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Based in Notting Hill, our panel of RICS Chartered Surveyors operates across the area, providing a wide range of property services to both residential and commercial clients. The valuers are experts in what they do.
They provide property valuations for a range of important reasons, including matrimonial matters, tax planning, probate, and insurance. Most of their property valuations—certainly the ones you’d want to hinge your important decisions on—are carried out under the RICS Valuation Standards, commonly known as The Red Book. The Red Book is underwritten by RICS, which ensures that its members maintain a very high standard indeed. Our panel of Notting Hill valuations surveyors work under that high standard. They have years of experience providing building valuations, property surveys, etc.
When most individuals are undertaking the purchase of a property, they require a valuation. This ensures that the property being purchased is appropriate security for the quantity of money being borrowed. When selling a property, some individuals choose to have the property professionally valued for probate reasons.
Other instances in which individuals have chosen to have a valuation for a property undertaken include not knowing how much their property was worth include running a business out of their property and divorce.
In the case of estate agents, the term “Valuation” is used in a rather loose fashion. In our experience, many estate agents see “Valuation” as a kind of guide price to give to an unsuspecting seller for fear of losing their instruction. An estate agent’s “Valuation” is mostly based on a few recent sales of similar properties in the immediate area. So, how do estate agents come up with their price? It may just be guesswork for agents, whereas RICS-accredited valuers and surveyors do not work like that.
Valuing a property can be performed at the request of a client or a lending institution when an accurate determination of the current market value is required for either a residential or commercial property. A property valuer will conduct a detailed study of comparable local properties that are of a similar nature and standard to the subject property. The study will then yield a figure that is the determined “value” for the property being considered. This not only includes the actual structure of the property and its “worth,” but also any and all surrounding factors of an “environmental” nature that might impact the property in both the short and long term—including the value impact of market trends.
The assessment is done by a combination of the property data and the local area data. The local area data can be ascertained mainly by comparable property sales that have happened recently. These two combinations will give a baseline value for a property.
The building’s overall size is considered, as well as its condition. Some assessors might consider the number of stories a property has. The value of individual rooms and even the value of the property’s outdoor space will be considered in the final assessment. Any and all features that severely affect the desirability of the property will be considered, whether they be positive or negative.
An RICS valuation might be necessary if you have acquired a property through the Help to Buy scheme, HomeBuy Direct, or another similar shared equity program. These circumstances call for an RICS valuation when property owners need to ascertain the true market value of their homes.
If you intend to sell your property in shared ownership (including those obtained via the Help to Buy scheme) or if you want to re-mortgage it, a valuation is required. It informs all parties of what your share of the home is worth. Likewise, if you intend to pay off the loan associated with the Help to Buy scheme or if you want to increase your share in a property in shared ownership (an act known as “staircasing”), you must obtain a valuation from an approved entity.
If you are interested in the Right to Buy scheme, it is advantageous for you to have RICS valuations in Notting Hill. You can use them to check if the sums your landlord has provided are correct and fair.
RICS valuers have been specially trained to carry out this kind of work, and they use a standard methodology throughout the UK.
RICS valuations are also useful because they are usually accepted without question by the other side in negotiations—whether that other side is your landlord, a lender, or even in a court.
An independent RICS Registered Valuer must conduct a RICS valuation. The valuer determines the property’s value by consulting the RICS Red Book, which establishes a high-quality standard for valuations.
RICS Red Book valuations follow a professional standard and are independent. When a property requires a Red Book valuation, a chartered surveyor will carry out an inspection and will then conduct a thorough assessment of the property. They will consider the construction, size, outline condition, and location of the property. The surveyor will gather and then analyse an array of information and data that pertain to the property and its market.
In the end, the independent valuer will produce a Red Book valuation that is based on very rigorous and far more intelligent way of arriving at what a subject property is worth compared to what an estate agent would come up with.
Unlike the situation where property developers pay for valuations, surveyors are not incentivised in any way to arrive at a particular figure. They are not even paid on a per-job basis. Instead, they draw regular wages or earn fee income for valuations completed on instruction. By contrast, estate agents work for a sales commission and are thus motivated to arrive at a number that will close a deal.
An RICS valuation in Notting Hill consists of the following features:
At Notting Hill, our panel of building surveyors, registered valuers, and structural engineers hold accreditation from the Royal Institution of Chartered Surveyors (RICS) or other industry-standard bodies of accreditation such as Chartered Institute of Building (CIOB) or Residential Property Surveyors Association (RPSA). As a result, your survey will be in-depth and conducted to the very highest standards by an independent RICS valuation surveyor in Notting Hill.
The Full Building Survey report includes the following:
When it comes to the detail that the surveyor will go into concerning defects, repairs, and maintenance, the Homebuyer Survey is fairly standard. Full Building Surveys, however, are more refined and go into more detail about possible and likely defects. Repairs and maintenance are covered in more detail. The Survey cost depends on the age, size, and value of the property.
