Cost of Valuing a House: Independent Property Valuation Services

Independent valuation reports are undertaken by surveyors who are qualified and regulated by the Royal Institution of Chartered Surveyors (RICS), the leading professional body for land, property, and construction.

They are impartial (independent) and value the property fairly without bias toward either party, adhering to a strict code of conduct and professional standards.

Whether you're facing a divorce, need to transfer equity, are staircasing your shared ownership property, or require a valuation for other reasons, an independent report is essential. Here are some of the common situations where you might need to value your property:

• Divorce Settlements - if you're separating from your former partner.
• Transferring a share in your property - for adding or removing legal owners.
• Staircasing with the Housing Association - buying more shares of your home.
• The sale of a Shared Ownership property - selling your share of the home's equity.
• Leasehold Valuations - for extending your lease.
• Freehold Valuations - if you're considering a freehold purchase.
• Probate Valuations - for dealing with estate administration matters.
• Help to Buy Repayment Valuations - for repaying the government's equity loan.

How much does a Property Valuation cost?

The cost of a property valuation can vary from £360 to £1,200 depending on several factors, including the specific type of valuation required (such as Help to Buy, Probate, or Lease Extension), the type and size of the property, its location, and the urgency of the request.

However, at SAM Conveyancing, we pride ourselves on offering fixed fees for our valuation services. We understand that clarity on cost is important, and our team will work with you to identify the precise type of valuation you need, ensuring you receive a transparent and fixed-fee quote upfront.

Our fees start from:

• £360 INC VAT for a Current Market Valuation.
• £180 INC VAT for a Desktop Valuation.
• £1,200 INC VAT for an Expert Witness Valuation Report.
• £360 INC VAT for a Help to Buy Repayment Valuation.
• £600 INC VAT for a Lease Extension Valuation.
• £399 INC VAT for a Probate Valuation.
• £1,200 INC VAT for a Purchase of Freehold Valuation.

To find out the exact cost for your property valuation, please get in touch with us today or call us on 0333 344 3234. We're here to help you understand your valuation needs and provide a clear, fixed price.

Independent Valuation Reports for your needs

The process of obtaining an independent valuation report involves a qualified RICS surveyor assessing the property's current market value.

However, the specific requirements and focus of the report can vary depending on the reason for the valuation. Here's an overview of how valuations are typically approached for different circumstances:

• Divorce Settlements

  In divorce settlements involving property, both parties typically agree to instruct a single, independent expert witness who is a RICS chartered surveyor to provide a valuation of the property's current market value.

  This ensures an impartial assessment of the property for the settlement agreement. The surveyor will inspect the property, consider its condition, and provide a report with comparable sales evidence to support their valuation.

• Transferring a share in your property

  Transferring a share in a property, also known as a Transfer of Equity, may require an independent valuation to determine the property's current market value.

  This applies to the current owner(s) adding or removing someone from the title deeds.

  This is often necessary if money ('consideration') is changing hands as part of the transaction, but if the property share is being transferred with 'zero consideration', you might not need a valuation report.

  If a mortgage is involved, lender approval should be sought before instructing a RICS surveyor.

• Staircasing with the Housing Association

  When staircasing (buying more shares of your Shared Ownership property), the rules require an independent property valuation by a RICS surveyor.

  This valuation determines the current market value, which the housing association uses to calculate the cost of the additional shares you wish to purchase. Note that this valuation does not replace a mortgage valuation which is required by the lender if a mortgage is being used.

  Housing associations often require this valuation to be carried out within three months of the staircasing completion.

• The sale of a Shared Ownership property

  When selling a Shared Ownership property, the lease terms typically require the vendor to obtain an independent valuation report.

  This RICS property valuation determines the seller's share of the sale proceeds and is usually submitted to the housing association as part of the contract pack.

  Housing Associations often stipulate that the valuation must be no older than three months at the time of sale completion.









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• Leasehold Valuations

  To extend the lease of a leasehold property, a valuation report by a RICS chartered surveyor is required to determine the premium payable to the freeholder.

  This valuation typically considers the addition of 90 years to the current lease and the reduction of ground rent to a peppercorn. The surveyor will assess the property's condition and conduct the valuation in accordance with the 1993 Leasehold Reform Act.

  This valuation is submitted by the leaseholder to their solicitor along with a copy of their lease in order for the solicitor to draft the section 42 notice which begins the formal extension process.

• Freehold Valuations

  To purchase the freehold of a block of flats, a RICS chartered surveyor will need to carry out a valuation to determine the price.

  To do this, the surveyor typically requires a copy of each lease, an estimated value per flat, and access to each property for inspection. This valuation is then used as part of the legal process for the leaseholders to collectively purchase the freehold.

  Once the surveyor has finished, they complete a complex calculation based on the lease information, local knowledge, and property condition to be submitted as part of the section 13 notice by the leaseholders to the freeholder.

• Probate Valuations

  A Probate Valuation, conducted by a RICS chartered surveyor, is a necessary step in the probate and estate administration process.

  This valuation assesses the property's market value as of the date on the deceased's death certificate. The surveyor's report typically includes evidence of comparable properties sold locally around that time to support their valuation.

• Help to Buy Repayment Valuation

  To repay your Help to Buy equity loan, the loan provider (the government) requires an independent valuation of your property's current market value.

  This report must be prepared by a RICS surveyor and adhere to a specific format dictated by the Help to Buy scheme. Our panel includes Help to Buy surveyors who are accepted by Homes England, the administrator for many Help to Buy loans.