How to value a property when buying-out a tennent in common

Richard_Webster

OP - to get the property valued you can contact the RICS and get a local Chartered Surveyor to value the property - shouldn't cost more than £200 for a letter stating the value. Or speak to a local EA and get them to recommend a local Surveyor.

Do not get an EA to value it, they are not qualified and not personally liable for the advice they give.

EAs won't be liable for their views but they are not that bad - and most EAs are more interested in obtaining some commission - i.e. making a sale happen - than trying to maximise theoretically obtainable commission and not sell the property with no resulting commission at the end - so if asked what they think a house will sell for they will try to tell what they think..

The main thing you should know, if you don't already, is where chartered surveyors get their figures from. It is not some mysterious esoteric knowledge that they have - guess what - they phone local estate agents to get comparables!

JQ.

casper_g wrote: »

In a normal transaction the bank's valuation surveyor won't value the property at more than the agreed purchase price. If the OP guesstimates a price that's too low, is it likely the surveyor will tend to undervalue by just rubber stamping the guess? If I were the OP I'd make sure the price I mentioned to the bank was on the low, rather than the high side!

Which is exactly why I said :

JQ. wrote: »

Make sure you fully explain the situation to both the Mortgage Co and the Surveyor, so they don't think the price you have put in the application is the actual purchase price and then just agree to the sale based on the value provided by the Surveyor.