A home valuation provides an estimate of the market value of a property, based on its current condition and any apparent causes for concern.
It is normally defined as:
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”
Because Torus Chartered Surveyors are RICS Registered Valuers, you know the valuation you receive will meet the standards set out by RICS, and this means you can feel much more confident about the findings.
What happens in a RICS home valuation?
A RICS home valuation takes about half an hour for an average-sized property. Larger houses may take longer.
The RICS Registered Valuer will take measurements of the building and the plot on which it stands, make an assessment of the overall condition of the property and take some readings to detect any likely damp problems.
RICS standards no longer require a loft inspection but this can be arranged in advance on request.
What is a home valuation used for?
A property valuation is not just used for mortgage applications. There’s a long list of other reasons why a home valuation may be useful or mandatory:
- When buying a house for cash
- When mortgaging or remortgaging
- Shared ownership and shared equity
- Probate and inheritance tax valuations
- Valuations for divorce settlements
- Valuations for tax purposes
- Retrospective valuations
- Help to Buy valuations
- Expert Witness Reports.
We provide a fixed-fee Help to Buy valuation survey so you can get an updated market value estimate for your property, if you want to pay back some or all of the equity loan.
Our Help to Buy valuations are guaranteed compliant with Target HCA, so you can have the maximum confidence that our service will meet your needs and provide excellent value.
How to book a home valuation
To book a RICS home valuation or a RICS Help to Buy valuation, or to ask us any questions about our service, please contact our chartered surveyors in Manchester today on 0161 929 7892 or email firstname.lastname@example.org.
All enquiries are welcome and if you’re not sure what type of property survey you need, we can help you to decide and make sure you get the kind of valuation and property inspection you need, whatever process you are entering into.