Independent Valuation Reports

We recommend getting a private property valuation whenever you purchase a home. This unbiased professional perspective sometimes highlights a price difference you might not have considered. In most cases, you’ll also have a mortgage valuation carried out separately.

However, you can also get a private property valuation in other cases – when the bank probably won’t carry out a survey on your behalf. These include the following:

• Probate

• Other asset-valuing circumstances

• Shared ownership

• Help to Buy schemes

• Right to Buy

In these cases, having a skilled individual value a home is priceless. We also recommend getting a more detailed home survey so you’ll be aware of any faults or hidden, unpleasant surprises.

A mortgage valuation involves a surveyor going to the property in question and assessing its value independently of the estate agent and buyer. The number they come up with is then compared against the sale price and mortgage loan sum.

It essentially functions as a check that you’re paying a reasonable amount for the house. If they conclude that the home is worth much less than what you’re offering/asking for in a loan, they might withdraw their mortgage offer. This leaves buyers in a real predicament: push through with another provider (risking overpaying) or pull out?

Although mortgage valuations have secondary benefits to a buyer (you don’t want to pay more than the property’s worth), they’re really conducted for the bank or lender. They want to protect their assets, something that’s very difficult to do if a building is overpaid for.

Red Book valuations are typically used for formal purposes such as tax assessments, legal disputes, probate, matrimonial settlements, and valuations for financial reporting purposes. They are also used by banks and mortgage lenders to assess the value of a property when lending money against it.

Red Book valuations are comprehensive and take into account a range of factors such as the property's location, size, condition, and comparable sales in the area. The valuation report is detailed and provides an accurate assessment of the property's value.

It's important to note that only RICS-registered valuers can provide Red Book valuations, and they must follow strict guidelines set out in the Red Book manual to ensure that their valuations are reliable and accurate.