Need a professional property valuation but don't necessarily want the inconvenience or additional cost of arranging a physical inspection?
A desktop property valuation could be the answer.
At Olden Property, we regularly provide desktop valuations for clients who need independent property advice without a surveyor visiting the property.
But how does a desktop valuation actually work? What information do you need to provide, and how can a Chartered Surveyor establish a property's value without stepping inside it?
The process is often much more straightforward than people expect.
What Is a Desktop Property Valuation?
A desktop property valuation is a professional assessment of a property's value undertaken without a physical inspection.
Rather than visiting the property, the surveyor relies on available information, including floor plans, photographs, property records and comparable market evidence.
The valuation is still based on professional judgement and analysis of the property market.
Importantly, a desktop valuation is not the same as entering your postcode into an online property valuation calculator.
Automated online estimates generally rely on algorithms and historic property data. A professional desktop valuation involves a Chartered Surveyor reviewing the available information, analysing relevant comparable evidence and applying their valuation expertise.
At Olden Property, desktop valuations are undertaken by Tom Olden MRICS, Chartered Surveyor and RICS Registered Valuer.
Step 1: Tell Us About Your Property and Why You Need a Valuation
The first step is simply to get in touch.
We'll ask for the property address and a brief explanation of why the valuation is required.
For example, you might need a valuation for:
· A lease extension.
· Purchasing your freehold.
· A commercial rent review.
· A property transaction.
· Certain tax or accounting purposes.
· General property valuation advice.
Understanding the purpose is important because different valuations may require different approaches, assumptions and reporting standards.
We'll also establish whether a desktop valuation is appropriate for your particular circumstances.
Not every property or valuation purpose is suitable for a desktop assessment, and we'll tell you if we believe an inspection would be necessary.
Step 2: We Confirm the Scope and Provide a Fixed-Fee Quote
Once we understand what is required, we can normally provide a quotation for the valuation.
At Olden Property, we aim to offer fixed-fee desktop property valuations wherever the work can be clearly defined.
This means you'll know the cost of the agreed valuation work before instructing us.
Our quotation will explain what is included, whether VAT is payable and whether any additional work would be charged separately.
For example, a lease extension valuation might initially involve preparing the valuation advice, with any subsequent negotiations with the freeholder's surveyor dealt with separately.
We believe this approach makes professional valuation advice more accessible and gives clients greater certainty over costs.
Step 3: We Gather Information About the Property
Once instructed, we gather the information needed to assess the property accurately.
Depending on the property and the purpose of the valuation, this may include:
· Floor plans: To establish the layout and accommodation.
· Property photographs: To assess condition, specification and presentation.
· EPC information: Which may provide useful details about floor area and property characteristics.
· Lease details: Particularly important for lease extensions and leasehold valuations.
· Property descriptions: Including accommodation, improvements and any unusual features.
· Previous marketing information: Such as estate agent particulars.
· Planning and other property records: Where relevant to the valuation.
You may already have much of this information available.
For example, if your property has been marketed for sale or rent in recent years, existing floor plans and photographs may provide a useful starting point.
We can also undertake our own research using publicly available property information.
The more reliable the information, the easier it is to assess whether a desktop valuation can be undertaken with sufficient confidence.
Step 4: We Research Comparable Property Evidence
This is one of the most important stages of the desktop valuation process.
A professional property valuation isn't simply an estimate based on what similar properties are currently advertised for.
We research comparable property transactions to establish the level of value supported by the market.
For a residential property, this might involve analysing recent sales of similar flats or houses in the surrounding area.
For a commercial property, we may consider comparable rental transactions or investment sales, depending on the purpose of the valuation.
We look at factors such as:
· Location and proximity to the subject property.
· Property size and accommodation.
· Age, type and construction.
· Condition and specification.
· Tenure and lease terms.
· Differences between the comparable properties and the subject.
· Market conditions at the valuation date.
No two properties are exactly alike.
A property with a larger garden, better condition, additional parking or a more desirable position may command a different value from an otherwise similar property.
Our role is to analyse these differences and establish what the available evidence indicates about the subject property's value.
Step 5: We Assess the Property's Value
Once the property information and comparable evidence have been reviewed, we undertake the valuation.
This involves applying the appropriate valuation methodology and professional judgement to the evidence available.
For example, in a residential valuation, we may compare recent sales of similar properties and make appropriate adjustments for differences in accommodation, condition and location.
For a commercial rent review, we may analyse comparable rental evidence and assess the market rent in accordance with the relevant lease provisions.
