Market Valuation Reports

Market value is defined by the Royal institution of Chartered Surveyors(RICS) as;

“Market Value” is the estimated amount a property should exchange for, on the date of valuation, between a willing buyer and a willing seller, in an arm’s length transaction after the property was properly marketed wherein the parties had acted knowledgeably, prudently and without compulsion.

There are various situations whereby a market valuation is necessary to enable a client to move forward with regard to property. These valuations are carried out in full compliance with the RICS Red Book Valuation Standards.

• Mortgage Valuation. A valuation to provide the proposed lender on a property with a brief outline of the property and any significant defects which materially effect the value.
• Probate. A valuation required by the executors of a will. This is used to establish the value of property and assets, to calculate the level of inheritance tax liable.
• Matrimony. A market valuation used when a couple is getting divorced. The valuation of the property is used in the division of assets and can be used in court to settle disputes.
• Housing Association. A valuation of new build and existing housing stock. This enables the outturn values of shared ownership and rented property to be assessed for new build. It is also used for existing stock when an individual wishes to use their option to “staircase” and purchase a further percentage of the property in line with statutory guidelines.