RICs Valuations or Estate Agents Appraisal

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  • MAPTON
    replied
    Thank you. Court involved due to relationship breakdown. One party is refusing to sell or buy the other party out. Case is being heard under Trust of Land Act.

    Further enquiries to local estate agents have revealed they had recently valued the property (at a much higher value) but the reluctant party in the case did not reveal this information to the Court. A detailed RICS Survey has now been booked, but only instructed by one party.

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  • ATC
    replied
    You mention that "Court has ordered an independent survey to be agreed and instructed by both parties." Fascinated to know how the Court got involved! If that is what the order says then unless the parties agree on something privately, to settle matters, outside of the Court process they need to agree on an independent surveyor to report. If they cannot agree on the choice if surveyor they can jointly apply to the President of the Royal Institute of Chartered Surveyors for the appointment of a surveyor to act as independent surveyor to value the property. The RICS will nominate a surveyor with years of experience of the locality who may canvass local estate agent opinions before publishing his report. I have found that extensions do sometimes tend to cost more to build than they add to value; although the effects of inflation are that over time this trend is reversed. Extensions are a personalisation. They can boost rental value to a greater extent than realisable value

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  • MAPTON
    started a topic RICs Valuations or Estate Agents Appraisal

    RICs Valuations or Estate Agents Appraisal

    Not sure which section I should post this question!

    A house in a very good residential location - normal 3 bed semi's sell for £330k (recent sale a few doors away) - this would be a standard 2 double bed with a box room and a family bathroom. The adjacent semi, on a corner plot has an excellent quality extension creating on the upper floors, 5 x doubles, 3 with en-suites. Down stairs has two large sitting rooms, a kitchen diner and a separate utility and downstairs wc.

    There is also a detached garage to the rear which has change of use and is used by current owners for a small business.

    One owner wants to sell. The other owner, realistically wants to buy the other out but (I think) appears to be trying to down value the property. Owner has produced appraisal from an independent estate agent for £400k. I can't pretend to fully understand house prices, and although this is a beautiful quality extension and doubles the size of the house, I shouldn't think its worth as much as double. However, I would imagine it should be worth considerably more than £400k.

    I am trying to help a friend and am prepared to lend her the money for a RICs survey. Court has ordered an independent survey to be agreed and instructed by both parties. Am I right in thinking this house, would be worth significantly more than £400k and she would be better off with a RICs Survey as opposed to having her arm twisted in accepting an estate agent appraisal.

    Grateful for any opinions from senior members or anyone who has experienced anything similar.



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