Chiswick Surveyors carry out hundreds of valuations a year across W4 and West London — for buyers, sellers, lenders, landlords, leaseholders and executors. And the most common misconception I encounter? That a mortgage lender's valuation is the same as an independent RICS valuation. It isn't. Not even close.
In this guide, I'm going to explain what property valuation actually involves, the different types of valuations available, and why getting an independent assessment from a RICS registered valuer matters more than most people realise.
What Is a Property Valuation?
A property valuation is a professional assessment of the market value of a property at a specific point in time. The market value is defined by RICS as the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction, after proper marketing, where parties had acted knowledgeably, prudently and without compulsion.
In plain English: it's what the property is worth if both buyer and seller are acting reasonably and neither is under pressure.
Mortgage Valuation vs Independent RICS Valuation
This distinction is crucial. When you buy a property with a mortgage, your lender will carry out a mortgage valuation. This is:
- Carried out for the lender's benefit, not yours
- Designed to confirm the property is suitable security for the loan
- Often very basic — sometimes a desktop assessment using automated tools
- Not a survey — it will not identify defects that affect your decision to purchase
An independent RICS valuation, by contrast:
- Is carried out for your benefit, by a surveyor acting solely in your interests
- Involves a physical inspection and detailed market analysis
- Considers the condition of the property and any factors affecting value
- Provides a robust, defensible opinion of value for any purpose
Types of Property Valuation in Chiswick
Purchase Valuation
Before you exchange contracts, you want to know whether you're paying a fair price. Our purchase valuations compare the asking price against recent comparable sales in the local market — considering the property's size, condition, location and any factors that might affect its value positively or negatively.
Lease Extension Valuation
If you own a leasehold property in Chiswick, the value of a lease extension depends on a complex calculation involving the remaining lease term, the ground rent, the property's market value and the deferment rate. This is specialist work that requires a RICS registered valuer with specific leasehold expertise.
One of the most important things to understand about lease extensions is the 80-year rule. Once your lease drops below 80 years, a "marriage value" component is added to the premium, which can significantly increase the cost of extending. If you're currently above 80 years, the clock is ticking — and the longer you wait, the more expensive it becomes.
Probate Valuation
When someone dies, their estate needs to be valued for inheritance tax purposes. We carry out RICS-standard probate valuations that are accepted by HMRC and can withstand scrutiny in the event of an enquiry. We approach these sensitively — we understand you're dealing with them at a difficult time.
Help to Buy Valuation
If you have a Help to Buy equity loan and want to repay it, remortgage, or sell your property, you'll need an independent RICS valuation that's less than three months old. Our RICS registered valuers are on the approved panel for Help to Buy valuations across West London.
Reinstatement Cost Assessment
This is technically a valuation too — but instead of market value, it calculates the cost of rebuilding your property from scratch. We cover this in more detail in our separate guide to reinstatement cost assessments.
What Does Chiswick's Property Market Look Like?
Chiswick remains one of West London's most sought-after residential areas. The W4 postcode consistently commands premium values compared to adjacent areas, reflecting the quality of the housing stock, the excellent transport links (District line and Overground), the riverside location and the breadth of independent restaurants, shops and green spaces.
As RICS registered valuers who survey Chiswick properties every week, we have a genuine, up-to-date understanding of local values. That matters: a valuer who only looks at the Land Registry data misses the nuances — the difference in value between a property on a busy road versus a quiet street, or the premium commanded by properties within the Bedford Park conservation area.
How to Request a Valuation
Getting an independent valuation from Chiswick Surveyors is straightforward. Fill in our contact form, tell us the property address and the purpose of the valuation, and we'll confirm availability and pricing usually within the same day.
For most valuation purposes, we can turn around a formal RICS valuation report within three to five working days of the site visit.
Related Guides
- Level 2 vs Level 3 Survey
- When Should You Extend Your Lease?
- Reinstatement Cost Assessment Guide
- Our Valuation Services
Sarah Mitchell
RICS-accredited surveyor and registered valuer at Chiswick Surveyors. Leads the firm's valuation and leasehold advisory work across West London.