Property Valuations

A RICS Red Book Valuation, also known as a Market Valuation, is an in-depth assessment of the value of a property should it be sold on the open market. This is undertaken by a registered valuer. It offers a formal, written opinion on the property’s market value at a specific date, either current or, in some cases, at a historic date.

The RICS Red Book, or RICS Valuation – Global Standards, outlines the standards that valuers must adhere to. It includes mandatory rules, best-practice guidance, and related commentary for all RICS-registered valuers performing asset valuations. RICS establishes consistent international standards that registered valuers, like us, follow when assessing properties. This ensures that valuations are transparent, justified, and compliant with industry standards and best practices.

Red Book Valuations provide clients with a precise, independent analysis of a property’s current market value. This stands in contrast to the more informal market value estimates (known as appraisals) provided by estate agents which often are inflated and inaccurate.

We provide a wide range of independent valuation services including:

Market Valuation

What is the benefit of a market valuation?

Getting a valuation before making an offer on a property is not obligatory, but if you base your offer solely on the property’s asking price, you could be making a costly mistake and you could end up paying thousands of pounds more. Even if you’ve already agreed on an offer, it’s wise to double-check that the price is fair before finalising the commitment.

Mortgage valuations are primarily for helping lenders assess applications and may not truly represent a property’s actual value either.

The sensible approach is to have an unbiased expert assess its accurate value for you, and that’s where our expertise comes in.

The valuation process

We inspect the property, assess its condition, and carry out a measurement exercise of the total floor area of the property. We undertake a thorough search and analysis of recently transacted properties of a similar style and build within the immediate area and analysis of the property market and local house price indices, as well as accounting for market trends. Our valuations are accurate, reliable and in line with RICS standards and compliance. We are different from other firms in that our surveyors take the time to do the work properly.

Why Should I instruct Andromeda Chartered Surveyors for an Inheritance Tax Property Valuation?

Andromeda Chartered Surveyors are a team highly skilled and experienced Registered Valuers, providing accurate and reliable valuations.

HMRC strongly advise to enlist a Registered Valuer to conduct the property valuation for probate. This ensures that the property is not overvalued, potentially subjecting it to inheritance tax. It is imperative to choose a reliable surveyor from the onset as incorrect valuations may lead to penalties as well as additional inheritance tax.

Why is a Property Valuation Essential?

Property valuation plays a crucial role in determining the Inheritance tax on a property. It offers reliable information on the property’s value, preventing situations where individuals or entities are subject to excessively high taxes.

When is a Valuation Needed for Tax Purposes?

Normally, the property’s selling price is used for calculations and tax purposes. However, there are instances where the market value is required instead, necessitating a property valuation.

What Is A Capital Gains Tax Property Valuation?

Capital gains refer to the profit or financial gain realised from the sale or disposal of an asset. It involves calculating the difference between the property’s purchase price and the selling price upon disposal. Typically, capital gains tax is imposed on profits generated from selling or disposing of a property that yields a profit. Both individuals and entities are obligated to pay capital gains tax. HMRC strongly advise to enlist a Registered Valuer to conduct the property valuation for CGT.

Why is a Property Valuation Essential?

Property valuation plays a crucial role in determining the capital gains tax on a property. It offers reliable information on the property’s value, preventing situations where individuals or entities are subject to excessively high taxes.

When is a Valuation Needed for Tax Purposes?

Normally, the property’s selling price is used for calculations and tax purposes. However, there are instances where the market value is required instead, necessitating a property valuation.

If you have a Help-To-Buy loan managed by a Housing Association and plan to sell or re-mortgage your property, an independent valuation conducted by a firm of RICS Registered Valuers is necessary.

You will require a RICS Valuation if you are thinking of Staircasing or Selling your shared ownership property.

All valuations usually remain valid for three months from the valuation date, after which a desktop valuation is required and can be provided.

Andromeda Chartered Surveyors is here to help. Having completed hundreds of shared ownership and Help to Buy valuations, we bring extensive market knowledge, professional acumen, and years of experience in Property Valuations to assist you in progressing on the property ladder.

Matrimonial valuations are essential in divorce proceedings for a fair division of property assets. A RICS accredited Chartered Surveyor performs these valuations to provide an accurate market valuation, crucial for clear understanding and equitable asset distribution. The detailed valuation report adheres to RICS Red Book standards for accuracy and reliability, necessary for court scrutiny and legal negotiations. The valuer’s impartiality is vital for the valuation’s legal recognition. These valuations, focusing on the property’s market value, location, type, and construction, are key in financial settlements, especially when property is a major marital asset. Additional valuations from specialised professionals may be required for other jointly owned assets, like antiques.

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