What is a private property valuation and why might you need one?

By SofiaFebruary 28, 2022London's Blogs
Property plans

Property valuations are typically organised by your mortgage lender when undergoing the buying process. Lenders will organise a valuation for you, using a preferred surveyor that will carry out the valuation on their behalf.

There are many other reasons why you may need a property valuation, aside from the one for your mortgage lender. Working with a private surveyor, you can gain a professional opinion on the true value of your property or make sure you’re paying a fair price for the property you’re purchasing.

What is a private property valuation?

A private property valuation is conducted by an independent property surveyor who has no affiliation with your estate agent or mortgage lender. Surveyors must be RICS accredited and will use a number of industry valuation techniques to review your property.

They will consider the condition of your property including its size, age and location. They will also look at the local market and benchmark your property to similar ones in your area to ensure the value is comparable.

A private valuation will provide you with in-depth, accurate and reliable information about your property and its worth. Equipped with a private valuation, you can ensure you’re making a well-informed decision and dispute any misinformation from other parties about your property.

When might you need a property valuation?

You may also require a private property valuation when dealing with the following:

  • Capital gains tax – You may need a property valuation when your property asset is being sold or disposed of. A valuation will give you accurate information on the worth of your property, so you can ensure you pay the right amount of tax.
  • Probate/ inheritance tax – If there’s a bereavement in your family, you may find yourself in a situation where you become responsible for a property asset. This will require a probate valuation to determine the value of the property under your responsibility.
  • Matrimonial/ division of equity – When deciding to sell your property, you may need to get a property valuation to calculate the percentage of ownership you have of the property. This will allow you to split the equity you have in your home with your partner or the housing association.
  • Expert witness – In the case of disputes across land, property and construction, expert evidence can be provided to help the court process. Surveyors can be called upon as expert witnesses to present a property valuation that helps to solve any disputes.

How do you get a private property valuation?

You can get a private property valuation from a reputable and qualified RICS accredited surveyor. This will make sure you receive a thorough, accurate and reliable valuation based on real-time evidence.

At London’s Surveyors and Valuers, we have a team of 12 RICS accredited property surveyors and valuers with over 200 years of combined experience. We deliver bespoke private property valuations that give you the knowledge and information you need to make informed decisions about your property.

If you require a property valuation, please complete our contact form and we’ll get back to you to discuss your requirements.


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