THE ROLE OF A VALUATION SURVEYOR

Valuation surveyors analyse and gauge the value of buildings, providing a precise assessment of its market value for an array of purposes.

Here we have a closer consider the role of Valuation Surveyors and the forms of work they get involved with.

Exactly what is a RICS Registered Valuation Surveyor?

Valuing property is a specific part of surveying rather than all surveyors are qualified to handle valuations under RICS ?red book? rules. Those with the relevant expertise and training are referred to as RICS Registered Valuers.

Just how do Valuation Surveyors undertake valuations?

To perform a Valuation Report, a RICS Registered Valuer will observe the process as lay out in the RICS Red Book. This consists of a visual inspection of the house, during which the surveyor is trained to recognize any serious defects or structural issues. Aspects about the property, like the size of the building and grounds, its location and desirability, and any recent improvements or extensions. The Valuation Surveyor will also conduct research and assess data as part of their investigations, that will take into account home elevators the sale price of comparable properties nearby that have recently been sold.

Your final valuation figure is then reached and provided in an in depth report.

When do I want a Valuation Surveyor?

There are many of circumstances when a Valuation Report conducted by a RICS Registered Valuer will undoubtedly be required. Examples of this include where property has to be valued as part of a divorce or civil partnership dissolution settlement. A property that is included as part of probate may also need to be valued by way of a RICS Registered Valuer.

Any transaction involving a property that has been purchased via the federal government?s Help to Buy scheme may also must be valued by way of a RICS Registered Valuer. So if you are considering selling a property bought using Help to Buy, or for anyone who is paying off any portion of the Help to Buy loan (referred to as staircasing), you will require a RICS Registered Valuer on hand.

Additional resources  are also unlikely in order to proceed with a mortgage for purchasing a home, or a sale of a shared ownership property, without a residential property valuation from a Valuation Surveyor.