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Get a bluebook property valuation

TEGoVA is The European Group of Valuers Associations. The TRV status is the mark of excellence in residential valuation, demonstrating to international and local clients that the residential valuer is qualified to a consistent high European standard of practice.

CKP are experts with special knowledge & experience giving us a competitive edge to perform valuations. As TEGoVA Residential Valuers we provide Blue Book valuations for purposes such as:

  • Purchases
  • Lending
  • Probate
  • Fair Deal Nursing Home Scheme
  • Private Sales Transfer of Ownership

 

Role of the valuer

The job of a valuer is to carry out a professional and impartial valuation for the client, without outside influence. The valuer must report his or her findings in a clear and unambiguous way, with the file being able to withstand future scrutiny if there is cause to query the valuation figure.

The estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without being under compulsion.” Valuers should use the following definition of Market Rent unless otherwise directed by legislation: “The estimated amount of rent at which the property should be leased on the date of valuation between a willing lessor and a willing lessee on the terms of the actual or assumed tenancy agreement in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without being under compulsion.”

Valuation standards were first introduced in the UK following the property crash of the early 1970s when there were no common standards governing valuations, and subsequently the Red Book was adopted in Ireland.  Now Europe has it own standard called the Bluebook

EU Mortgage Credit Directive

The EU Mortgage Credit Directive requires member states to develop national valuation standards for residential mortgage lending purposes, and the Directive is to be transposed by March 2016. The European legislation recognises both the Red Book and Tegova Blue Book.

‘Lessons Learned – Guiding the Future’

Macroprudential Policy

The Macroprudential Policy, recently introduced by statutory instrument, provides loan-to-value and loan-to-income limits, and also contains a provision that banks now require a valuation to be carried out within two months prior to cheque issue. In many cases, this will require a second valuation to be carried out.

Valuations are widely used and relied upon for a host of reasons, but most commonly to support secured lending.

 

The Qualified Valuer
Each valuation carried out in accordance with the Bluebook Standards must be carried out by,
or under the strict supervision of, a Qualified Valuer.

Valuers will at all times maintain the highest standards of honesty and integrity and
conduct their activities in a manner not detrimental to their clients, the public, their
profession, or their respective national professional valuation body.

The valuer must be able to show professional skill, knowledge, diligence and ethical
behaviour appropriate to the type and scale of valuation and must disclose any factor
which could compromise an objective assessment. Each valuation must provide an
informed and independent opinion of value supported by a recognised basis or bases
of valuation.

All Qualified Valuers and their representative professional or technical organisations are
required to adhere to the TEGoVA European Valuers’ Code of Ethics and Conduct.

The terms of engagement and the basis on which the valuation will be undertaken
must be set out in writing and agreed before the valuation is reported.

The valuation must be researched, prepared and presented in writing to a professional
standard. The work undertaken must be sufficient to support the opinion of value
reported.

Data retained following the submission of a valuation must be sufficient to enable
verification that the analysis and evaluation undertaken in the approach, or approaches,
to providing the opinion of value reported were sufficient for the type and scale of
valuation.