Understanding Property Valuations: Complete RICS Surveyor's Expert Guide 2025

RICS valuations are typically valid for 3 months from the valuation date, though this depends on market conditions and valuation purpose. Rapidly changing markets may require valuations to be updated sooner, particularly for mortgage lending. Probate valuations are usually valid for 3 months for HMRC purposes. Mortgage lenders typically accept valuations for 3-6 months if the property hasn't materially changed. In volatile markets, some lenders require valuations within 90 days of completion.

If your transaction takes longer than the validity period, lenders may require a desktop revaluation (£50-£150) or full reinspection (£150-£300) to confirm the value remains appropriate.

No, in most cases you cannot transfer valuations between lenders. Each lender commissions their own valuation to protect their specific lending interests, and valuations are legally addressed to the lender who commissioned them. However, some mortgage valuations can be "ported" to associated lenders within the same group.

If you're shopping around for mortgages, consider commissioning an independent RICS valuation first (£300-£500). While lenders won't accept it for lending purposes, it gives you confidence in the property's value before incurring multiple valuation fees. For remortgaging, your new lender will always require their own valuation regardless of how recent your previous one was.

Market Value is defined by RICS as "the estimated amount for which an asset should exchange between a willing buyer and willing seller in an arm's-length transaction after proper marketing." This represents what a property should sell for in current market conditions.

Mortgage Lending Value (MLV) is a more cautious assessment used by some lenders, particularly European banks. It's typically 5-15% lower than market value, providing lenders with additional security cushion. MLV assumes a longer marketing period and less favorable market conditions, protecting the lender if they need to repossess and sell.

UK lenders usually use market value for residential mortgages, while MLV is more common in commercial lending or specialized situations. Always confirm which basis your valuation will use when commissioning the report.

No, basic mortgage valuations are NOT property surveys. A mortgage valuation is a brief inspection (typically 20-30 minutes) to assess whether the property provides adequate security for the loan amount. Valuers note obvious serious defects but don't conduct detailed condition assessments.

Valuations typically include:

• Property identification and verification
• Accommodation and size assessment
• Location analysis
• Market value opinion
• Note of obvious serious defects only

For comprehensive property condition assessment, commission a separate RICS Home Survey (Level 2 or Level 3). These cost £400-£1,500 but provide detailed analysis of defects, repairs needed, and ongoing maintenance requirements. Don't rely on basic mortgage valuations to identify property problems – they're not designed for this purpose.

This depends on the valuation purpose and valuer preference. For mortgage valuations, most valuers prefer to inspect alone to maintain independence and objectivity. Your presence could be seen as potentially influencing the valuation. However, you or your representative must provide access.

For other valuation types (probate, matrimonial, taxation), valuers may be more flexible about attendance, particularly if you can provide helpful information about the property's history, improvements, or characteristics. If you have important information affecting value (recent renovations, planning permissions, building work), prepare a written summary to provide to the valuer rather than attending in person.

Estate agents can usually attend on your behalf to provide access and answer basic questions about the property. Never try to influence the valuer's opinion – this is unprofessional and could invalidate the valuation.

Professional RICS valuations are generally very accurate, with research showing 90-95% fall within ±5% of eventual sale prices. However, valuations are opinions of value at a specific point in time, not guarantees of sale price.

Accuracy factors include:

• Market activity: More sales = better comparable evidence = higher accuracy
• Property type: Standard properties easier to value than unique homes
• Location: Stable areas more predictable than volatile markets
• Valuer experience: Local knowledge improves accuracy significantly
• Market conditions: Stable markets more predictable than rapidly changing ones

Remember that actual sale prices depend on marketing effectiveness, negotiation, buyer competition, and specific circumstances. A valuation represents professional opinion of likely sale price with proper marketing, not a guaranteed outcome.

If you believe a valuation is inaccurate, follow these steps:

1. Review the report carefully: Check the comparable evidence used and ensure property details are correct
2. Gather your own evidence: Collect recent sales data from Land Registry for genuinely comparable properties
3. Check for errors: Verify the valuer has correctly identified property size, accommodation, improvements, and location
4. Request reconsideration: Provide specific evidence (not emotional arguments) supporting a higher value
5. Commission second opinion: An independent RICS valuation from another firm can support your challenge
6. Formal complaint: If you believe the valuation is negligent, use the firm's complaint procedure
7. RICS complaint: Escalate to RICS if the firm's response is unsatisfactory

However, remember that valuers are experienced professionals with extensive local knowledge. Successful challenges are relatively rare (less than 10%) unless there's a clear factual error or the valuer has missed significant comparable sales.

Online Automated Valuation Models (AVMs) from Zoopla, Rightmove, or other websites are useful starting points but are NOT reliable for financial decisions. These computer-generated estimates have significant limitations:

• No physical inspection – cannot assess condition or improvements
• Limited comparable data – may miss crucial recent sales
• Can't assess unique features, views, or location nuances
• Accuracy varies widely – typically ±10-20% margin of error
• Not accepted by lenders, HMRC, or courts
• No professional liability or recourse if wrong

Research shows AVMs are reasonably accurate for standard properties in areas with high transaction volumes, but significantly less reliable for:

• Unique or non-standard properties
• Properties with substantial improvements
• Areas with few recent sales
• Properties with defects or issues
• Leasehold properties with short leases

Use AVMs for initial guidance only. For any serious purpose (mortgage, probate, taxation, legal proceedings), always commission a professional RICS valuation from a qualified chartered surveyor.