RICS Valuation
A valuation is required when:
- selling or buying a property or changing your percentage share of your ownership
- updating your property portfolio for accounting and tax purposes
- when a relative has died and the property is subject to Probate.
A RICS Registered Valuer has the knowledge and experience to carry this out for you and that valuation has legal standing in a court of law.
How is a RICS Valuation different from the estate agent’s?
The purpose of an estate agent is to sell a property for his client for the highest price. An RICS Valuation establishes the Market Value “The price a willing seller and a willing purchaser will agree”.
If there are many willing buyers for a property, the value will be established through competing bids and will be higher than for a similar property for which there is only one purchaser. The opposite is also true!
If you are purchasing a property without the need for borrowing you should still have a Valuation undertaken so that you know that you have not paid too much.
Or look to the RICS for additional information https://www.rics.org/uk/upholding-professional-standards/sector-standards/valuation/