How Much Does a Chartered Surveyor Cost? Our Fixed-Fee Approach

One of the first questions we are asked by new clients is: how much will a Chartered Surveyor cost?

It is a perfectly reasonable question. Whether you need a lease extension valuation, rent review, property valuation or advice on a compulsory purchase, you should understand the likely professional costs before instructing a surveyor.

At Olden Property, we believe surveyors' fees should be straightforward and transparent. Wherever the scope of work can be clearly defined at the outset, we aim to offer a fixed fee.

This means you know what our initial work will cost before you instruct us, rather than receiving an open-ended hourly estimate.

Why Does Olden Property Offer Fixed Fees?

Property valuation can be complicated. The fee structure doesn't need to be.

For many instructions, we can establish at the beginning exactly what work is required. We can therefore agree a fixed fee covering that work.

For example, a valuation may involve inspecting the property, reviewing the relevant lease or property information, researching comparable evidence, undertaking the valuation and providing our written advice.

If we can establish the scope in advance, we can usually tell you what that work will cost.

We think this gives clients greater certainty and makes it easier to decide whether obtaining professional advice is worthwhile.

Are There Any Hidden Surveyor Costs?

No. Our quotation will explain what is included in the agreed fee and whether VAT is payable.

If additional work may subsequently be required, we will explain this separately.

For example, a lease extension valuation may initially be undertaken for a fixed fee. If the freeholder subsequently serves a counter-notice proposing a substantially higher premium, negotiations may then be required.

Similarly, with a commercial rent review, we may initially be instructed to inspect the property, research the rental evidence and provide an opinion of Market Rent. Negotiating with the landlord's surveyor can then be treated as a separate stage.

This prevents clients from paying for negotiation work unless it is actually required.

How Much Does a Lease Extension Valuation Cost?

We regularly provide lease extension valuations for flat owners in London, Kent and the South East.

For a straightforward lease extension, we can normally offer either an inspection valuation or, where appropriate, a lower-cost desktop valuation.

A desktop valuation can be particularly cost-effective where reliable information about the property is available, including a suitable floor plan.

The valuation establishes the likely premium payable for extending the lease and provides the valuation advice required to help the leaseholder and their solicitor progress the claim.

Where negotiations with the freeholder's valuer are subsequently required, these can be agreed separately.

This keeps the initial lease extension surveyor cost clear and proportionate.

What Does a Desktop Property Valuation Cost?

Not every property valuation requires a physical inspection.

For suitable instructions, Olden Property can provide a desktop property valuation, using information supplied by the client together with our own market research and comparable evidence.

This can reduce the cost where an inspection would add little to the valuation.

Desktop valuations can potentially be appropriate for certain:

· lease extension valuations;

· freehold purchase valuations;

· rent assessments; and

· other property valuation advice.

Whether a desktop valuation is appropriate depends upon the property, purpose of the valuation and information available.

We will tell you if we believe an inspection is necessary rather than recommending one automatically.

How Much Does a Rent Review Surveyor Cost?

The cost of a commercial rent review valuation depends upon the property and complexity of the instruction.

A small retail unit may require a different level of work from a large industrial building, restaurant, office or specialist commercial property.

Where possible, we quote a fixed fee for the initial rent review work.

This will typically involve reviewing the lease, inspecting and measuring the property where required, researching comparable rental evidence and advising on the appropriate Market Rent.

If negotiations are then required with the landlord's or tenant's surveyor, we can agree how those costs will be dealt with before proceeding.

This staged approach can be particularly useful where the parties may be able to reach agreement quickly once independent rental evidence has been obtained.

How Much Does a RICS Property Valuation Cost?

The cost of a RICS valuation depends upon why the valuation is required and the complexity of the property.

We undertake valuations for a range of purposes, including:

· taxation;

· probate;

· Capital Gains Tax;

· SDLT;

· pension and SIPP purposes;

· property transactions; and

· other formal valuation requirements.

Where a formal valuation complying with the relevant RICS Valuation – Global Standards (Red Book) requirements is needed, we will confirm the scope and quote before you instruct us.

A straightforward residential property will not necessarily cost the same to value as a mixed-use investment or specialist commercial property.

Our quotation therefore reflects the work actually required.

What About Compulsory Purchase Surveyor Fees?

Compulsory purchase and compensation claims work differently from many of our other services.

Where land or property is being acquired using compulsory purchase powers, reasonable professional valuation and negotiation fees can, subject to the circumstances and applicable compensation rules, form part of the compensation claim.

This means an affected homeowner, business or landowner may be able to appoint their own CPO surveyor to advise them on valuation and compensation, with reasonable professional costs ultimately met as part of the claim.

Where we are approached about a compulsory purchase matter, we will explain the fee position before undertaking substantive work and, where appropriate, seek confirmation regarding the payment of reasonable professional fees.

Do You Charge by the Hour?

For clearly defined valuation work, our preference is generally to provide a fixed quotation.

There are, however, some situations where charging for time spent is more appropriate.

Negotiations are a good example.

It is difficult to know in advance whether another surveyor will agree a valuation following one telephone call or whether several rounds of evidence and negotiation will be required.

In these circumstances, we will explain our hourly rate in advance.

Where appropriate, we can also agree an initial cost cap. This allows a defined amount of negotiation work to be undertaken before we report back and decide with you whether further work is justified.

Why Not Just Choose the Cheapest Surveyor?

Cost matters, but the lowest surveyor's fee does not necessarily represent the lowest overall cost.

For example, paying slightly more for good valuation advice could be insignificant compared with the difference between competing valuations in a lease extension, rent review or property acquisition.

The important questions are therefore not simply “How much does the surveyor cost?”, but:

What work is included? Who will undertake it? What experience do they have? And could the quality of the valuation materially affect the eventual outcome?

At Olden Property, valuation work is undertaken by Tom Olden MRICS, Chartered Surveyor and RICS Registered Valuer.

Can I Get a Fixed Quote Before Instructing Olden Property?

Yes.

In most cases, we can provide a quotation before you make any commitment to instruct us.

Send us:

· the property address;

· what you need the valuation or advice for;

· any relevant lease or correspondence; and

· details of any deadline.

We can then confirm the proposed scope of work, whether we require an inspection and our fee.

For some straightforward instructions, we may be able to provide a quote from the property address and a brief explanation alone.

Straightforward Property Advice With Clear Costs

We don't believe clients should have to instruct a surveyor without understanding what the initial work is likely to cost.

That is why, wherever possible, Olden Property provides a clear fixed fee before accepting an instruction.

Where the work cannot reasonably be fixed in advance – typically because negotiations or additional advice may be required – we explain how the additional costs will be calculated before proceeding.

If you need a property valuation, lease extension valuation, rent review, lease renewal or compulsory purchase advice, contact Olden Property with the property address and a brief description of what you require.

We will let you know how we can help and provide a clear quotation for the work.

Contact Olden Property for a fixed-fee quotation from a Chartered Surveyor and RICS Registered Valuer.