RESIDENTIALS
Why do I need an independent RICS valuation?
You may need an independent RICS Valuation for one or more of the following reasons:
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Help-to-buy: To calculate loan redemption figure.
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Shared Ownership: To derive shared ownership equity value
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Probate: To calculate inheritance tax liabilities as required by HMRC
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Capital Gain: To assess capital gain from retrospective and current valuation
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Matrimonial: To derive equity value within marital property
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Buy-to-let: To understand rental value and mortgage affordability
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Dispute Resolution: To assess share of joint properties in case of dispute.
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Buying Property: To know property’s market value to avoid paying too high price
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Selling Property: To ascertain property’s market value to price it right for a quick and efficient sale.
How is a RICS valuation undertaken?
The RICS valuation report is delivered by a RICS Registered Valuer by carrying out following tasks:
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Desktop research: Market research to identify relevant comparables that are like for like in terms of property type, size, and age and within limited distance to the property being inspected.
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Visual inspection: Undertake an internal and external visual inspection of the property to the extent which is accessible with safety and from within the boundaries of the site and/or from adjacent public/communal areas.
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Post inspection analysis: Post inspection we translate the raw data into usable outcomes for the valuation report. The valuation report is produced in simple English and is compliant with the RICS valuation report requirements.
RICS Valuation for Help to Buy Loan Redemption
What is help-to-buy valuation?
Help-to-buy valuation is an independent valuation from a RICS registered valuer for a property bought with help-to-buy scheme. Help-to-buy scheme is introduced by Government to help first time home buyers. Under this scheme, the government lends up-to 40% of the cost of property to eligible homebuyers.
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*In a scenario, where home owner decide to repay loan, remortgage house, or sell the property, an independent valuation from a RICS registered valuer is needed.
Why do I need a help-to-buy valuation?
Help-to-buy valuation is needed to get an independent assessment of market value of a help-to-buy home. The government appointed administrator or housing association requires homeowner to provide a valuation report from an independent surveyor, who is RICS (Royal Institute of Chartered Surveyors) registered valuer.
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The independent valuation helps to calculate the amount that needs to be paid back.
RICS Homebuyer Survey and Report
A RICS homebuyer survey is a professional service designed and recommended by the Royal Institute of Chartered Surveyors to evaluate and report the property’s condition. It is easy to view a property and like the look and feel of it. A homebuyer survey looks beyond that initial impression.
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A RICS qualified surveyor would assess the condition of all parts of the property. The surveyor will assess a variety of areas such as cracks, damp, roof etc. Based on the assessment, the surveyor will produce a RICS prescribed HomeBuyer report.
What is help-to-buy valuation?
Homeowner can get a help-to-buy valuation by instructing a RICS registered valuer. There are certain requirements that need to be confirmed at the point of instruction. The standard requirements are:
• The valuer must be registered with the recognised qualification of RICS
• The valuer must be independent to an estate agent
• The report must be on headed paper, signed by the RICS surveyor
• The valuer must provide at least three comparable properties and sale prices
• The comparable properties provided must be like for like in terms of property type, size, and age
• The valuer must not be related or known to home owner
• The valuer must inspect the interior of the property and provide a full valuation report
• Valuations carried out for bank or mortgage purposes are not acceptable
• A copy of the valuation report must be supplied
• The inspection date must be shown on the report
Why do I need a RICS homebuyer survey?
A homebuyer report will help you understand about what you are really buying.
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If you are making an investment in a property, you would like to be well informed. While you might not find out hidden issues of a home until after you buy, a homebuyer survey reduces that risk significantly.
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Homebuyer survey is a comprehensive check of your potential property, so that you are well equipped to deal with potential issues. The survey can help you identify any potential deal-breakers that might make you think twice about your investment.
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The report may also help you negotiate the property price due to any discovered issues.
What type of properties require Homebuyer Survey?
Valuation Fees
We provide RICS valuation reports at a negotiable fee. Please call +44 7503 875754 for a free quote
Homes built within last 50 years, made of standard construction material, and without any significant repair or extensions are suitable for Homebuyer survey.
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You need a survey if you want to make sure that the property is in the condition that was stated when you viewed it.
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If the property seems to have everything going for it but the price is surprisingly low, a homebuyer survey might give you an example of why that is.
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This will help you to determine if the work that is needed is worth the savings, or whether or not you should continue your search elsewhere.
What to expect when a help-to-buy valuation is done by Madichie & Company Ltd?
From the point of instruction, until the report is delivered the whole process is usually completed within 5-10 working days. In urgent circumstances, we can deliver report sooner. Please let us know while instructing us for the job.
Please note that the help-to-buy valuation is usually valid for 3 months. We therefore advise to plan the booking in advance as far as possible. We are happy to be as flexible as possible.
Methods of Instructions to Madichie & Company Ltd to get a valuation as soon as possible?
The easiest way is to submit your details on the right hand side form. Our appointments team will call you within 2 hours (9am to 8pm - Monday to Friday) to confirm appointment date/time as per your convenience. Once the property is inspected, the report is delivered within five working days.
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Alternatively, you may call our contact center on +44 7503 875754.