Legal Q&A: how does a surveyor value a property?

How can a local surveyor have any idea what my grandmother’s quirky cottage could be worth?
Merrily Harpur
Fiona McNulty28 July 2018

Question: my grandmother has asked a local surveyor to value her cottage. She wants to know what her assets are worth, as she says she wants to make a new Will once it is done. The cottage is very quirky. How will he have a clue what it’s worth?

Answer: Ask the surveyor how he intends to carry out the valuation of the cottage. It would be prudent for your grandmother to use a surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS).

Though the surveyor is likely to have looked at the boundaries using HM Land Registry or Ordinance Survey maps, he should undertake a detailed inspection of the cottage including all outbuildings and should walk the garden or any land which belongs to the cottage so that he is aware of the full extent of the property and its access ways.

The surveyor will take into account the general condition of the property including its age, whether it is listed, any improvements, alterations and extensions, and whether any necessary planning, building regulations and listed building consents were granted.

He will also look at the location of the cottage, as its proximity to good transport links such as trains and Tube and to schools, shops and other local amenities can have an impact on value.

He will do price comparisons with other similar properties in the neighbourhood that have been sold recently and will consider demand for homes such as the cottage, as well as applying valuation principles set down by the RICS.

It’s important to remember that a property is worth whatever someone is prepared to pay for it.

These answers can only be a very brief commentary on the issues raised and should not be relied on as legal advice. No liability is accepted for such reliance. If you have similar issues, you should obtain advice from a solicitor.

If you have a question for Fiona McNulty, please email legalsolutions@standard.co.uk or write to Legal Solutions, Homes & Property, Evening Standard, 2 Derry Street, W8 5EE. Questions cannot be answered individually, but we will try to feature them here. Fiona McNulty is a solicitor specialising in residential property.

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