During the home-buying process, your mortgage lender takes responsibility for arranging the property valuation. They will appoint a surveyor from their preferred list to conduct the valuation, ensuring it aligns with their criteria.
Aside from the valuation needed for your mortgage, there are several other reasons you might seek a property valuation. Hiring a private surveyor allows you to get an accurate assessment of your property’s value or verify that you are paying a fair price for your new purchase.
What is the purpose and scope of a private property valuation?
An independent property surveyor conducts a private property valuation, ensuring no conflict of interest with your estate agent or mortgage lender. These surveyors are RICS accredited and apply a variety of industry techniques to determine your property’s value.
In assessing your property, the surveyor will consider its overall condition, including aspects like its size, age, and location. They will also analyse the local real estate market and compare your property to comparable properties in your vicinity to establish a fair and relevant value.
With a private valuation, you receive comprehensive, accurate, and credible data on your property’s value. This valuable information allows you to make better decisions and rectify any false information that might be circulating about your property.
When is it advisable to get a property valuation?
Capital Gains Tax – If you are in the process of selling or disposing of a property, a valuation can help you determine the true worth of the asset. This information is vital for calculating the correct capital gains tax you owe.
Probate/Inheritance Tax – In the case of a family bereavement where you take over a property asset, a probate valuation will be required to establish its value. This information is vital for calculating inheritance tax and managing the estate efficiently.
Matrimonial/Division of Equity – Before selling your property, a valuation can provide the necessary information on your ownership percentage. This will enable you to fairly split the property’s equity with your partner or housing association during the division process.
Expert Witness – When legal disputes arise involving land, property, or construction issues, expert evidence is often needed. Surveyors can serve as expert witnesses, offering property valuations that contribute to the resolution of these disputes.
How can you arrange for a private property valuation?
For an accurate and reliable private property valuation, consider engaging a reputable surveyor who is RICS accredited. Their expertise guarantees a comprehensive assessment based on up-to-date evidence.
S Jones Surveying specializes in delivering tailored private property valuations that equip you with the essential information to make educated decisions regarding your property. If you need a property valuation, feel free to call us or submit your details through our contact form, and we will follow up to address your needs.