What is a Red Book Valuation?
If you require a formal, legally sound property valuation, an online estimate is often insufficient. A Red Book Valuation is a type of valuation survey undertaken by an RICS qualified Chartered Surveyor.
This professional must be registered as a member (associate member or fellow of RICS (the Royal Institute of Chartered Surveyors) – the leading body that oversees surveying / valuation practices and certification in the UK. The surveyor must also be a member of the Valuation Registrations Scheme.
The process received the moniker “Red Book Valuation” thanks to the red binders in which RICS surveyors once presented their results.
Updated every 2-3 years, the manner in which the red book valuation process takes place must conform with the body’s rigorous standards.
A Red Book Valuation will enable you to:
Correctly value a property
Help reduce disputes
Satisfy the requirements of HMRC, Homes England & Help To Buy
Aid your accountant or solicitor with tax or estate planning
Red Book Valuations are exceptionally accurate and unbiased
The surveyor must undertake a diligent and thorough inspection, investigation and analysis to ensure that the resulting figures can be considered “red book compliant”. They must then produce clearly defined, expertly justified and effectively presented valuation results.
This contrasts with “market value” estimations given by estate agents, which are often based on speculation and winning business.
It also explains the huge discrepancies that can often occur when comparing professional surveyor and estate agent valuation estimates.
When the law requires formal valuation figures, the red book process is vital.
This is most commonly the case with legal or accountancy-related processes:
- Probate or other inheritance-related requirements
- Divorce proceedings
- The calculation of Capital Gains Tax (CGT) or Inheritance Tax (IHT)
- Properties sold by not-for-profit organisations and charities
- Pension-related proceedings – such as transferring property assets into a Self-Invested Personal Pension (SIPP)
- Property disputes
- Shared ownership and social housing (Registered Provider) purchases
We have carried out Red Book Valuations in Bournemouth, Poole and Christchurch and have expert knowledge of the local housing market to help you get the right valuation for your purposes. We are recommended by a number of local solicitors and estate agents to undertake this service and can help you through the process in a swift and efficient manner.
If you would like an RICS approved Red Book Valuation carried out by a Registered Valuer or want to discuss the reason you need a valuation please don’t hesitate to contact us on 01202 531919 or click here to contact us and we’ll be happy to guide you through the process and give you a valuation quote today.
