What is a "Red Book" valuation?
October 12, 2021
As valuers, we repeatedly get asked for property valuations, but did you know the types of valuations provided by property professionals can vary significantly?
We predominantly provide valuation advice which adheres to the Royal Institution of Chartered Surveyors (RICS) – Valuation Standards also known as the ‘Red Book’. Before you ask, it did used to be a red book before we moved over to PDF copies!
What’s involved in a Red Book valuation?
A Red Book valuation involves an RICS Registered Valuer inspecting a property as well as investigating tenure and environmental factors that may impact on the property. If the property is subject to tenancies, these documents are also reviewed. Valuers will source comparable evidence which is necessary to calculate the “Market Value” of the property.
When would you need a Red Book valuation?
Below are some of the most common reasons for a Red Book valuation:
- Tax planning purposes
- Inheritance tax purposes
- Pension Fund valuation
- Properties being sold by charities (also known as Charities Act valuations)
- Secured lending valuations.
Why get a Redbook valuation over say a commercial agents' report?
It's horses for courses. If you are interested in selling a property, a commercial agents' report is probably sufficient as it will detail their marketing strategy and the agents terms of engagement. However, for any of the reasons above a Red book valuation should be obtained.
As Chartered surveyors and registered valuers we carry an RICS designation which is seen to be the kitemark of property professionalism and you can be sure that reports are prepared to a high standard in line with RICS Valuation standards.
At Kirkby Diamond our team of RICS Registered valuers provide formal Red Book valuations to both commercial and residential clients.
For more information on our property valuation services, click here to meet our team of valuers
or alternatively you can email valuations@kirkbydiamond.co.uk