Whether applying for a mortgage, or purchasing or selling a property it is customary to instruct an independent valuation surveyor who is a registered valuer, chartered surveyor and member of the RICS (Royal Institute of Chartered Surveyors) to carry out a valuation report.
The report provides an independent opinion of value using different methods depending on the type of property. The Valuer will carry out an inspection of the property, take photographs and produce a report detailing the description, location, leasehold or freehold information, comparable evidence of recent sales, market rental values, and in some instances build costs and land values. It provides a purchaser or owner with invaluable data as well as current market conditions and trends. In addition to meeting the banks requirements, a professionally prepared valuation should also provide the purchaser or owner with the reassurance of what the fair market value of the property is.