What is the Red Book?
The Red Book is a colloquial term for the mandatory rules and best practice guidelines issued by the Royal Institution of Chartered Surveyors. The current version is the RICS Valuation – Global Standards 2022 and it is revised and updated every few years, in accordance with the International Valuation Standards.
The Red Book sets out standards that the members of the RICS should follow and includes valuation bases, reporting, inspections, ethics, duty of care and valuer qualifications. The purpose is to ensure a uniform high standard process and it is recognised globally as one of the most rigorous valuation criteria.
What is a Red Book Valuation?
A Red Book valuation can only be carried out by an RICS Chartered Surveyor who is a member of the Valuation Registration Scheme. The scheme is provided by the RICS to monitor risk and provide quality assurance. It ensures valuer’s qualification and compliance with up-to-date standards.
There should be a minimum of three comparable properties included within the report to rationalise the valuation, that have been sold in the last 6 months. The valuation is valid for 3 months and can be extended upon request within 2 weeks following the initial 3 month period.
When are they required?
· By banks and mortgage providers
· Property disputes
· Tax calculations
· Probate
· Pension purchases
· Shared ownership
· Divorce cases
· Court proceedings
· Company accounting
· Partnership dissolution
· Compulsory purchase
What is involved?
The valuer will carry out due diligence, visit the property to measure and inspect it, carry out market research and then produce a valuation report with a minimum of three comparable properties that have recently sold in the same area.
What are the benefits?
· High standard of service
· Client confidence
· Qualified and independent valuer
· Minimum reporting standards
At Proudley Associates, we carry out RICS Red Book valuations. Olivia Proudley is a Chartered Valuation Surveyor and RICS Registered Valuer. We have extensive experience in carrying out valuations of residential and commercial property. Click here to read more.
If we can be of assistance to you or any of your clients, please do not hesitate to get in touch on 01425 200366 or op@proudleyassociates.com