10 Tips when needing a Valuation

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Have you been told you need a valuation but you’re not sure where to start? 

Why not have a read through our helpful checklist to get you started.

1. Think about it in advance, it can take 4-6 weeks from the point of contacting the valuer to receiving the report especially allowing for booking in an inspection date and resolving any subsequent queries.

2. If you have been required to get a valuation by your lender you may need to use a valuer from a list of authorised valuers on their ‘panel’.  Ask them for a list of approved valuers and then contact some for quotes.

3. Think about why you need this valuation. The valuer will need to know the reasons why so they can advise what the best basis of value would be.

4. Be prepared in advance with any documents they might need. They are likely to ask for the following but could also need other things depending on the purpose.
• Plans
• Leases
• Asbestos Report
• EPC Certificate
• Electrical and Gas Test Certificates
• Title Documents

5. Your surveyor will need access to all parts of the property, are there any dates when you are less busy?  If not then you might need to allow time to escort them through busy areas of the property.

6. For owner occupied properties you may well need to agree the basis of some assumptions the surveyor will need to make to complete the valuation. Discuss these with your surveyor as they could have an impact on the valuation figure.  This might include what the rent for this property might be or whether certain areas are included or not.

7. Be aware that a valuation of the property may well not be suitable for use as a reinstatement valuation. These are different valuations and require different inputs.

8. You should ensure that your valuer has the right skills and experience to value your property. A surveyor may need specialist knowledge to value Student Accommodation, a Shopping Centre or even a Health Centre so make sure you find someone who knows what they are talking about.

9. You are likely to get a number of quotes. Don’t go with the cheapest without ensuring they have the right skills and of course PI cover!

10. If you have recently had a valuation and need a revaluation your valuer may be able to carryout a ‘Desktop’ valuation without needing to re-inspect the property.  This should mean the fee is lower but be aware that there are time limits on when a Desktop is able to be carried out.

If you need any initial advice on a valuation issue please give us a call to discuss.  We will be more than happy to help.

About Tom

Tom advises a range of clients on a day-to-day basis both in the commercial and healthcare property sectors. He specialises in rent reviews, dispute resolution and surgery valuations, with a particular specialism in pharmacy rental values. He's currently advising Local Medical Committees on how NHS changes will affect practices occupying NHS owned premises. When he's not at work, he's kept very busy by his three small boys!

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