When a flat needs a valuation
Most often, a valuation is required by the bank when the flat serves as security for a mortgage loan. The bank wants to be sure the loan amount matches the property's real market value. A valuation is also needed when you're selling and want to know what price to ask, during a divorce or division of inheritance, when a flat is contributed to a company's share capital, or when you need a solid argument in negotiations with a buyer.
An independent valuation also helps when the prices you see on listing portals don't seem to reflect your flat's true condition. A listing shows the hoped-for price; a valuation gives you a justified one.
What documents we will need
To prepare a valuation, we need documents confirming ownership and the flat's technical details:
- Land Register certificate or extract for the flat
- Floor plan of the flat or the cadastral survey file
- The owner's identity document and contact details
- If the flat is being purchased, the draft sale agreement or deposit agreement
- Information about any renovation work not visible in the documents
- The bank's name and contact person, if the valuation is for a loan
How the process works
You submit an application on our website or call us. We respond to enquiries within 2 hours, arrange a time to view the property and agree on a deadline for the valuation. The valuer then visits the flat in person, photographs the rooms, checks the actual floor area and condition, and assesses the building's overall technical state. You receive the finished valuation electronically, and in paper form as well if needed.
For security, we print all valuations on special forms with authenticity holograms, so the document cannot be forged and the bank accepts it without further questions.
What affects a flat's value
- Location and neighbourhood, access to public transport and schools
- Building series, year of construction and the condition of load-bearing structures
- The flat's floor area, layout, floor level and window orientation
- Quality of renovation and the age of utilities and windows
- Type of heating and actual heating bills during winter months
- Extras such as a loggia, storage room or parking space
- Actual transactions for similar flats in the same area in recent months
A valuation banks accept
We prepare valuations in accordance with the LVS-401 standard, and they are accepted by the major Latvian banks, including SEB, Luminor and Bigbank, as well as other leasing companies and financial institutions.
Common mistakes before a flat valuation
The process most often drags on because the floor area or layout stated in the documents doesn't match reality. If partition walls have been altered, a loggia merged with a room, or a bathroom moved, this needs to be formally corrected, or at least mentioned to the valuer in advance. The valuation describes the actual situation honestly, and the bank will see it.
A second common mistake is leaving the valuation until the last moment before a deal. If you plan the viewing and paperwork in good time, you gain freedom in negotiations with a buyer or seller instead of rushing.
A third case involves inherited flats, where the Land Register still lists an owner who is no longer alive. A valuation can still be prepared, but the notary or bank will additionally require inheritance documents, so it's worth mentioning your purpose in the initial enquiry.
Why clients choose PRO MOTION
We've been valuing flats since 2007, and in that time we've seen everything from Riga's new developments to Soviet-era series-built blocks in every neighbourhood. Each client gets a personal valuer who explains how the value was reached and answers questions even after the valuation is delivered.
If you're still unsure what kind of valuation you need, simply describe your situation in the enquiry. We'll tell you exactly which documents you need for your case, and we won't push a service you don't require.