When is a Valuation not a Valuation?
Oakwood Valuations Surveyors is a newly formed Altrincham based business covering the north west of England and North Wales. The man behind the firm is chartered surveyor and Registered Valuer Graham Bowcock. Graham has been advising clients on property matters in the area for over thirty years and has gained significant experience in a variety of property types.
Why the heading?
“Occasionally clients are surprised that we make a charge for a valuation when some agents offer them for free. However, there is a world of difference between what a sales agent offers as a valuation and a formal valuation that Oakwood undertakes. Sales agents are really providing sales appraisals, estimating what they think a property can sell for – these may be hugely optimistic and, importantly, have no legal basis.”
A Red Book Report
“Formal valuations are regulated by the Royal Institution of Chartered Surveyors (RICS) and are reasonably prescribed. The guidance is often known as The Red Book. This covers valuations done for tax planning, charities, SIPPS, probate, matrimonial and partnership dissolution.”
“A valuer will want to inspect every aspect of a property and take measurements, but will not do a detailed building survey – such surveys may be undertaken at the same time, but a valuer will not necessarily do them. Sometimes property owners are surprised that the valuer has to enter every room and take detailed notes. This is all part of the process.”
What catches people out?
“As we live in a more compliant and litigious world, valuers will be looking for aspects of a property that may give cause for concern. These include the lack of planning consent for buildings and issues over access rights.”
The value of a valuation?
“A formal valuation should result in a detailed report which is logical with the value clearly explained. There should be a methodology and information on evidence. It can usually take a valuer a few days to complete such a report.”