West Midlands & Nationwide RICS Red Book Valuation

Red Book Valuations are required for a number of situations:

Standard Red Book Valuation

Help to Buy Evaluation

Shared Equity

Probate

Matrimonial

What does a Red Book RICS Valuation consist of?

A Standard Red Book RICS Valuation involves a RICS Registered Valuer assessing the building and providing a report that adheres to the RICS rules and guidelines. We are RICS Registered Valuers trusted West Midlands & Nationwide.

The RICS Valuation Report provides the current market value of the property and must adhere to strict guidelines:

  • • The surveyor must be registered with RICS as an associate member, a Member (MRICS), or a Fellow (FRICS) and be a member of the Valuation Registration Scheme
  • 3 comparable properties are provided to rationalise and justify the valuation
  • The 3 properties should have been sold in the previous 6 months and be within the same, or a similar area (typically within a mile)

As market conditions change, a Red Book Valuation is only valid for 3 months. However, it can be extended if requested within the 2-week window following the 3 months expiry date.

Standard

The Valuer determines if you, the buyer, are purchasing the property for what they consider to be a reasonable market price.

Help to Buy Evaluation

When the time comes to sell, the amount you must pay back is calculated based on the current market value of your home, not the original price. A Red Book Valuation sets the fair market price.

Shared Equity

A Shared Equity valuation needs to be carried out by a RICS Registered Valuer to provide a market value for the sale or purchase of your percentage share in a property.

Probate

Probate is the legal process of dealing with someone’s assets after they die. It is required to establish the value of the deceased’s assets including property.

Tax Purposes

Typically calculated from a sale price. However, in some scenarios the market value of the property is required instead

Matrimonial Valuations

During the legal separation of a couple, the assets owned by both parties need to be valued in order to establish the total value of assets held before deciding how these assets should be split.

Is a RICS Red Book Valuation the Same as a Mortgage Valuation?

No, and there are good reasons. A lender (such as a bank) requests that a surveyor assesses the property so that they can determine if it is safe to lend the requested amount of money. The lender needs to know that the property is a safe asset to lend against and they can recover their loan should the borrower default.

The lender has their own way of deciding what are their important risk factors and therefore when they are or are not happy to lend money. If you want to be 100% confident when purchasing a house that it is a fair market value, the best option is to confirm this through a professional valuation. This can be used to negotiate on your purchase price.

Get your no obligation RICS Red Book Valuation Quote

We guarantee a fast and friendly service whatever the type of property and survey. We are very experienced in producing Red Book Valuation reports across the UK and we understand the market well. If you have any questions about our RICS Red Book Valuation or would like to talk to our team about our Help to Buy Evaluations, please don’t hesitate to give us a call on 0800 009 6229. Or get a free no-obligation quote today for a RICS Valuation from our nationwide team of chartered surveyors.

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