RICS-registered valuation professionals are required when putting a valuation on a property to adopt the International Valuation Standards (IVS), as set by the International Valuation Standards Council (IVSC), for all written valuation work they undertake on behalf of their client. The IVSC set a number of definitions for the basis of value to be adopted in different circumstances. Where secured lending is involved (eg. mortgage purposes) most clients (the bank or building society) request that the valuer undertake a valuation to the IVSC’s definition of market value.
In addition to the above valuation information, market rental values may also be requested by the lender along with a buildings reinstatement cost.
This information has been provided to numerous lenders over the past twenty years, specifically to Lloyds Bank for whom Peter Nancekivell acts for as an Agricultural Panel Valuer.
We draw on a vast depth of direct comparable evidence from our own sales to support our valuation figures from dealing with rural property in the North Devon, West Somerset and Exmoor areas.
We are approached weekly by out-of-area regional and national valuers looking for reliable and up-to-date comparable evidence.