If you took advantage of a shared ownership scheme such as the government’s help to buy initiative to get on the property ladder, and you now want to increase your share of ownership in the property or sell up and move on, then you will need to instruct the services of a RICS Registered valuer to independently value the property.
RICS Registered Valuers
It is often stipulated that a RICS Registered valuer must complete the valuation of a shared ownership property in order that it is accepted by the other parities in the contract. As the seller, or party wanting to increase your share, you are responsible for the cost of this valuation.
RICS, The Royal Institution of Chartered Surveyors is the professional body that regulates the property and construction industry. To ensure that you instruct a suitably qualified professional to conduct a valuation before parting with any money, use the find a surveyor service on the RICS website to search for a local firm or independent valuer near you.
Validity of valuations
Valuations are valid for six months so you should ensure you’re in a position to move forward with a sale or proceedings within that time frame or you risk having to pay for a re-valuation.
Valuations have validity periods to ensure they remain accurate to the changing conditions of the property market. If you require a re-valuation because the original has expired, as long as it’s not too long between the first and the second valuation, and no major changes have been made to the property in the interim period, you can save costs by instructing the original valuer. As the original valuer will have already visited the property, they can conduct the second valuation as a ‘desktop’ service and shouldn’t require a second inspection thus being able to complete it in a shorter time period and at a lower fee.
Local area knowledge is key!
Choosing a valuer that knows the area of your property is key for a fair and accurate valuation.
Valuation isn’t an exact science and is based on both the features and condition of the property, along with the values of similar properties in the area. Factors that impact value such as location and local developments so knowledge of the local market and planned developments is key attribute to look out for when instructing a valuer.
When instructing a RICS registered valuer ensure that:
- You know any specific requirements that the valuation must meet from your purchase contract
- Ensure they are suitably qualified by using the RICS find a surveyor tool
- Ask about their experience of valuing similar properties to yours in the local area
In summary, the valuation you receive prior to selling your property or extending your ownership needs to be conducted by a qualified Chartered Surveyor and RICS registered valuer with experience of the local property market to be sure it meets the requirements of all parties in the agreement.
Kempton Carr Croft employs over 20 RICS registered valuers, each with their own property and locality expertise and they can value all kinds of commercial and residential property throughout London and the South East.
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