The normal use of a property does not require any additional steps or paperwork. However, a person should consult property valuation specialists for:
- the settlement of an estate;
- the sale or purchase of a property;
- the division of property in the event of a divorce.
The resulting valuation indicates the objective value of the flat or house, determined in accordance with existing criteria.
Reasons for carrying out a property valuation
Various life circumstances for owners may prompt the need to obtain data on the current value of property. This is precisely why property valuations are carried out. They are usually required for:
- determining the value of property without mark-ups or discounts prior to signing a sale and purchase agreement;
- obtaining documented evidence for the fair division of property or the determination of inheritance during legal disputes;
- calculating correct insurance payouts for insurance purposes;
- calculating the correct market value of the property to understand its potential for an investor.
The result of the property valuation will be a report. It is valid only for a specific period, as the market value of the property is constantly changing.
Factors for property valuation
To carry out an up-to-date valuation of a property, we take the following key factors into account in advance:
- Where the property is located. We examine the neighbourhood itself. Is it easy to get to the city centre from here, and are all the essentials nearby: from transport links to shops and good schools?
- The condition of the house or flat. When was the last renovation carried out? Are there high-quality uPVC windows, what is the wiring like, and are the pipes worn out? Every detail like this affects the price.
- Is the layout practical? How well is the space divided up? It’s important that the rooms and utility areas are arranged logically, and that every square metre offers comfort.
- What about the documents? We check that everything is in order with the title deeds, look for any hidden issues, and ensure the paperwork is ready for a quick and secure transaction.
Current set of documents
The documents required for a property valuation depend on the type of property and a host of other factors. However, the following documents are always required:
- title deed for the flat/house;
- title deed for the land;
- technical passport.
Sometimes, a person simply does not know the list of required documents. In this case, a property solicitor can help. They will determine:
- the necessary set of documents;
- which documents are missing;
- where to obtain the necessary information.
Who should you contact to obtain an expert valuation?
Property valuations in Ukraine are carried out by specialists who are authorised to do so. These include:
- independent experts;
- market participants;
- appraisers from the State Property Fund.
Any valuation specialist must have at least two years’ experience in the relevant field. To confirm this, the expert must hold:
- a valuer’s certificate;
- a qualification certificate.
If you wish to check the details of your chosen expert, visit the official website of the State Register of Valuers. This is where you will find information about the specialists.
Property lawyer from Svarog
Navigating the legal intricacies can be difficult, and often people simply do not know where to start. We take care of these concerns for you and provide comprehensive support for property transactions, helping to value the property without unnecessary red tape. The first thing we do is begin preparing a complete set of documents. We then submit this to an expert with the appropriate authorisation.
Contact us for assistance with:
- document preparation;
- protecting your interests;
- verifying compliance with the average market value of the property;
- selecting an experienced valuer.
If you are already facing a problem or need to prevent one, contact our lawyers. We offer comprehensive support to achieve the desired outcome.
Questions and Answers
When is a property valuation required?
You should carry out a valuation before undertaking the following actions:
- purchase or sale;
- division of property;
- inheritance formalities;
- gifting;
- investment.
How do I request a valuation of a flat or house?
You need to contact a specialist with a valid valuation licence. The specialist must hold the relevant certificate and licence.
What documents are required for a property valuation?
You must have documents confirming ownership of the property and the technical passport. You will also need documents confirming your identity and tax status.
Can a property valuation be appealed?
Yes, it can. The appeal process will depend on the valuation procedure carried out (through the courts, via professional review).
Why is a valuation required for inheritance or court proceedings?
An appraisal in inheritance cases is required for:
- payment of taxes and fees;
- payment of notary fees;
- fair distribution among heirs.
In court, a valuation is required for:
- calculating court fees;
- fair division of property;
- compensation for losses (where necessary);
- seizure of property;
- debt recovery.
How much does a property valuation cost?
Usually, the cost of the procedure depends on the characteristics of the property and whether a specialist needs to visit the site.