For a lease extension, the valuation involves additional considerations, including the unexpired lease term, ground rent, property value and the applicable statutory valuation framework.
The precise methodology depends on why the valuation is required.
The absence of a physical inspection does not mean the valuation is simply a guess. It means the surveyor must be satisfied that the information available is sufficient for the particular valuation.
Where important details cannot be verified, these must be appropriately addressed through assumptions, limitations or further enquiries.
Step 6: We Prepare Your Valuation Report
Once the valuation has been completed, we prepare our written advice.
The content and level of detail depend on the type of valuation and its intended purpose.
A report may include:
· Details of the property being valued.
· The purpose and basis of valuation.
· A description of the property.
· The information relied upon.
· Relevant assumptions and limitations.
· Comparable market evidence.
· Our valuation assessment.
· The final valuation conclusion.
Where a formal valuation under the relevant RICS Valuation – Global Standards (Red Book) requirements is needed, the scope, investigations and reporting must satisfy the applicable requirements.
A desktop valuation is not automatically suitable for every Red Book instruction, and the absence of an inspection must be properly considered and disclosed.
Our objective is to provide clear, independent valuation advice that is appropriate for the purpose for which it has been requested.
Step 7: We Send You the Report and Explain the Next Steps
Once the valuation is complete, we send you the report.
Depending on the instruction, you may then use it to inform discussions with your solicitor, support a lease extension claim, consider a proposed rent or make decisions about your property.
If further work is required, such as negotiations with another surveyor, we can explain the next stage and any associated professional fees.
For many clients, however, the desktop valuation itself is all that is needed.
How Long Does a Desktop Property Valuation Take?
One of the advantages of a desktop valuation is that there is no need to coordinate an inspection appointment.
This can make the process more convenient and, in some cases, quicker.
The actual timescale depends on the type of property, the information available, the complexity of the valuation and our current workload.
If you have a deadline, let us know when requesting your quotation.
We can then confirm whether we are able to accommodate it.
Is a Desktop Valuation as Accurate as an Inspection Valuation?
This is a question we're often asked.
The answer depends on the property and the information available.
For a relatively straightforward property, where reliable photographs, floor plans and other relevant information are available, a desktop valuation may provide an appropriate basis for the required advice.
However, there are circumstances where inspecting the property is important.
For example, if a property is unusual, has undergone significant alterations, is in poor condition or has characteristics that cannot be established reliably from the available information, an inspection may be necessary.
A physical inspection can also reveal matters that would not be apparent from photographs or property records.
The important question is not whether a desktop valuation is inherently better or worse, but whether it is suitable for the particular property and valuation purpose.
At Olden Property, we'll advise you on this before accepting an instruction.
Can a Desktop Property Valuation Save Money?
Yes, where a desktop approach is appropriate.
A physical inspection involves travel, arranging access and time spent at the property.
Where these steps are unnecessary, a desktop valuation can reduce the work involved and therefore the professional fee.
This is particularly useful for clients who need independent valuation advice but don't require a full physical inspection.
However, the aim should always be to obtain the right level of professional advice rather than simply the cheapest possible valuation.
A desktop valuation should only be used where it is appropriate and the available information supports a reliable assessment.
Why Choose Olden Property for a Desktop Valuation?
Olden Property is an independent Chartered Surveying practice providing property valuation and consultancy advice across Kent, London and the South East.
Our desktop valuation service combines professional market analysis with a straightforward approach to fees and communication.
When you instruct Olden Property, you benefit from:
· Professional expertise: Valuation advice from Tom Olden MRICS, Chartered Surveyor and RICS Registered Valuer.
· Fixed-fee quotations: Clear costs agreed before the valuation begins wherever possible.
· Independent advice: Valuations based on relevant property evidence and professional judgement.
· A proportionate approach: We won't recommend an inspection where a desktop assessment is appropriate for your requirements.
· Clear reporting: Practical valuation advice that explains the assessment and its limitations.
We aim to make the valuation process as straightforward as possible, whether you own a residential flat, a house or a commercial property.
Need a Desktop Property Valuation? Get in Touch
If you need a property valuation but aren't sure whether an inspection is necessary, we'd be happy to advise.
Simply send us your property address, the reason for the valuation and any relevant property information.
We'll review your requirements, confirm whether a desktop valuation is suitable and provide a quotation for the work.
Contact Olden Property today for independent desktop property valuation advice from a Chartered Surveyor and RICS Registered Valuer.