Registered Valuers may provide varying opinions of value because a valuation is an evidence based opinion with an element of subjectivity.
When disagreements in value occur, courts are asked to decide if a value is correct. Provided the valuation has been conducted in accordance with the RICS red Book (where best practice guidelines are set out by the regulatory body for Chartered Surveyors) an opinion of value cannot be ‘wrong’, as long as it is within reasonable tolerances of the court’s opinion of value. This tolerance is usually up to 10% over or under the original valuation.
Consumers should instruct a Chartered Surveyor, via the RICS find a surveyor service to find a surveyor with local market knowledge and adequate professional indemnity insurance to provide the confidence that the opinion of value can be relied upon subject to any qualifications in the valuation document.
Kempton Carr Croft is a RICS regulated firm, has PII insurance cover and all valuations are conducted by qualified RICS registered valuers.