Valuation

RICS is the Royal Institution of Chartered Surveyors, a global professional body dedicated to promoting and enforcing the highest international valuation, land development and management, real estate, construction and infrastructure standards. Using an RICS Registered Valuer means that you get an impartial, professional valuation based on in depth local knowledge.
An RICS Valuation is a professional assessment by a RICS registered valuer of the Market Value of property or land, taking several factors into account which impact on a valuation, including current market conditions, location, size and condition of property and any adverse factors that may impact the value. Valuations may be carried out for a number of reasons, the most common being for a mortgage or lending purpose, insurance or as part of an investment / asset valuation.
The Red Book is simply the publication that covers the valuation standards set by RICS that all registered valuers have to adhere to. The Red Book sets out the professional standards and guidelines that valuers have to meet.

You may need a valuation on your commercial property because you need an impartial opinion for mortgage or lending purposes, or because you plan to sell or let your property. There are many reasons why you would want to have a valuation but you should use a registered RICS Valuer to ensure you receive the highest professional level of service.

The most common reasons for a commercial property valuation include:

1. Assessing the value to put the property on the market
2. Reassuring a buyer or tenant that the price/rent you are charging is reasonable and inline with market values
3. For a mortgage underwriter, so they know your property is worth the money they are lending
4. For compulsory purchase
5. Valuing assets as part of liquidation, merger or acquisition

A commercial property can be valued by for example, calculating the value based on the passing rent and Market Rent for the property. Market Rent is assessed by comparison of open market rental transactions of similar properties within the locality. If a commercial property is vacant, similarly we would compare vacant possession transactions in order to establish a value.

For a residual development valuation, a valuer would calculate the value of the finished development then minus costs, for example of construction and professional fees, to give a value for the property or land.  Valuers also look at the market values of similar properties in the locality and consider the factors that would increase or decrease the value of your property. 

A professional valuation of a commercial property can be complicated and will look at a multitude of factors from the location to the rental income to the quality of the building materials.

A Red Book valuation is a term used to signify that a valuation has been carried out by a fully trained and registered professional RICS Registered Valuer. The Red Book is simply the publication that covers the valuation standards set by RICS that all registered valuers have to adhere to. The Red Book sets out the professional standards and guidelines that valuers have to meet.

The most important factors in a valuation are;

1. Who carried out the valuation? Using an RICS Registered Valuer will give you a professional, impartial opinion
2. Market Values in the region
3. Location
4. Current purpose of the land / property and potential development options
5. Condition of the land / property

There are many factors that impact on a valuation, so please contact us to talk to an RICS Registered Valuer in your area. We have 22 Valuers across the South West.

A lending panel is a list of approved firms who can act on behalf of a particular mortgage provider or lender. Those providers or lenders will only accept valuations from approved valuation companies, like Vickery Holman.

We are on the panel for most of the main high street lenders, as well as more specialist lenders for residential or commercial properties. 

Vickery Holman covers the South West of the UK with 22 Valuers based from Truro to Bristol. We have 4 offices, in Truro, Plymouth, Exeter and Bristol but our Valuers have in-depth local knowledge in addition to our regional and national expertise. Please see the map on the Valuations page to see where our Valuers are based.