Property valuations serve different purposes and are carried out by different types of professionals at different costs. Understanding which type of valuation is being discussed and who pays for it avoids confusion when the question of cost arises.

Estate Agent Valuations

When you ask an estate agent to value your property with a view to selling, the valuation is typically provided free of charge. This is because the valuation visit is also a sales pitch for the agent's services; the agent expects to be instructed to market the property and earns their fee as a percentage of the eventual sale price. There is no separate charge for the valuation itself.

Getting two or three free valuations from different agents before deciding who to instruct and what asking price to set is standard practice and costs nothing.

Mortgage Valuations

When you apply for a mortgage, your lender will commission a valuation of the property to confirm that it provides adequate security for the loan. This is carried out by a RICS-registered surveyor appointed by the lender, and in most cases the cost is passed on to the mortgage applicant as part of the mortgage application fee. Mortgage valuation fees typically range from around one hundred and fifty to four hundred pounds depending on the property value and the lender's fee structure.

Some lenders offer free mortgage valuations as a product feature, particularly for remortgages or for certain property types. Comparing the total cost including valuation fees when comparing mortgage products gives an accurate total cost comparison.

Independent RICS Valuations

An independent RICS red book valuation, carried out to the Royal Institution of Chartered Surveyors' valuation standards, provides a formal written assessment of the property's market value suitable for use in legal proceedings, tax assessments, matrimonial disputes, probate, or other formal purposes. These valuations are typically commissioned by individuals rather than lenders and are paid for directly by the client.

The cost depends on the property value, size, complexity, and the purpose of the valuation. A residential property worth up to around five hundred thousand pounds might cost three hundred to five hundred pounds for a standard red book valuation. More complex or higher-value properties cost more. Specialist valuations, such as for listed buildings, development sites, or properties with unusual characteristics, cost more than standard residential valuations.

Help to Buy and Shared Ownership Valuations

If you are staircasing your shared ownership, selling a Help to Buy property, or carrying out any transaction that involves government equity loan schemes, a RICS valuation is required and the cost is typically borne by the homeowner as part of the transaction process.

Summary

Estate agent valuations for the purpose of selling are free. Mortgage valuations cost one hundred and fifty to four hundred pounds and are paid by the mortgage applicant. Independent RICS valuations for legal, tax, or dispute purposes cost three hundred to six hundred pounds or more depending on property complexity and purpose. Use a formal red book valuation for any purpose where the figure has legal or tax significance.