Reasons why you need an independent RICS valuation;

 

You may need an independent RICS valuation for one or more of the following reasons:

· Help-to-buy: To calculate the loan redemption figure

· Shared Ownership: To derive shared ownership equity value

· Probate: To calculate inheritance tax liabilities as required by HMRC

· Capital Gain: To assess capital gain from retrospective and current valuation

· Buying Property: To know a property’s market value to avoid paying too high a price

· Selling Property: To ascertain a property’s market value to price it correctly for a quick and efficient sale

 

How is a RICS valuation undertaken?

The RICS valuation report is delivered by a RICS Registered Valuer by carrying out following tasks:

1. Desktop research: Market research to identify relevant comparable sales that are like-for-like in terms of property type, size, and age, and within limited distance to the property being inspected.

2. Visual inspection: An internal and external visual inspection of the property to the extent which is accessible with safety and from within the boundaries of the site and/or from adjacent public/communal areas.

3. Post inspection analysis: Post inspection i.e. translating the raw data into usable outcomes for the valuation report. The valuation report is produced in simple English and is compliant with the RICS valuation report requirements.