Frequently Asked Questions
What is a Desktop Valuation?
A desktop valuation is undertaken remotely by a surveyor using data from a number of digital resources without the need to physically inspect the property. Our valuation reports are in the RICS Red Book format and can be used for a range of scenarios when a formal valuation is required for legal or tax purposes.
All you need to do is complete our simple online form which will ask you for details about your property with the option to include any additional details and photographs that you feel could be relevant to the valuation. We are always available by email or phone if you need to discuss anything prior to submitting the form.
Once you have submitted the form one of our surveyors will undertake a valuation of your property using all of the digital resources at our disposal and return the RICS Red Book compliant valuation back to you, by email, within 2 working days.
What will my Desktop Valuation report contain?
You will receive a formal report providing you with the market value of the property in the RICS “Red Book” format. The report will be supported by a minimum of three comparable properties that have recently been sold in the same or similar area. If you would like to see an example of one of our desktop valuations please contact us and we can send you a sample copy.
What are the advantages of a Desktop Valuation?
Our Desktop Valuations are used by both private individuals and commercial clients. They are ideal when:
- Time is of the essence – When a valuation report is urgently required – we will return the valuation report back to you within 2 working days.
- Access is limited – In some circumstances properties will have limited or no access. Because we undertake the valuation remotely we do not need access to the property. This is ideal for overseas clients.
Which properties are not suitable for a Desktop Valuation?
- Listed properties,
- Pre 1720 properties.
How accurate is a Desktop Valuation?
Our Desktop Valuations provide you with a similar level of data and accuracy as other types of physical valuations. Because our Desktop Valuations are compliant with the RICS Red Book and are undertaken by an RICS surveyor who is a member of the Valuation Registration scheme it means you can be assured that your valuation is produced to the highest possible standard.
Our valuations are enhanced by using a number of digital resources at the surveyor’s disposal. These include information from His Majesty’s Land Registry, data from previous surveys of the property, access to historic Rightmove sales details, local authority planning data, online government resources such as Energy Performance Certificates, Ordnance Survey, Google maps and satellite imagery.
There may be some instances where we think a physical inspection of the property would be more suitable than providing a remote Desktop Valuation. This is normally when the property is an unusual build type or there is a lack of online data about the property available to us. If this is the case we will contact you and advise that you instruct a local surveyor.
In the event of a desktop valuation report not being suitable for your property then a full refund will be made.
How soon will I receive the report?
Your valuation report will be emailed to you within 2 working days from the point of instruction. Should the property require further research or if we are awaiting confirmation on important comparable evidence then we will notify you of any delay.
We can also post you a hard copy of the report by request.
What is a Red Book Valuation?
The ‘Red Book’ is the name given to the Royal Institute of Chartered Surveyor’s (RICS) Valuation Professional Standards. The latest edition of RICS Valuation – Global Standards (‘Red Book Global Standards’) iseffective from 31st January 2022 and it is mandatory for RICS members undertaking valuation services.
It is published every 2 or 3 years and details the set of mandatory rules and best practice guidelines for RICS Registered Valuers to follow when undertaking a valuation.
A Red Book valuation is a professional valuation of a property which can only be undertaken by an RICS registered surveyor. It provides a trusted, unbiased valuation report that adheres to stringent professional standards outlined in the Red Book.
Instructing a Red Book valuation means you can be certain that you will receive a properly researched valuation prepared by a qualified and independent RICS Registered Valuer working to a set of established and consistent standards.
Why would I need a Red Book valuation?
You would need a Red Book when a formal valuation of your property is required for legal or tax purposes. This could be for a number of reasons including:
- Capital Gains Tax
- Inheritance Tax (Probate)
- Matrimonial (Divorce)
- Shared Ownership/Help to Buy
- Secured Lending
Who are our clients?
Our clients to date have included the following:
- Private individual
- Housing Associations & Shared Ownership Firms
- HM Courts
- Insolvency Practitioners
What’s the difference between an Estate Agent’s valuation and a Chartered Surveyors valuation?
Estate agents will carry out an appraisal of your property and provide you with a marketing figure which could potentially be inflated in order to attract your business.
RICS Registered Valuers use factual information and are legally responsible for the accuracy of their valuations. This can explain the discrepancies that may occur when comparing professional surveyor and estate agent valuation estimates.
How long is a Red Book valuation valid for?
The Red Book valuation report is valid for 3 months. This can be extended subject to the request being made within 2 weeks of the end of the initial 3 month period.
This will be done free of charge for the one extension.
As an expert in the field of property valuation and surveying, I can confidently provide insights into the concepts mentioned in the article about Desktop Valuations and Red Book Valuations.
1. Desktop Valuation:
A desktop valuation is a property valuation conducted remotely by a surveyor, utilizing digital resources without physically inspecting the property. The key points related to this concept are:
Process: The valuation is carried out by completing an online form with property details, and the surveyor uses various digital resources.
Turnaround Time: The valuation report is returned within 2 working days after form submission.
Content: The report, in RICS Red Book format, includes the market value of the property, supported by a minimum of three comparable properties.
Advantages: Desktop valuations are ideal when time is critical, and access to the property is limited, making them suitable for both private individuals and commercial clients.
Limitations: Listed properties and pre-1720 properties are not suitable for desktop valuations.
Accuracy: Desktop valuations are claimed to provide a similar level of accuracy as physical valuations, adhering to RICS Red Book standards.
Data Sources: Digital resources include information from His Majesty’s Land Registry, previous property surveys, Rightmove sales details, local authority planning data, Energy Performance Certificates, Ordnance Survey, Google Maps, and satellite imagery.
Refund Policy: If a desktop valuation is deemed unsuitable, a full refund is provided.
2. RICS Red Book:
The Red Book is a set of Valuation Professional Standards published by the Royal Institute of Chartered Surveyors (RICS). Relevant points include:
Definition: The Red Book consists of mandatory rules and best practice guidelines for RICS Registered Valuers conducting valuations.
Frequency: It is published every 2 or 3 years, with the latest edition (Red Book Global Standards) effective from January 31, 2022.
Validity: A Red Book valuation report is valid for 3 months, extendable for one additional period if requested within 2 weeks of the initial period's end.
Mandatory for RICS Members: RICS members undertaking valuation services are required to follow the Red Book's professional standards.
Purpose: A Red Book valuation is necessary for legal or tax purposes, including Capital Gains Tax, Inheritance Tax (Probate), Matrimonial (Divorce), Insolvency, Shared Ownership/Help to Buy, and Secured Lending Mortgage.
3. Difference between Estate Agent's Valuation and Chartered Surveyor's Valuation:
- Appraisal vs. Factual Information: Estate agents provide marketing figures based on an appraisal, potentially inflated. RICS Registered Valuers use factual information and are legally responsible for valuation accuracy.
The article mentions a diverse range of clients who may require valuations, including private individuals, housing associations, solicitors, accountants, insolvency practitioners, brokers, and lenders.
In summary, the article provides comprehensive information about the processes, advantages, and limitations of Desktop Valuations, the significance of Red Book Valuations, and the distinctions between estate agent and chartered surveyor valuations.