House Valuation in Preston: What It Is, What It Costs You to Get It Wrong and How to Choose a Valuer
What is your house worth? It sounds like a simple question, but the answer depends on who is asking, why they’re asking and what the figure will be used for. A number that works for a casual chat about moving might not stand up for probate, a divorce settlement or a mortgage.
This guide explains the different kinds of house valuation available in Preston, when you need each, how valuers reach their figure and what to look for when you instruct one.
Why get a professional house valuation?
Online valuation tools and estate agent appraisals are a useful starting point. But they have limits. Online tools rely on averages and cannot see your home. Agents’ appraisals are informal, and the agent may be trying to win your instruction.
A valuation from a chartered surveyor is different. It is an independent, professional opinion of value, and it comes from someone who has inspected the property and is accountable to a professional body for the advice they give.
People commonly commission one when they are:
- Selling and want an independent figure to set the asking price
- Dealing with the estate of someone who has died (probate)
- Separating or divorcing and dividing assets
- Gifting or transferring property between family members
- Calculating capital gains or inheritance tax
- Buying out a co-owner or shareholder
- Securing a loan against the property
- Checking that insurance cover reflects the property’s value
Getting the figure wrong can be expensive. Undervalue a property in probate and you could mis-state the estate’s value. Overvalue a home you’re selling and it may sit on the market. A reliable valuation avoids those problems.
Types of house valuation
There is more than one kind, and the right one depends on the purpose.
Market valuation
A market valuation estimates the price your property would likely achieve if sold on the open market. It’s a good fit for sellers who want a realistic asking price, and for general planning.
RICS Red Book valuation
Red Book valuations follow the RICS Global Valuation Standards, which set out how the valuation must be carried out and reported. Because the process is regulated and the valuer must be suitably qualified, Red Book valuations are accepted by banks, solicitors, courts, HMRC and other bodies who need to rely on the figure.
You are likely to need a Red Book valuation for matters such as secured lending, some probate and tax situations, and legal disputes. If you aren’t sure whether you need one, ask the organisation requesting the valuation what they will accept before you instruct anyone.
Probate valuation
When someone dies, the value of their property at the date of death must be reported for inheritance tax purposes. A probate valuation provides that figure and a record to support it, which can help avoid challenges later.
Insurance reinstatement valuation
This is not the market price. It estimates what it would cost to rebuild the property from scratch, which is the basis for buildings insurance. Underinsuring can leave you short in a claim.
How does a valuer reach a figure?
A valuer does not guess. They combine several sources of evidence:
- Inspection. The valuer visits to assess size, layout, condition, specification, any extensions or alterations and the plot.
- Comparable sales. They compare your property with similar ones that have recently sold nearby, adjusting for differences.
- Local market knowledge. They consider demand, supply and trends in the specific area.
- Legal and planning factors. Tenure, rights of way, planning history and restrictions can all affect value.
- Condition and risk. Defects, structural movement, flood risk or unusual construction can reduce value.
This is why local knowledge matters. Values in Fulwood differ from Ribbleton, Penwortham, Ashton or Longridge, and the differences are often street by street. A valuer who regularly works across Preston understands those nuances.
What affects house prices in Preston?
While every valuation is specific to the property, these factors commonly influence value in and around the city:
- Location and catchment. Proximity to good schools, transport links and amenities
- Property type and size. Detached, semi, terrace, flat or bungalow, and the number of bedrooms
- Condition and age. Updated kitchens and bathrooms, heating, windows and roof condition
- Extensions and loft conversions. Properly consented works usually add value; unauthorised work can hold a sale back
- Plot and outdoor space. Garden size, parking and garages
- Tenure. Freehold or leasehold, and for leasehold the length of the lease
Choosing a valuer in Preston
Whoever you instruct, look for:
- RICS qualification. Ask whether the valuer is MRICS or FRICS and, for formal work, an RICS Registered Valuer
- Local experience. Someone who works regularly in your part of Preston and Lancashire
- Clarity about purpose. A good valuer asks what the valuation is for before quoting
- A written report. You should receive a clear document stating the basis and the date of valuation
- A fixed fee. Ask for a quote up front, based on the specific property
Be cautious of anyone who quotes a figure over the phone with no inspection, or who is reluctant to explain how they reached it.
What to have ready
It helps to give your valuer:
- The address and a brief description of the property
- The reason for the valuation and any deadline
- Details of extensions, alterations or recent improvements
- Tenure information and, if relevant, the lease
- Any recent surveys, planning permissions or building regulation certificates
Having these to hand speeds the process and helps the valuer give a more accurate figure.
Book a house valuation in Preston with Wignalls
Wignalls Chartered Surveyors provide property valuations across Preston, Chorley, Southport, Wigan and the wider North West. We’ll ask what the valuation is for, explain which type you need, give you a clear fee and deliver a report you can rely on.
Call the office on 01772 419 277, or contact us through the website, to arrange a valuation or ask a question. A short conversation is usually enough to tell you what you need and what to expect.