RICS Residential Valuations
The most popular and in-demand valuation survey among homeowners is this one, conducted by a professional member of the RICS. Its aim is to determine and provide the homeowner with a fair assessment of how much their property could be worth if they list it in its current condition.
This is often picked up by those considering selling their property at some point in the future, giving them an idea of what they could do to increase the value and sale price.
RICS stands for Royal Institute of Chartered Surveyors.
RICS Commercial Valuations
This kind of survey is carried out to determine the value of a commercial property, often to support an application for a loan that is required in order to purchase the property or building.
A formal report is created following this kind of valuation survey, with the RICS professional following all regulations with regard to tax implications of the valuation, asset management support, and more.
Market Rent valuations
A market rent valuation is typically carried out on behalf of a tenant who wants to ensure that the rent they are paying is fair and reasonable in light of the property condition and the local market.
These surveys are required on a regular basis for all landlords who manage properties and help to keep the standards of lease properties and buildings to rent fair and consistent. Carried out by professionals, the benefit of this survey is that it offers an impartial judgement on the property and its location, in light of the market rental value.
Residential Lease Extension and Enfranchisement valuations
Whether you’re extending the lease of the land and property you own, or you want to purchase the freehold, this kind of survey protects the interests of the buyer or leaseholder – ensuring that they do not pay above the market value for the land they occupy.
Commercial Rent Review
Throughout the duration of a lease agreement, surveys need to be undertaken to establish the value of the lease and whether the current charge is in line with industry and local market standards.
This kind of survey is designed to support the adjustment of commercial rent according to changing factors such as the rental market, the value of a property, the local commercial landscape, and more.
Commercial Lease Renewals
When signing a long-term lease on a commercial property, it’s important to schedule regular surveys in order to assess the rent being paid and to secure the future of the business within that premises.
A Lease Renewal Survey checks the contract and the building to ensure that it is suitable for the needs of the tenant and keeps tabs on the rental agreement to ensure the charge remains fair.
Building Insurance Valuations
This kind of survey is designed to highlight how much the building would cost to repair if it were to burn in a fire or become flooded – taking this assessment and transferring it over to insurance applications to ensure that the property is insured sufficiently.
The aim of this is to protect the leaseholder or building owner so that they do not underinsure their property and find that they’re not adequately covered later down the line.