What is a RICS valuation?
A RICS valuation is a professional assessment of the value of a property or piece of land, usually carried out for sales and mortgage purposes. Unlike property valuations carried out by estate agents, a RICS valuation must be conducted by chartered valuers that are members of the Royal Institute of Chartered Surveyors.
RICS valuations are guided by a strict set of standards, ethics, and best practises, often referred to as the ‘Red Book’. This ensures that valuations are carried out effectively and are as accurate as possible.
Why do I need a RICS valuation?
A RICS valuation provides a qualitative, independent valuation of a property or piece of land, following international standards, ethics, and guidelines. This ensures an accurate valuation for various legal or taxation purposes such as:
- Securing a mortgage
- Tax planning purposes
- Court proceedings
- Shared ownership
- Disputes via mediation or arbitration
- Rent reviews and negotiations
- Transfers of estate
- Transfer of assets
- Buying or selling a residential or commercial property
RICS valuations in Leeds & West Yorkshire
Valor Properties offer RICS valuation services conducted by experienced members of the Royal Institute of Chartered Surveyors. Our valuations comply with the highest international Red Book standards, ensuring accurate and credible reports.
Valor Properties RICS Valuation starts from just £150+VAT.
If you need an independent valuation of a residential or commercial property in Leeds or West Yorkshire, get in touch with our team today to learn more about our RICS valuation services.
How long does a RICS valuation last?
Due to changing market conditions, a RICS valuation will be valid for around three months after completion. However, in most cases, valuations can be extended for a further three months if necessary.
How much does a RICS valuation cost?
A RICS valuation carried out by Valor Properties costs from just £295 + VAT. However, The market average for a RICS valuation conducted by a chartered surveyor is usually around £450, depending on the size of the property, its location, and it’s proposed value.
Can my estate agent perform a RICS valuation?
Your estate agent can only perform a RICS valuation if their appointed surveyor is a member of the Royal Institute of Chartered Surveyors. They may, however, perform a regular property valuation.
It’s best to have your property valued by a chartered surveyor as the RICS valuation process is guided by strict international standards and best practices which ensure an impartial, accurate, and credible valuation.
What happens if the RICS valuation is less than the offer or sale price?
If the RICS valuation is less than the offer or sale price of the property, you can go back to the estate agent and offer a lower price, based on the valuation.
What happens if the RICS valuation is higher than the offer or sale price?
If the RICS valuation of a property is higher than the offer or sale price, you can appeal the valuation by providing evidence, where available, of similar properties in the area selling for the same price, or higher.
Can a mortgage be declined based on a RICS valuation?
Your mortgage lender can decline a mortgage based on a RICS valuation of the property if they value the house as less than the market value, or if it doesn’t fit their criteria.
In this situation, it’s important to not make any rash decisions, such as applying for another mortgage, without understanding why the mortgage was declined. This could affect your credit score, making it more difficult to secure a mortgage in the long run.