A market valuation london owners request gives an independent opinion of what a property may be worth, and this guide from IQSURV, a RICS regulated firm, explains who needs one.
Who needs a market valuation london services provide
Market conditions change, so a valuation reflects a particular date. It is an opinion based on evidence and professional judgement rather than a guarantee of a sale price.
A market valuation is one of the most common types of property valuation. It is an independent opinion of what a property would be likely to sell for on the open market, as at a particular date. People ask for one for many reasons, from planning a sale to settling a dispute. This guide explains what it is and who might need one.
What is a market valuation?
In simple terms, a market valuation estimates the price a property would achieve if it were sold on the open market between a willing buyer and a willing seller, after proper marketing. It is prepared by a qualified valuer and set out in a written report. It is an opinion based on evidence, not a guarantee of a sale price.
Who might need one?
Homeowners planning to sell, buy or remortgage sometimes want a clear, independent view of value. Landlords and investors may need a figure for their records or before making decisions. Families dealing with separation, an estate or shared ownership of a property may need an agreed figure. Companies, trustees and executors can also need valuations for accounts or administration. Whether a formal valuation is required in your case is a question for your solicitor, accountant or lender.
How is the value worked out?
The valuer considers the type, size, layout, condition and location of the property, its tenure, and any improvements or defects. They compare it with evidence from recent sales of similar properties nearby and take account of current market conditions. Information you provide, such as works carried out or known issues, helps the valuer reach a well-supported opinion.
Valuation versus survey
A valuation and a survey are not the same. A valuation focuses on the value of the property, while a survey reports on its condition and any defects. Many buyers want both, because condition affects value and a survey can show issues that are worth discussing before a purchase is finalised. IQSURV offers Level 2 Home Surveys and Level 3 Building Surveys alongside valuations.
Why choose a RICS regulated firm?
A valuation from a RICS regulated firm is prepared by a qualified valuer to recognised professional standards, with a written report you can share with lenders, advisers or other parties. That independence is useful where the figure may be scrutinised. An informal estimate or online tool is not the same thing.
Practical tips
Have the property address, tenure details and any paperwork about alterations ready. Tell the valuer why you need the valuation and the date it should relate to, because the purpose can affect how the report is prepared. Share the report with your solicitor or adviser where relevant.
Talk to IQSURV
IQSURV is a RICS regulated firm serving London, offering RICS valuations, Level 2 Home Surveys and Level 3 Building Surveys. If you need a market valuation in London, get in touch to discuss your situation or request a quote. You may also find our probate, CGT and Help to Buy valuation guides useful.
Next steps after reading about market valuation london
If this guide on market valuation london raises questions about your own property, you may find our guides on RICS Red Book valuations and probate valuations useful. The Royal Institution of Chartered Surveyors sets professional standards for the industry, and you can read more on the RICS website. To discuss your situation, get in touch or request a quote through our home page, or call 020 3780 5386.