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The Royal Institution of Chartered Surveyors (RICS) are the leading body that oversee surveying/valuation practices and certification in the UK.

A Red Book valuation is not a guess at a properties’ value, it’s a fully researched professional valuation of the property, undertaken by a qualified surveyor.  If you require a legally sound property valuation, an online estimate is not sufficient. You will require a visit from a RICS registered surveyor, who understands the property industry extremely well and can provide supporting evidence and a working methodology  to calculate the true valuation of your property.

Why do I need a RICS Red Book Valuation?

There are lots of circumstances when a Red Book Valuation might be needed. You will need a formal valuation, by a RICS registered valuer, for tax purposes or legal proceedings.

Reasons for a RICS Red Book Valuation include:

• Bank, mortgage or lending securities
• Taxation
• Capital gains
• Probate or Inheritance tax
• Divorce/matrimonial proceedings
• Assets for a Self-Invested Personal Pension (SIPP) pension fund
• Property disputes
• Properties sold by not-for-profit/charities
• Partnership/company dissolution

Red Book valuation can save considerable stress, anxiety, confusion, money and time.

What is the Process?

A fully qualified Chartered Surveyor / RICS Register Valuer will undertake a diligent and thorough inspection of the property, before compiling the valuation report. In order to calculate the report, information from comparable properties will also be reviewed.

The process includes the following elements:

• Check title and lease documents.
• Inspect the property’s condition and measure property.
• Check current/historic planning consents and whether the property is listed or in a conservation area.
• Obtain EPCs, Rateable values, flood risk, land contamination etc.
• Research at least three comparable properties.
• Confirm property valuation.

We will discuss the valuation with you before issuing the report, which will available within 7 working days from inspection.

What is the difference between a red book valuation and a market appraisal?

A RICS registered valuer must undertake a professional, accurate and honest valuation, which comprises of investigative analysis and can be justified and trusted. A market appraisal is an estimated value/marketing price given by an estate agent, which is based on speculation of the property market, can be biased towards their own business motives and does not comply with the RICS standards, so there will is likely to be a discrepancy in the value.

How to arrange a Red Book Valuation

Our surveyors have over 15 years’ experience in the industry. They are qualified and efficient, adhering to the Red Book standards. They also have the relevant local knowledge to provide you with a clear and concise report, so you feel confident that you are in safe hands.  If you would like to organise a Commercial Red Book Valuation, please get in touch with our Professional Services and Valuations team on 01905 676169 or email info@gjsdillon.co.uk and we can help.

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