What is a Valuation and why do I need it ?

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What is a Valuation and why do I need it ?

Why might I need a Valuation?

If you bought your home through a scheme which gave you an equity loan to help towards the purchase, then when you sell you will need to repay the loan.  This is usually calculated as a percentage of the value when you sell.  Some schemes offered a fixed loan, so you should contact the housing association or developer to advise them that you are selling.  They will advise you of the amount you need to pay to redeem your loan.  Usually you will pay for a valuation to confirm the value of the equity loan.

Alternatively, if we are on what is called a bank panel, we can provide a valuation to your lender which assess if the property is secure against the mortgage.

What is a Valuation ?

A valuation is the process of determining the worth of a property. This is usually done by a Surveyor and many people stipulate that the Surveyor has to be a member of the RICS. There are many techniques for determining value. Every property is unique and its different factors will affect the overall value, for example the size of the property, its condition and the location.

What is the RICS?

RICS stands for Royal Institution of Chartered Surveyors. Its relevance is that the Company and the RICS members (the Valuers) must ensure that all processes and valuations are fully compliant with the standards set by the RICS.

What do you do ?

We offer a highly professional and friendly service and we are more than happy to talk you through this process. If you call our office, you will probably speak to Georgia, our receptionist who will take down some details from you & arrange to provide you with a quotation.

Once you have accepted the quotation by completing our confirmation of instructions form Georgia will call you and book an appointment for the surveyor to visit your property.

The surveyor will visit you on the agreed date and they will need access to the whole of your property. They will take measurements and photographs and then return to the office to work on the actual report. This part takes a little time as there is a lot to consider and we have to back up what we say with evidence of other property purchases.

Once the report is completed, we will post and email it to you.

What do I need to do to get this started?

You can either email us at info@michaelparkes.co.uk or call us on 01634 294 994, we will take some details from you and if you want us to go ahead we will usually be able to visit you within 14 days of you contacting us.

You are under no obligation to proceed with us once you have got a quotation from us – it’s your choice.

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