What is a Registered Property Valuation?
A Registered Property Valuation is...
A registered property valuation is an assessment of market worth of a house done by a registered valuer
. You can find registered property valuers here
A property valuation is also known as a:
- House valuation
- Registered valuation
A property valuation is done for a number of reasons including:
- To work out how much you should pay for a house
- To work out how much a house is worth when selling
- As part of a mortgage application
- As part of a refinancing application
You are most likely to need to get a valuation when you have had an offer accepted on a house, and you need finance (a mortgage). Most banks will require a property valuation done by a registered valuer as part of a finance application.
Why Does My Bank Want a Registered Property Valuation?
Your bank wants an impartial, independent, expert opinion on the market value of the house. They are about to lend you a large amount of money and if circumstances change for the worse they want to make sure they will get their money back. The Valuers Act 1948 ensures that a valuation done by a registered valuer can be relied on - and banks count on this.
Registered valuations of houses are one of the ways banks work out how much money they are prepared to lend you. Sometimes they will use the rateable value and often the purchase price. If in doubt, a bank will come back to a registered valuation every time.
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