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Do I Need a RICS Valuation?

Coins stacked up next to a wooden cut-out of a house on a blurred green background.

What is a RICS valuation?

A RICS valuation is a professional valuation of a property or piece of land by a chartered surveyor that is a member of the Royal Institute of Chartered Surveyors. RICS valuations provide an accurate and credible valuation of a property that can be used for a range of purposes including mortgages, taxation, court proceedings, and disputes. 

RICS valuations must follow a strict set of international standards, ethics, and best practises, known ad the “RICS Red Book” to ensure an impartial, accurate, and credible valuation on your property or land.

Do I need a RICS valuation?

Your estate agent or mortgage lender can perform property valuations at the time of sale or agreement. However, a RICS valuation is completely impartial and is a credible option for tax purposes and court proceedings. 

A RICS valuation is also a great thing to have if the asking price of a property you are interested in is higher than the valuation. It is a credible report that can allow you to go legitimately back to the seller with a lower offer. 

Similarly, banks and mortgage providers usually conduct their own home valuations to ensure that the money they are lending to the buyer is a good investment. An impartial RICS valuation arms you with the true market value of the property, should any disputes or negotiations arise. 

How long is a RICS valuation valid for?

As standard, a RICS valuation is valid for three months after the assessment. However, in most cases, this can be extended a further three months if necessary. Although, in these cases, the surveyor must conduct further desk research within two weeks of the original expiry date.

Huch much do RICS valuations cost?

On average, RICS valuations cost around £450, although this will largely depend on the size of the property or land, its location, and the proposed value or asking price. 

Valor Properties RICS Valuations start from just £150+VAT.

Different factors have the potential to increase the valuation fee as further work may be required to accurately assess the value of the property. 

RICS valuations in Leeds and West Yorkshire with Valor Properties

Valor Properties offer a RICS valuation service in Leeds and throughout West Yorkshire. Our chartered surveyors can give you an impartial, accurate valuation that will help to move along the buying and selling process, court proceedings, or taxation matters. Get in touch to learn more about our RICS valuation service today.