Property valuation meeting with RICS registered valuer and client in London

Most people know roughly what their home is worth — or at least they think they do. Rightmove estimates, estate agent appraisals and conversations over the garden fence are all part of modern property ownership. But when it comes to making or defending important financial and legal decisions, these informal estimates simply are not enough. What you need is an independent, professional valuation carried out by a RICS registered valuer.

In this guide, I will explain what a property valuation is, when you need one, and what the process involves.

What Is a Property Valuation?

A property valuation is a formal assessment of a property's market value, carried out by a qualified and registered valuer in accordance with the RICS Valuation – Global Standards (the Red Book). It is a professional opinion of price, based on a thorough inspection of the property and an analysis of comparable market evidence.

This is fundamentally different from an estate agent's market appraisal, which is an informal guide to help set an asking price. An estate agent's appraisal is not regulated, is not insured, and carries no professional liability. An RICS Red Book valuation, on the other hand, is a formal professional document that can be relied upon in legal and financial contexts.

When Do You Need an Independent Property Valuation?

There are many situations where an independent RICS valuation is essential:

1. Help to Buy / Shared Ownership

If you want to buy additional shares in a Help to Buy or shared ownership property (known as staircasing), or sell your shared ownership home, an independent RICS valuation is required by your housing association or Help to Buy agent. The valuation sets the price at which shares are bought and sold.

2. Probate / Estate Valuation

When someone dies, a property included in their estate must be valued for probate and inheritance tax purposes. HMRC requires a formal RICS Red Book valuation — estate agents' opinions are not accepted. Our valuers are experienced in probate valuations and understand the sensitivity of these situations.

3. Matrimonial / Divorce Proceedings

When a couple separates, the matrimonial home and any investment properties must be formally valued to enable a fair division of assets. Courts and solicitors require an independent RICS valuation. We frequently work with solicitors on matrimonial valuations across London.

4. Lease Extension / Enfranchisement

If you are a leaseholder seeking to extend your lease or buy the freehold of your building (collectively known as leasehold enfranchisement), the price you will pay is determined by a formal valuation process. Getting your own independent RICS valuation before entering negotiations is essential.

5. Remortgaging

Your mortgage lender will instruct a valuation when you remortgage. But as with the purchase process, this is for the lender's benefit. If you believe the lender's valuation is significantly below the market value, an independent RICS valuation can support an appeal.

6. Capital Gains Tax

If you are selling an investment property or second home and need to calculate your Capital Gains Tax liability, a formal valuation at a specific date in the past may be required. Our valuers can provide historical valuations based on market evidence.

What Is a Mortgage Valuation — and Why Isn't It Enough?

A mortgage valuation is commissioned by your lender, not by you. Its purpose is to confirm that the property represents adequate security for the loan — nothing more. The surveyor may spend as little as 20–30 minutes at the property. You may not even receive a copy of the report.

It does not tell you:

  • Whether the property is in good condition
  • What defects exist or what they might cost to repair
  • Whether the agreed purchase price is a fair reflection of market value

For these reasons, we always recommend commissioning your own independent survey and valuation — regardless of what the lender's surveyor concludes.

"I had a client who was told by the developer's sales office that the flat was 'independently valued' at £550,000. When we carried out our own RICS valuation, we assessed it at £505,000. That is a £45,000 difference on a single property." — Sophie Vane

What Does the Valuation Process Involve?

A Red Book valuation involves:

  1. An inspection of the property — typically 1–2 hours, covering all accessible areas
  2. Market analysis — research into comparable sales in the local area within a recent time period
  3. The valuation report — a formal written document stating the valuer's opinion of market value with the reasoning and supporting evidence

The report is signed by a RICS registered valuer and carries professional indemnity cover. It can be relied upon in legal and financial contexts.

FAQs About Property Valuation

The cost varies depending on the type of valuation, the property value and the complexity of the instructions. Please contact us for a specific quote. We always provide a fixed fee upfront with no hidden extras.
The physical inspection typically takes 1–2 hours. The written report is usually delivered within 5–7 working days of the inspection, though faster turnarounds can often be accommodated — please ask when you enquire.
Yes. HMRC requires a formal RICS Red Book valuation for property included in an estate. Estate agent appraisals or informal opinions of value are not accepted. Our registered valuers produce compliant probate valuation reports that are accepted by HMRC without query.

Need an Independent Property Valuation in London?

Our RICS registered valuers cover London and the Home Counties. Fixed fees, fast turnaround, fully compliant Red Book reports.

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