The analysis they undertake is a visual inspection. This means that, for the most part, the building components that can be seen will be looked at and assessed in accordance with the surveyor’s remit. The Home Survey Report will show you the visible defects and then go on to discuss the kinds of partially hidden or totally hidden defects that the surveyor thinks you should be aware of. It will also try to clarify what kinds of repair work need to be done and the nature of the repairs. The survey is effectively a way to consider “defects” and their potential impact on the building.
A Building Survey Report contains the most important information for understanding the condition of a property. The surveyors that undertake the work follow a set procedure. The first part of the report contains a general overview of the property and its surroundings. The second part details the major and minor problems with the property’s components, inside and out. These problems range from serious structural defects to issues with doors or windows that don’t close properly, and everything in between. The report is written in clear English, complemented by diagrams and photographs. If any of the problems found are what a surveyor might consider important, that’s what the report indicates—using clear and unambiguous language.
Surveyors usually use a tick box to indicate methods of repair when drafting a building survey report. They are also required to comment on the timescale of any repairs. A condition rating is typically included: what needs to be addressed immediately, what is in the process of deteriorating but is in reasonable condition, and what has not deteriorated at all.
A building surveyor is responsible for a variety of checks and tests during a building inspection. These could be checks or tests for damp and woodworm, or they could be visual inspections of the building’s structure. In building surveying, there are visual inspections of roofs – checking for tiles and slates (if applicable) and also checking for leadwork (if applicable) and looking at the junctions between roof and wall. If the wall structure has brick in it, the surveyor will visually check for any “spalling” (brick breaking apart visibly) and any bulging (brick failing to hold its place visibly), for example.
If defects need fixing immediately, then the options recommended for this survey specify what to repair and give some idea of how long the problem has existed. For the most part, this survey describes recommended repair approaches that are standard in the industry and that do not require excessive expenditure. Future maintenance is also discussed, including what to expect when the problem being surveyed is not repaired and what to expect with repairs that are made but with questionable methodology.
Your surveyor will explain some of the legal aspects of purchasing the building, covering—in as much or as little detail as you desire, and their implications, but this is subject to your solicitor verifying.
You might consider having a separate market valuation done to determine whether the property’s asking price is warranted. You’ll also need a reinstatement cost valuation for insurance reasons.
RICS’s industry guidelines suggest building surveys for properties that are large, very old, in some disrepair, or have unusual features. Building surveys are also recommended if you plan to do any significant renovations or extensions.
If you’re purchasing a relatively modern home that’s in decent shape and built to ordinary standards, then a Home Buyer Survey is an acceptable choice. If you want the assurance of an inspection and report that are pretty much guaranteed to turn up any issues that might be hidden or just hard to see, then you should go for a Full Building Survey instead.
The Full Building Survey is more detailed; it is more specifically tailored to the property your surveyor would be inspecting. It also comes with more advice on the visible defects found and on the potential hidden defects that they suspect may be present. Your surveyor will illustrate reports with photographs so that you can clearly see what has been discovered. Both the Home Buyer and Full Building Surveys describe the repairs needed, the order in which the repairs should be done, and the kind of “maintenance measures” that will be required to keep the property in good condition.
A HomeBuyer Report does include a market valuation as well as reinstatement costs. However, a Full Building Survey does not. The main reason for the differences in what is and isn’t included in the two types of reports is how focused the reports are on the condition of the property. The Full Building Survey is the most in-depth and comprehensive survey of a property that you can have done.
In the world of residential real estate, precise property valuation is of utmost importance. Without a comprehensive estimate of value, buyers and sellers can not make informed decisions. The onus of establishing this estimate properly falls on the shoulders of an expert—more specifically, a chartered surveyor who is registered with RICS (the Royal Institution of Chartered Surveyors) or Chartered Institute of Building (CIOB) or Residential Property Surveyors Association (RPSA).
Whether you are buying or selling a home, applying for a mortgage, sorting through the distribution of a deceased person’s estate, or working your way through a property dispute, chances are you’ll need a CIOB, RPSA or RICS Valuation. RICS Valuations estimate your property’s market value and come complete with a written appraisal report.
A panel of professional valuers in Notting Hill can assess your property thoroughly to consider all its individual aspects, so that you receive an accurate and precise judgement of the property’s worth.
Looking for a Chartered Surveyor? If you are buying a property, contact us for a building survey. Our panel of CIOB, RPSA and RICS surveyors will help you with the Level 2 or Level 3 property survey you need in Notting Hill. We can also assist you in Red Book Valuations, Party Wall Awards and other services. Reach out to us today for building surveyors, valuers and party wall surveyors in London!
