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RICS Valuation
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tara2013
Posts: 27 Forumite
Bit strange situation...
I have a shared ownership flat with 25% share.
I was thinking to sell my share and I recently got a RICS valuation of my flat which came around 125K of full 100% share. I was expecting a bit higher value but seems due to current market situation this the maximum I can sold for.
Based on above valuation I started thinking to buy rest of 75% share instead of selling it.
Just for my peace of mind I contacted two of my local state agents and they both valued it not more than 120K maximum.
Yesterday I contacted another state agent and he valued it 118K to 122K.
I am now confused that should I buy rest of 75% share As per my lease I can only buy rest of shares based on RICS valuation.
I was thinking state agents normally value bit higher.
Should I go far another RICS valuation from a local chartered surveyor? It will cost me another £240.
I have a shared ownership flat with 25% share.
I was thinking to sell my share and I recently got a RICS valuation of my flat which came around 125K of full 100% share. I was expecting a bit higher value but seems due to current market situation this the maximum I can sold for.
Based on above valuation I started thinking to buy rest of 75% share instead of selling it.
Just for my peace of mind I contacted two of my local state agents and they both valued it not more than 120K maximum.
Yesterday I contacted another state agent and he valued it 118K to 122K.
I am now confused that should I buy rest of 75% share As per my lease I can only buy rest of shares based on RICS valuation.
I was thinking state agents normally value bit higher.
Should I go far another RICS valuation from a local chartered surveyor? It will cost me another £240.
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Comments
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Its 'estate agent'0
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Any help pls...0
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A valuation by a chartered surveyor may have some basis in fact. Those provided by estate agents are "marketing appraisals" not valuations.
The HA will insist how the property is valued if you are considering starcasing. Did you ask the HA for its surveyor's details, or did you appoint your own?
FWIW to buy the remaining share, you actually WANT a lower valuation, as you then pay less.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
As per my lease I need a RICS valuation from a chartered surveyor for stair casing.
HA is happy as long as it is done by chartered surveyor.
I need a true valuation as per current market.
I can see your point EA will just go for the commission and it is possible they will quote bit higher.
I think I should speak with local chartered surveyor.0 -
I think you should speak to your existing surveyor, and explain what the EAs have said.
The margin for error in any valuation is likely to be around 10%, so there's always a bit of wiggle room. If you are stair-casing, the surveyor may be happy to reduce his valuation within the range of what he thinks is reasonable.No reliance should be placed on the above! Absolutely none, do you hear?0 -
I called the valuer last week but he said I cannot review... not sure why...
Another flat is sold in the same block which is 2 bed room for £134K. Mine one is 1 bed.0 -
I officially requested for the re-valuation from the same company who valued it.
Luckily they have a process where they can review the valuation.
I simple explained my flat 1 bed and value is 125k while my neighbour has sold 2 bed flat for 134.5K.
I also provided links to recently sold flats in my area. Let's see if this will make any difference.
Otherwise I may go for another RICS valuation.0 -
Is this me reading this wrong or are you mad?...You want the lowest valuation you can get..Have i got this right?
Because a higher one is no good for your purse..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Yes I need lower valuation as I am buying rest of 75% share in my flat...
I am not sure if they will lower it but I cannot imagine only 9,500 difference b/w 1 and 2 bedroom flat within same block/building.0 -
Actually, I have found that the difference in value between one and two bed can be quite low. Can you remember what the comparison was when you originally bought?No reliance should be placed on the above! Absolutely none, do you hear?0
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