Market appraisal or a formal RICS valuation?


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What is the difference between a market appraisal and a formal RICS valuation?

A formal probate valuation is carried out by one of our chartered surveyors (RICS) and is commonly required for probate. A formal valuation can only be conducted by a Chartered Surveyor who is also a Registered Valuer to ensure that they take into account all features and issues relating to a particular property. After a valuation, the client receives a written report detailing the value of the property and a fee is charged for this service. Valuations are required when a definitive value is needed. Reasons for this include a property settlement, obtaining finance from a lending institution or establishing the value of a deceased estate. A Court may also order that a valuation be obtained as part of the process of resolving a dispute.

Marketing appraisals are only intended as a guide to pricing. Appraisals are estimated by knowledge of the local area and recent sale prices and should only ever be used as an estimate of price. They are not definitive and have no legal standing.

We are able to provide a wide range of formal professional or informal valuations for many purposes to suit clients' needs. These maybe for accounting and taxation purposes, probate, divorce, insurance or transfer of ownership. In other circumstances clients may simply be assessing their current asset value to help with future decisions. Philip Martin and Steven Jenkin are both members of the Royal Institution of Chartered Surveyors and can provide a wide range of advice and services. We are able to provide professional valuations for probate, insurance, taxation, divorce and litigation. We can also provide general advice on planning, development potential and legal matters. We are not however building surveyors and are unable to carryout structural surveys.

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If you would like one of our specialist valuers to conduct a valuation on your property please enter your contact details into the form provided. Our valuation department will telephone you to arrange a convenient appointment. Please note that a professional valuation is subject to a fee.