Ashfield District Council: Valuations

Valuations

A valuation is the individual opinion of a valuer based on the relevant facts known to him. However, the range and purposes for which a valuation may be required is substantial it can include sales, purchase, letting, obtaining finance, insurance, rating, compulsory purchase, balance sheet purposes or for tax reasons.

A valuation will need to reflect a wide variety of factors which have a direct bearing on the ‘value’ of an interest. Small factors such as minor variations in lease terms or planning permission can have a significant impact on the valuation. The nature of the interest and the purpose of the valuation will also effect what method of valuation is utilised.

The Council’s Estates officers undertake a number of valuations on behalf of the Council. However, they are not insured to act on behalf of any one else and therefore cannot give valuation advice to individuals or to members of the public.

The profession body whose members undertake valuations of property interests is The Royal Institution of Chartered Surveyors. Should you require a valuation The RICS will be able to provide a list of local members. The RICS can be contacted on telephone 0870 333 1600 or through their website (www.rics.org).