What is in this article?
- What is a Property Valuation?
- When would you only want a Property Valuation?
- What is included in the Property Valuation Report?
- Why are there different variations of the Property Valuation Report?
- Houses in Multiple Occupation (HMO) Valuations
- Where do Allied Surveyors carry out Property Valuations?
- How much does a Property Valuation cost?
A Property Valuation Report is a simple report that provides basic information about a property with a Market Value.
A Property Valuation is not a survey and only contains comments on major works that might affect the value of a property. If more detailed information is required on the physical condition of a property then a survey is needed.
While having a survey performed may seem costly, it provides invaluable information about a property and helps prevent unexpected expenses and stress after purchasing.
There are 3 standard surveys carried out on residential properties;
- Valuation - If you simply need to know the value of a property even if you are not Buying or Selling.
- Insurance - If you need to know the Insurance Replacement Cost.
- Refurbishment - When the value of a property has changed after an extension or refurbishment work.
- Shared Ownership - When buying or selling a property shared with an organisation such as a housing association.
- Auction - When considering buying a property at auction and you need a guide price.
- Probate - When you need to determine the value of a property after a death.
- HMRC - When HMRC have asked for a valuation of assets. (eg. Capital Gains Tax or Inheritance Tax)
- Property Charge - When you need to repay a charge on the property. (eg. help to buy schemes)
- Divorce / Marriage - When ownership of a property will change without a sale.
- Correct Offer - To check if an offer made to you is correct (eg. council 'right to buy' schemes).
- Lease Extensions & Enfranchisement - When you wish to extend your lease or purchase the Freehold.
Our Property Valuation reports will include:
- A summary of the property, including its internal floor space.
- Comments on general condition (not a survey).
- A Market valuation.
- Reinstatement cost for insurance purpose (if required).
- Valuation comments and conclusion.
- The conditions of engagement.
To ensure that we meet all of our client requirements, Property Valuations are tailored to our clients specific requirements.
The main purposes of a Property Valuation Report are:
- Purchase Valuations - A standardised report that can be adapted to meet a clients requirements.
- Matrimonial Valuations - Adapted to meet Court Procedural Rules as appropriate.
- Tax Valuations (HMRC) - If improvements have been made to a property since its was last purchased, multiple valuations may be required to account for historic changes to Property Tax Law.
- “HELP TO BUY” Valuations - Adapted to meet the requirements of your “help to buy” scheme.
- Houses in Multiple Occupation (HMO) Valuations - An report that considers use as a HMO in the light of legislation and demand.
We specialise in valuing residential properties for HMO’s and have commercial property expertise so we are able to provide a range of services.
Some of the additional considerations that are required for a HMO Valuation are:
- Works required - The amount of work required to convert a building into an HMO can have a fundamental effect on its value as a HMO.
- Local demand - Insufficient demand can drastically effect a properties value as a HMO.
- Article 4 Direction - This is used by the local authority to limit the number of HMOs in a certain area. This can affect the viability of a HMO and so its possible value.
- Planning - Planning consent is required for a HMO for over 6 occupiers and in an Article 4 Area.
Allied Surveyors carry out Property Valuations nationwide.
Our office specialises in the greater West Midlands area including; Birmingham, Coventry, Staffordshire and Redditch. We also cover Shropshire, Central Wales and the Welsh Border.
- Find out more about The areas we cover.