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RICS Property Valuation

RICS Valuations

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Need a RICS Valuation?

CJ Bloor Property Consultants specialise in providing RICS Valuations for residential property and are proud to be one of the leading valuation companies in the Northwest.

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Regulated by the Royal Institution of Chartered Surveyors (RICS).

Tel: 0333 577 9556

(Local rate or free with inclusive minutes)

What is a RICS Valuation?

RICS Valuations are recognised as having legal status, unlike those produced by estate agents. They carry more weight due to the stringent procedures that an RICS Valuation Surveyor must adhere to.

Not all chartered surveyors can carry out valuation work; RICS Valuations must be completed by a RICS Registered Valuer.

When is a RICS Valuation Required?

Help to Buy Valuations

The Target Government Help to Buy scheme has helped thousands of people to buy their home, by offering a contribution towards the initial purchase. This means that the Government continue to own a percentage of your home. You may decide that you wish to buy back some, or all of the Help to Buy share of your home. If you do, you will need a RICS Help to Buy Survey (otherwise known as a Help to Buy valuation Report).

It is recommended that you have your valuation carried out by a RICS Regulated Company, such as CJ Bloor Property Consultants.

Probate Valuations

After a family member has passed away, their estate – money, property, possessions – will need to be valued so that a Grant of Representation (the legal right to deal with the estate) can be obtained.

The purpose of carrying out a professional probate valuation is to:

  • ascertain an accurate value of the estate left behind by the deceased
  • enable the executor to assess whether there is sufficient value in the estate to cover any liabilities left by the deceased
  • calculate how much (if any) Inheritance Tax is payable on the deceased’s estate

For more information on probate valuations call CJ Bloor Property Consultants today.

Private Valuations

Are you thinking of selling your property and would like to know its current market value before making a decision? It is after all the largest financial transaction that you are likely to be involved in during your lifetime.

CJ Bloor Property Consultants offer a fast and independent property valuation service and with our Price Match Guarantee, you can rest assured that we are competitively priced.

Matrimonial Valuations

A matrimonial valuation will provide you with an accurate value of the property, which you can then take forward with your separation proceedings. 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. We understand that separation proceedings can be stressful and complex time. At CJ Bloor, we pride ourselves in ensuring the valuation is as straightforward and time effective as it can be.

Pension Fund Valuations

If you’re moving your property into your investment fund such as a SIPP, you will require a RICS valuation of your property as part of the process.

CJ Bloor Property Consultants have experience is handling these matters discreetly and efficiently.

How will a RICS valuation be calculated?

In the UK, there are three common approaches that are likely to be adopted when valuing residential and commercial property:

Market Approach – This approach adopts the principle that the value of one property may be derived by comparing it directly with market transactions for similar properties. It is widely used in the valuation of residential, rural and commercial real estate and is sometimes used for the valuation of land and other real estate assets.

Income Approach – The income approach is used to value real estate that produces an income for the investor. There are two methods that fall within the income approach: the investment (or income capitalisation) method and the profits method. In the conventional investment method, the value is derived from the net rental income and a capitalisation factor based on the expected annual rate of return. These are both normally established using comparable evidence.

Cost Approach – The cost approach, also known as the depreciated replacement cost approach, is used to value real estate that does not usually sell on the open market (for example, public buildings), and for which comparable evidence does not exist. In some jurisdictions the cost approach is used for proposed or recently built properties. This approach is based on two components: the depreciated cost of the building element and the value of the land. Figures for both these components will be obtained from comparable evidence.

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Being regulated by the Royal Institution of Chartered Surveyors (RICS), means we can be trusted to deliver the highest standards of service, at the lowest possible price.

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DID YOU KNOW?

Not all chartered surveyors can carry out RICS Valuations.

RICS Valuations must be completed by a RICS Registered Valuer.

Still looking for help?

What is a RICS Valuation?

An RICS Valuation is a professional assessment of the market value of property or land, taking a number of factors into account. It is often carried out for mortgage purposes, financial matters, building insurance purposes or as part of a building survey to ensure that the property is a sound investment.

What happens with a RICS valuation?

The valuer will carry out an external and internal inspection of the property. They will make notes on the condition of the property and its key features. The valuer will then go back to the office and carry out extensive research to establish the value of the property.

How long does a RICS Valuation take?

The inspection normally takes 20-40 minutes depending on the complexity of the property. The report will then be turned around in 5 working days.

Is a RICS Valuation the same as an estate agent's valuation?

No, a RICS Valuation is carried out in accordance with RICS standards and therefore provides a more unbiased and independent view in regard to the property’s value.

How much does a RICS Valuation cost?

It depends on the size of the property, but RICS Valuations usually cost between £195 and £395 (exclusive of VAT).

How long is a RICS Valuation valid for?

RICS Valuations are usually valid for 3 months, but you may wish to have a property valued earlier than this timeframe if the current market is particularly volatile.

Who can carry out a RICS Valuation?

A RICS Valuation must be conducted by a RICS Registered Valuer and hold the AssocRICS, MRICS or FRICS credentials.

How do I arrange a RICS Valuation?

That’s easy, just complete this form and we’ll do the rest.

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