A private valuation or desktop extension should be requested whenever you purchase a residential home and require an independent assessment on the property’s worth. These bespoke reports are suitable for a range of purposes including:
A set of compulsory guidelines designed for any form of private valuation.
A legal obligation for any homeowner looking to increase their ownership on a Help to Buy property.
Advisable for any individual looking to buy or sell shares or pay back the loan on their property.
Required after a bereavement, in order to effectively divide an estate between the remaining inheritors.
The full costs involved in rebuilding your property, should be renewed every 5 years or after major works are completed.
Required by financial institutions to determine whether your loan will be secure.
Required whenever a residential asset is being sold or disposed of.
Used to prolong the validity of your report for an additional 3-month period.
Like the Building Survey and Homebuyers Reports, these quotations are completed by a RICS (Royal Institute of Chartered Surveyors) regulated surveyor, who provides the customer with a specialist opinion on the property’s worth. Assisting the buyer to ensure they’re making a confident and informed decision based on the knowledge of a regional expert. In addition to this, our Private Valuations can also afford a prospective homeowner with an increased sense of security, as well as a basis from which to effectively renegotiate the property’s true value with the seller. Helping to guarantee that you are not being misled or overcharged for your new home.
When valuing the property, the surveyor will consider the age, size and condition of your home, as well as several other factors. Following the procurement of these details, they will then use their local knowledge to source 3 comparable properties, that are similar in structure and have been bought or sold in the same area over the past 6 months. Finally, using all the previously mentioned information, the surveyor will then formulate an independent assessment on the market value of your property.
Occasionally, due to unforeseen delays in the exchange process, you may be required to update your valuation to consider recent developments in the property market. In this case, it may be advisable to request a desktop extension to prolong your survey.
These are typically conducted well after the inspection has been completed, but before the report reaches its final expiration date. Within these 3-months, a discounted extension can be requested that will prolong the initial appraisal to be valid for a further 3-month period. Provided that the desktop is instructed up to 2 weeks before the report becomes invalid, the surveyor will then use the 3 most up to date and comparable properties to reevaluate the current market value of your home.
If the service you require has not been listed here, don’t worry. Our friendly and professional team will be more than happy to discuss your specific enquiry and offer the relevant advice.
Alternatively, if you have any further questions or concerns regarding our Private Valuation services, please feel free to contact us by telephone on 01249 569010 or by email via firstname.lastname@example.org.