Valuation

A Red Book valuation, also referred to as a RICS Valuation, is carried out by qualified members of the Royal Institution of Chartered Surveyors (RICS). These formal valuations are prepared in accordance with the RICS Valuation – Global Standards (commonly known as the “Red Book”). Such reports provide a formal, independent, and reliable assessment of market value that can be relied upon by the instructing party.

A Red Book valuation may be required for a range of circumstances, including for inheritance tax (grant of probate), capital gains tax purposes, detailed tax planning and gifting, secured lending, matrimonial or divorce proceedings, partnership dissolutions, , some compulsory purchase matters, and valuations relating to Self-Invested Personal Pensions (SIPPs).

The process begins with comprehensive due diligence to gather and verify relevant property information. This is followed by a property inspection arranged at a convenient time, during which detailed measurements and property descriptions are recorded, often using laser measuring equipment. After the inspection, a formal report is prepared in full compliance with the RICS Valuation – Global Standards.

A market appraisal is typically an estate agent’s opinion of how to market a property and it’s likely sale valuebased on local market conditions. A market appraisal is often informalfor the purposes of helping negotiate a sale and cannot be relied upon for formal purposes. In contrast, a Red Book valuation is undertaken by a RICS Registered Valuer with the professional expertise to deliver an objective, evidence-based assessment of value. The resulting report is detailed, independent, and fully compliant with the RICS Valuation – Global Standards, making it suitable for formal purposes.