Residential Valuation
RICS Registered Valuers providing a wide range of Residential Valuation Services …
Mortgage Valuation
When purchasing/ re-mortgaging a property with mortgage finance, your lender will require a Mortgage Valuation as per the conditions of your loan offer. This Valuation is for the benefit of the Lender, not the Purchaser.
A Mortgage Valuation is a pro-forma Report prepared following an inspection of the property by one of our independent Valuers, associated research, and is issued directly to your Mortgage Lender.
The inspection is brief (typically less than 20 minutes). It records various details about the property including value, gross internal floor area, accommodation, services, overall condition, and location. Desk based research is undertaken to arrive at an opinion of Market Value and this is compared with the agreed purchase price (where applicable).
The Report outlines the above details, and more, to the Lender who will use the it in its decision-making process when considering the property as a proposed security.
All Mortgage Valuations are prepared in strict accordance with the RICS Valuation - Global Standards (‘Red Book Global Standards’), particularly the IRL appendix 1 RICS Ireland/SCSI residential mortgage valuation specification, which encompasses the requirements of the International Valuations Standards (IVS).
It is important to note that a Mortgage Valuation is not a detailed Building Survey and whilst general condition is recorded this is very much a cursory assessment for comparison purposes and may not highlight any complex defects which may exist.
We are approved to perform Mortgage Valuation Reports for all leading of Irish Lending Institutions. Please see here for a list of Lenders.
Also need a Building Survey (also known as a Structural Survey) or Snag List? We are Registered Building Surveyors and full professional members of both the Society of Chartered Surveyors Ireland (SCSI) & the Royal Institution of Chartered Surveyors (RICS). We specialise in pre-purchase Surveying. Contact us now to discuss a combined Building Survey/ Snag List & Mortgage Valuation package.
Insurance Reinstatement Valuation
Ensuring that your property is appropriately insured is essential for property owners to ensure the asset can be rebuilt for the sum insured and to avoid being under or over insured.
A Reinstatement Valuation or Reinstatement Cost Assessment (RCA) for building insurance purposes is a calculated estimate of the cost to rebuild a property on the basis of total loss, or substantial damage where complete demolition and rebuilding would be required.
The process involves an inspection of the property to assess the method of construction and level of finish; measurement of the floor area of the property and outbuildings; and a desk based assessment of rebuilding costs, either on an elemental basis or by applying a rate per square metre derived from available building statistics.
The surveyor then determines the full cost of reinstatement cost including demolition, rebuilding to a similar standard using modern methods, complying with todays regulations and legislation. Reinstatement Value includes associated costs such as legal and professional fees associated with the works.
It is important to commission a full review of a buildings Reinstatement Value every three years or after a material change in the building occurs (extension/ upgrading etc). A desk-based review should be conducted yearly to correspond with Buildings Insurance renewal.
Probate Valuation
Probate is the legal process of dealing with a person’s assets after they have passed away and is usually conducted by the Executor(s).
A Probate Valuation is a short report produced following inspection of a property where the Executor requires, as part of fulfilment of the role, to establish the value of the property at the date of death.
Kennedy & Associates will inspect the property, obtain the relevant information and form an opinion of Market Value at the defined date using historical comparable data.
All Probate Valuations are prepared by an RICS Registered Valuer in strict accordance with RICS Valuation - Global Standards (‘Red Book Global Standards’) which encompasses the requirements of the International Valuations Standards (IVS).
Local Property Tax (LPT) Valuation
Local Property Tax (LPT) is a self assessed tax. You must determine the Market Value of any property for which you are the liable person on the valuation date (Set as the 1st of May 2020 and lasting for eight years).
The next valuation date will be on 1 November 2020 and property owners will be required to declare the valuation for your property in your LPT1 return. If you do not file your LPT1 return Revenue will estimate your liability to LPT and this may be inaccurate.
We are correctly positioned to inspect the property and advise on Market Value at the Valuation Date so that you can submit an accurate and supported valuation of the property to Revenue in your LPT1 return. Our Report can then be retained and used as evidence of professional assessment used to determine value, which may be requested in the future.
All LPT Valuations are prepared by an RICS Registered Valuer in strict accordance with RICS Valuation - Global Standards (‘Red Book Global Standards’) which encompasses the requirements of the International Valuations Standards (IVS).
