be a property purchaser seeking reassurance that the agreed price is fair. Alternatively, there may be a more specific reason as to why you need a valuation. Here are some of the most popular types of valuation that Richard Russell Surveyors offer:-
A market valuation is an estimate of a property’s true value in the current market. Market valuation reports briefly detail a home’s overall condition and also describe its size and location. Unlike our home surveys, a market valuation does not offer recommendations or estimates for repairs.
Help to Buy Valuation:
You will need a market valuation for Help to Buy purposes from a RICS qualified surveyor if you are selling your house, remortgaging or repaying your Help to Buy loan.
Shared Ownership / 'Staircasing' Valuation:
If you have purchased a property through a shared ownership scheme, you will need a RICS valuation if you are planning on increasing your percentage share 'staircasing' or if you are planning on selling your home. If you are 'staircasing' our independent valuation will exclude any improvements you have personally made.
Right to Buy Valuation:
If you are buying your social housing property, you may wish to obtain your own independent RICS valuation of the property. This type of valuation could help you understand how much money you could save by purchasing your council home.
Matrimonial / Divorce Settlement Valuation:
An independent valuation to help you decide how the matrimonial home will be shared between both parties following divorce proceedings. Our Surveyors are generally jointly appointed by the solicitors of each party as a Joint Single Expert Witness Valuation - this way an independent valuation can be provided for and to the court.
Capital Gains Tax Valuation:
Required by HMRC, a capital gains tax valuation ensures that you do not pay too little or too much tax following a property’s disposal.
Inheritance Tax (IHT) / Probate Valuation:
Probate is the legal process of dealing with someone’s assets after they have passed away – this is usually conducted by the executors who carry out the wishes of the deceased person, as stipulated in the will.
A valuation for inheritance tax purposes (often referred to as a probate valuation) has to be submitted to HMRC as part of the assessment of an Estate (total value of property, possessions and money).
Insurance Reinstatement Cost Analysis:
Building Insurance re-instatement cost valuations assess the cost of rebuilding a property in case of total loss (ie. following a deemed destruction).
The sum insured under a Buildings Insurance policy must be the full rebuild cost of the property.