Menu
When it comes to property valuation in Notting Hill, the first thing to understand is that it is not just some random figure plucked from Zoopla. It is actually a considered and detailed figure arrived at after a thorough examination of the property by a registered professional. This professional is known as a valuer, and most of the time, they are Chartered Surveyors. Surveyors who are members of the Royal Institution of Chartered Surveyors (RICS), Chartered Institute of Building (CIOB) or Residential Property Surveyors Association (RPSA), are internationally recognised as being at reliable and consummate professionals.
Assessing the value of property or land for the purposes of a CIOB, RPSA or RICS valuation is typically done by prospective buyers and sellers of real estate. It can also be done by people interested in their property’s value for borrowing purposes.
To guarantee that properties are appraised as precisely as can be, one must consider a number of elements when utilizing the RICS Valuation Standards, known as the “Red Book.” It is a resource that succinctly lays out the governing principles and is also a guide to the best practices, as well as the ethical and professional standards that valuers should adhere to.
In contrast to the valuations carried out by rental agents, RICS valuations are conducted by an expert in the field of property valuation. This ensures that a property’s value is established in relation to all pertinent matters that affect its worth, including its current condition.
The property market in Notting Hill has an assortment of property kinds, from Victorian conversions to contemporary commercial spaces. Each requires a completely different kind of valuation approach and a valuer who is expert will consider a detailed list of property factors with plenty of justifiable reasons behind each.
What is the purpose of a property valuation? It is needed for many things—probate, divorce, tax planning—but in all those situations, you are really interested in the value.
Would-be buyers look to property valuations for clues about what a particular property might cost. They use valuations as a financial “qualifier” to hedge against the possibility of stretching their finances too far, namely in respect of applying for a mortgage, which I where the valuation will be used to calculate the down-payment and monthly instalments. There are many different types of valuation, such as those listed below.
A lease valuation is beneficial to landlords and tenants. It helps them determine a suitable rental price for a leasehold property and it can assist a solicitor who is working on a property-related legal matter.
Likewise, property appraisals are frequently needed for tax purposes. They may be used to determine inheritance tax obligations or to compute capital gains tax liability for real estate located in Notting Hill.
A Market Valuation is carried out by a valuer who is registered with the RICS, RPSA or CIOB . The valuer first examines the property in question to ascertain its condition, size, and geographical location. The valuer then takes this information and compares it to the recent sale prices of similar properties in the local area. From this comparison, the valuer estimates the probable sale price the property would have realized if it had been placed in the open market on the date of valuation.
The determination of the value of the property interest (equity) of a property owner is called equity valuation. Property owners are sometimes required to know the value of their property interests for a number of different reasons — say, for instance, a divorce settlement in which one party has to buy out the other; or you need to know the value of the property for selling it or re-mortgaging it.
When a tenant decides to purchase the property, they are renting from a council or housing association, a Right to Buy Valuation is done. It is used to determine the property’s open market value and any discount the tenant may receive under the Right to Buy scheme.
When a property owner dies, a valuation must be done to determine the fair market value of the property at the time of the owner’s death. The value is needed for probate and for determining whether the estate owes any inheritance tax to HM Revenue and Customs (HMRC).
A Capital Gains Tax Valuation must be carried out when property has been sold or given away and there has been an increase in value.
If a company possesses a residential property in the UK, an ATED valuation must be undertaken. This is necessary for properties above a certain value threshold and is used to set the annual tax at a determined level.
The Non-Domicile Valuation applies to individuals who are living in the UK but are not domiciled here. It is an important form of assessment for individuals who own property in the UK, especially if they could be held liable for inheritance tax on their worldwide assets.
A Divorce Settlement Valuation provides a means of ascertaining the true value of your property so that it can be divided accurately in your divorce settlement. This guarantees that you will not be short-changed and that any joint property will be fairly valued for division among the parties.
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!
