RICS Red Book Valuations
What is a Red Book Valuation?
All professionals who survey, value, and assess land and property within the UK must follow strict guidelines set by the RICS (The Royal Institution of Chartered Surveyors). These guidelines are referred to in the industry as the ‘Red Book’. The Red Book contains mandatory rules regarding ethical standards and industry understanding.
Should I Become a RICS Registered Valuer?
RICS red book valuations are recognised worldwide for their accuracy and quality, so becoming a member means you can provide asset valuations that equal or exceed global standards.
Becoming an RICS registered valuer requires extensive training, and complete professional development every year to ensure they are up to date with the industry standard.
Do I need a Red Book Valuation?
If you are buying your first property, or have owned residential property before, you should always consult with chartered surveyors before making any final decisions. Property valuations help you understand everything about the property, and its exact value. Choosing an RICS-registered surveyor gives you peace of mind, as you know that they are industry professionals who will provide properly researched valuation services plus all the information and advice you need. All RICS members are also insured, so you can trust them and their survey.
Estate agents may offer a property appraisal valuation, but choosing an unbiased chartered RICS registered valuer is recommended as they have no reason, and are unable, to withhold any information that would affect the property’s value and the subsequent valuation is recognised by solicitors and financial institutions alite.
There are many circumstances when RICS Red Book valuations may be needed for tax or legal proceedings. These include:
- Buying or selling a home
- Getting a mortgage
- Rent reviews/negotiations
- Shared ownership
- Tax planning purposes
- Probate transfer of estate/ inheritance
- Calculating Capital Gains Tax
- Transferring assets into an SIPP or SAPP pension fund
- Properties being sold by charities (per the Charities Act)
- Court proceedings such as divorce (Matrimonial Valuation Report)
- Disputes being resolved through mediation or arbitration
If you would like to know more about our Red Book Valuation Service you can call us or contact us using our contact form.