RICS VALUATIONS

Our panel of RICS Chartered Surveyors located in Manchester covers a wide range of property services for residential and commercial clients. The surveyors provide property valuations for many different purposes including tax planning, matrimonial, probate and insurance.  

The valuation surveys that these surveyors prepare are done under very strict guidelines set out in the RICS “Red Book”. This contains key rules and guidelines that must be followed.

The Manchester panel of valuation surveyors has extensive experience in offering valuation and surveying services associated with buildings. They know all details and intricacies of such services, which means they can capably assist you in matters regarding property purchases, sales, or even assets and management in general.

Do I need to have my property valued?

When purchasing a property, most people often have it valued. The valuation ensures that the property is suitable as security for the mortgage amount a buyer is requesting.

Sellers will sometimes have their property valued as part of the estate settlement process. Individuals who work from a home base might have their property valued for business reasons. Some people might even want those valuations for geographical reasons alone. Another reason you might need to have your home valued is for divorce, in order to ascertain a fair price split with your ex-partner.

Does a “Valuation” mean the same as an “Estate Agent’s Appraisal?

Some real estate agents provide what they call a “Valuation,” but it may be nothing more than a guess estimate to persuade you to give them the instruction. When these agents “value” a property, they typically look at comparable property sales that have occurred nearby and recently, but what these agents come up with is usually not very accurate. It’s not a scientifically arrived-at number and it is certainly not a legally defensible figure. The estate agent’s figure is meant primarily to convince you that if you want a certain sale price for your property, then that sale price is achievable. In other words, the valuation provided by the state agent is not as credible as one provided by an RICS surveyor.

What is involved in a valuation?

When a client or mortgage provider wishes to determine the precise market value of a residential or commercial property, a valuation can be carried out. The valuer undertakes extensive and comparable research on local properties of a similar standard. The compiled report then goes into detail about the value of the property itself according to current property market trends. This is not the only indicator of a property’s worth. It also discusses special environmental factors affecting the property that might make it more or less attractive or that might have a direct impact on its value.

How is the value of the property surveyed?

The figure provided by the surveyor is the result of a combination of different data sets. These data sets relate to the property itself and to the local area. Anything relevant to the property that could affect its value is examined closely. The surveyor takes into account the size of the structure, its condition, the number of rooms, the dimensions of those rooms, and their usefulness. The structure’s exterior and any site features (like nice landscaping) and glaring issues (like flooding, noise, etc.) are factored in. The surveyor also considers any large outbuildings as well as the garage (if there is one).

What is an RICS Valuation?

You might require an RICS valuation if you have purchased a property using Help to Buy, HomeBuy Direct or a comparable shared equity scheme.

Valuation Required for Help to Buy and Shared Ownership

If you want to sell your shared ownership property (including those bought through Help to Buy), or you want to re-mortgage it, you will need to get a valuation. It enables everyone to know how much your share of the home is worth. If you want to buy additional equity (increase your share) or repay your loan, you will also need a valuation.

Right to Buy Valuation in Manchester

RICS valuations in Manchester are also beneficial if the Right to Buy scheme is something that you are keen on. If this is the case then you can use them in order to see if the valuation your landlord has put forward is in fact accurate and fair.

In addition, RICS valuations are conducted for the purpose of appraising mortgages. These valuations are used by lenders to decide if the loan they authorise is correct.

A RICS valuation needs to be conducted by an independent RICS Registered Valuer. The valuer assesses the value of the property by reviewing the RICS Red Book guidelines, which sets the quality standard for valuations.

Difference between Estate Agent Valuation and RICS Red Book Valuation

RICS Red Book valuations are distinct from an estate agent’s valuation appraisal. An independent valuer inspects the property, examining the construction, size, outline condition, and location. They then conduct a rigorous technical assessment of the property, using their extensive training and experience. The findings of this assessment, combined with data on the sale price of three comparable properties in close proximity that have recently transacted, are used to form evidence-based valuations.

Contrary to the case of a property developer’s valuation, the distinction is that surveyors are not paid anything other than their salary or fees for carrying out work under instruction, whereas an estate agent is motivated by commission.

What is included in an RICS Valuation in Manchester?

You can expect the following features in an RICS Valuation:

  • RICS certified surveyor local to the area conducts the inspection

  • General overview of the property construction and location

  • Photographs and details of the accommodation included

  • Comparables of similar properties detailed

  • Full valuation with methodologies and assumptions described

  • Red Book Valuation Standards adhered to

  • Independent valuation without conflicts of interest

  • Certified by an RICS Charted Surveyor

RICS Certified Valuers in Manchester

Our panel of Building Surveyors, Registered Valuers and Structural Engineers are registered with the Royal Institution of Chartered Surveyors (RICS) or other industry standard accreditation bodies. As a result, your survey report will be in-depth and to the highest standards by an independent RICS valuation surveyor in Manchester.

Surveys of Commercial Property

If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether. 

Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.

Contact

Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:

The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.

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