London Property Valuations
Valuations give you an accurate idea of the market value of a property – it should always be carried out by a RICS chartered surveyor. As RICS Registered Valuation Surveyors, our expert team assess the value of any residential property in London. All our valuations adhere to the Red Book standard, which is the professional standard set out by the Royal Institution of Chartered Surveyors (RICS).
There are a number of reasons why a valuation by a Chartered Surveyor might be needed. Chartered Surveyors provide an impartial, non-biased valuation of a property. Taking into account the property’s size, location, condition and a variety of other factors, our valuation can help inform selling decisions, assist with divorce/separation settlements, or help when dealing with probate.
Our Residential Property Valuations can be carried out across London. Our completely independent and impartial team of qualified surveyors will assess your property before sending you a valuation report.
What Types Of Valuation Do You Provide?
Our team of experts regularly provide the following valuation services across London:
- Independent valuations for investors, home buyers or property owners
- Valuations for probate including inheritance tax
- Valuations for capital gains tax (including non-UK residents) including retrospective valuations
- Reinstatement cost assessments and valuations for insurance purposes
- Valuations for shared ownership
- Leasehold extension
- Enfranchisement and freehold valuations
- Matrimonial valuations
- RICS Help To Buy Valuations
We’ve provided a little more information on our most common valuations below:
Probate Valuation
As part of applying for probate, you need to value the money, property and possessions (‘estate’) of the person who’s died. Valuations for probate are legally required by HM Revenue and Customs in order to establish the value of a property as part of a deceased person’s estate.
You don’t need to value the estate straight away after someone dies, but the valuation must reflect the market value at the time of death. There are only deadlines if the estate owes Inheritance Tax. Find out more on our dedicated Probate Property Valuation page.
Valuation for Tax Purposes (CGT and IHT)
A property valuation is needed to provide reliable information on the worth of the property and is especially useful to avoid situations where an individual or entity is charged much higher or lower taxes than they should be liable for. The market value of the property is a crucial component when calculating the capital gains tax on a property. HMRC require you to arrange for the valuation of the property. They strongly recommend that you use a professional surveyor because they’ll make sure the valuation is as accurate as possible. Find out more on our dedicated CGT and IHT Property Valuation page.
Reinstatement Cost Assessment
Reinstatement cost is the cost of rebuilding an average home of the type and style inspected to its existing standard, using modern materials and techniques, and by acting in line with current Building Regulations and other legal requirements. This includes the cost of rebuilding any garage, boundary or retaining walls and permanent outbuildings, and clearing the site. It also includes professional fees but does not include VAT (except on fees).
The reinstatement cost helps you decide on the amount of buildings insurance cover you will need for the property.
Find out more on our Reinstatement Cost Assessment page.
Leasehold Extension
A lease extension valuation calculates the amount you need to pay your freeholder to add an additional number of years to your current lease term. The owner does not have to occupy the property but must be the registered owner for at least 2 years.
You can ask the landlord to extend your lease at any time. You might be able to extend your lease by 90 years on a flat and 50 years on a house.
Shared Ownership Valuation
Shared Ownership Valuations are conducted by our RICS registered valuers to provide an impartial and independent assessment of the market value for sale or purchase of a shared ownership property. Our Valuations will assess the whole value of the property, before determining the percentage split, usually between homeowners and Housing Associations.
Freehold Valuation and Enfranchisement
This valuation is for leaseholders who want to either buy the freehold or buy a share of freehold. A Freehold Valuation is important to leaseholders seeking to either extend their leases by 90 years or to participate in a collective enfranchisement where they buy the freehold together and then grant themselves new 999 year lease.
Matrimonial Valuation
Often the matrimonial home has to be valued as part of the divorce or separation. A report will need to be prepared by an RICS Registered Valuer who will determine the market value of the property in question. The valuation can be undertaken on behalf of one of the parties, or alternatively, both parties can jointly instruct a Chartered Surveyor to undertake a valuation of the property.
RICS Help To Buy Valuation
If you have bought a home with a loan from the Help to Buy scheme you may be looking to repay, remortgage or sell your property. You will need an independent valuation so that Help to Buy can calculate how much you need to repay. This may affect how much it will cost you depending on the market value at that time.
Do I Need a Chartered Surveyor for a Valuation?
Chartered Surveyors have years of experience and training and can identify serious defects and issues that may affect a property’s market value.
Chartered Surveyors provide an impartial and independent value on a property. They must be able to provide evidence to support their valuation if challenged. They also have access to online information about other properties in the areas, giving them further information to value the property
What is a RICS Registered Valuer?
RICS is the Registered Institute for Chartered Surveyors. By registering with RICS, members must adhere to valuation standards laid out in the RICS Red Book. RICS monitor all registered valuers on an ongoing basis, so when you appoint a RICS registered valuer, you can be confident that you are working with regulated and qualified professionals.
Which Areas Do You Cover?
From our offices in Islington, Fulham and Marylebone, our property valuations team covers the whole London area – including Central London, South East, South West and North London.
Commercial Property Valuations
If you’re a commercial property owner or a property investor, our RICS registered valuers can provide Freehold Valuations and Leasehold Extension Valuations. As with all of our Valuations and property surveys, our views are always entirely independent and impartial, assessing the property and market conditions without bias.