Property Valuations in London: Every Type Explained and When You Need One

Most people only think about property valuations when they are buying or selling. But there are at least half a dozen situations where you need a formal RICS valuation, and each one serves a different purpose with different requirements. Getting the wrong type, or getting one from someone who is not properly qualified, can create problems with HMRC, solicitors, housing associations and the courts.

Here is a plain explanation of each valuation type, who needs it and why it matters that you use an RICS registered valuer.

Market valuation

A market valuation establishes what a property is worth on the open market at the current date. It is the type most people are familiar with. You might need one if you are thinking of selling and want an accurate figure before going to market, if you are remortgaging, or if you simply want to know where you stand financially.

The key difference between an estate agent’s estimate and an RICS market valuation is accountability. An estate agent’s figure is an opinion designed to win your instruction. A chartered surveyor’s valuation is a formally prepared document backed by professional indemnity insurance and produced to RICS Red Book standards. If the figure turns out to be negligent, you have recourse. With an agent’s estimate, you do not.

Probate valuation

When someone dies, the value of their estate needs to be established for inheritance tax purposes and to obtain a grant of probate. The property valuation must reflect the market value at the date of death, not the date of the valuation report itself.

HMRC scrutinises probate valuation carefully. If the figure is too low, they will challenge it and potentially issue a revised assessment with penalties. If it is too high, the estate pays more inheritance tax than necessary. An RICS valuation provides a professionally defensible figure that HMRC will accept. It also protects the executors from personal liability if the valuation is later questioned.

We produce probate valuations regularly and understand the specific requirements around retrospective dating, condition assumptions and the HMRC review process.

Matrimonial separation valuation

Divorce and separation often require the family home to be valued so assets can be divided fairly. Both parties’ solicitors and the family court will want an independent, RICS compliant valuation rather than an estate agent’s opinion.

In contested cases, each party may instruct their own valuer. If the two figures differ significantly, the court may appoint a single joint expert. Having an accurate, well-reasoned valuation from the start reduces the risk of a drawn-out dispute over the property’s worth.

We handle matrimonial valuations with discretion. The process is straightforward: we inspect the property, prepare the report and provide a figure that stands up to legal scrutiny.

Capital Gains Tax Valuation

When you sell a property that is not your primary residence, you may owe capital gains tax on the increase in value since you acquired it. If you inherited or were gifted the property, HMRC needs to know what it was worth at the date of acquisition to calculate the taxable gain.

This means you may need a retrospective valuation for a date that could be years or even decades in the past. We produce historic valuations using comparable evidence from the relevant period, and the resulting figure needs to be robust enough to withstand HMRC scrutiny. An RICS valuation carries the weight that a verbal estimate from an agent does not.

Market rent valuation

Landlords, tenants and their advisers sometimes need a formal assessment of what a property would achieve on the open rental market. This might be for rent review purposes, for tax calculations, for social housing assessments or for legal proceedings.

A market rent valuation follows a similar process to a market valuation but focuses on the rental value rather than the capital value. It considers the property’s condition, location, size and comparable rental evidence in the area.

Building reinstatement cost assessment

This is not technically a valuation of market value. It is an assessment of how much it would cost to rebuild the property from scratch if it were completely destroyed. The figure is what your buildings insurance should be based on.

Many homeowners use their purchase price or an outdated figure for their insurance. This can leave you seriously underinsured or paying premiums on a sum that is far higher than necessary. We calculate reinstatement costs using BCIS indices, which is the industry standard method accepted by all major insurers.

Shared ownership staircasing valuation

If you own a shared ownership property and want to buy a larger share from your housing association, you need a RICS valuation to determine the current market value. The housing association will specify that the valuation must come from an RICS registered valuer on their approved panel or meeting their criteria.

We are members of the RICS Valuers Registration Scheme and produce staircasing valuations that meet the requirements of all major London housing associations.

Why RICS matters

For any of these valuations, using an RICS registered valuer is not optional. HMRC, solicitors, courts and housing associations require RICS compliance. An unqualified valuation, no matter how accurate, will not be accepted in any of these formal contexts.

RICS membership means the valuer follows the RICS Valuation Global Standards (the Red Book), carries adequate professional indemnity insurance and is subject to regulatory oversight. It is your protection against an incorrect figure causing you financial harm.

Corinthian Surveyors London LTD is a member of the RICS Valuers Registration Scheme and produces all valuation types listed above. Call us on 0800 00 16 422 for a quote or fill in the form on our contact page.

Frequently asked questions

How long does a property valuation take?

The on-site inspection typically takes one to two hours. The written report is usually delivered within three to five working days, though we can arrange faster turnaround for urgent cases such as probate or court deadlines.

Can one valuation serve multiple purposes?

Sometimes. A market valuation can inform a sale decision and a remortgage application, for example. But a probate valuation has specific dating requirements that a standard market valuation does not meet. It is best to tell us why you need the valuation so we can ensure the report meets the correct standard.

What if HMRC challenges a probate or CGT valuation?

An RICS valuation provides a professionally prepared, evidence-based figure that is far more defensible than an informal estimate. If HMRC does query the figure, we can provide supporting evidence and comparable data to justify the valuation. This is one of the key reasons for using a qualified valuer in the first place.

Do I need to be present for the valuation inspection?

Not necessarily. Someone needs to provide access to the property, but that can be an agent, a keyholder or a family member. If you want to attend, you are welcome to.