Red Book Valuations
We provide RICS Red Book Valuations in London and South East England. Contact our team to discuss your requirements.
Whether you need a formal valuation because you’re purchasing a property or you need to calculate Capital Gains Tax from a recent property sale, you can rely on our team of RICS-registered valuers.
Included in our Red Book Valuations is a comprehensive written report on the condition of your property and an accurate valuation based on our RICS-registered valuers’ deep understanding of the market. At Crest Chartered Surveyors, we provide you with an overview of the true market value of your property for legal or financial purposes.
What Is a Red Book Valuation?
A Red Book Valuation is a formal property valuation undertaken by a Royal Institution of Chartered Surveyors (RICS) registered valuer. RICS-registered valuers are required to adhere to the strict standards outlined in the RICS’s Valuation Global Standards, also known as the Red Book. These standards are designed to ensure that the valuation is of the highest standard and utmost accuracy.
When Is a Red Book Property Valuation Required?
A Red Book Valuation might be requested by a bank, mortgage lender, solicitor or accountant for formal legal proceedings or tax calculations. There are lots of scenarios when a Red Book Valuation might be required, including:
- Property loans
- Help-to-Buy, Shared Ownership or Staircasing valuations
- Property lease extensions
- Matrimonial matters or divorce proceedings
- Inheritance Tax purposes
- Probate Tax purposes
- Capital Gains Tax purposes
- Property disputes
- Pension-related proceedings
What Is Included in Our Red Book Valuations?
All of our Red Book Valuations are completed by RICS-registered surveyors who are experienced at valuing all types and sizes of property. Our Red Book Valuation package includes:
- In-person inspection
- Photographic evidence
- In-depth written report
- Current and historical planning permission check
- An accurate property valuation based on an inspection of three comparable properties sold in the last six months
If you need a Red Book Valuation in London or South East England, you can get in touch with our professional team to arrange your valuation. We will happily answer any questions you may have about what a Red Book Valuation is or when one is required.
How Much Does a Red Book Valuation Cost?
When you book your Red Book Valuation through Crest Chartered Surveyors, you’re not just getting an accurate property valuation, you’re also benefiting from our RICS-registered valuers’ years of experience and property expertise.
Our RICS Red Book Valuation prices start from:
£349 for up to a 2-bed property
£369 for a 3-bed property
£399 for a 4-bed property
£449 for a 5-bed property
All prices include VAT.
How Crest Surveyors Can Help with Complex Legal Proceedings
Red Book Valuations are commonly required for complex tax calculations or formal legal proceedings. For example, in cases of complicated inheritance tax where the deceased owned a large estate, listed building or commercial and residential property, HMRC may request a comprehensive Red Book Valuation of their assets. A Red Book Valuation by Crest Surveyors ensures the valuation is as accurate as possible and makes sure the inheritance tax is calculated correctly.
Crest Chartered Surveyors also offers dedicated Probate and Insurance Tax Valuation packages.
RICS Red Book Valuations in London & The South East of England
The team at Crest Chartered Surveyors is made up of highly qualified RICS registered valuers and surveyors. It’s our mission to provide a high-quality valuation service that you can trust, whilst also offering a cost-effective solution to your valuation needs.
If you’re interested in learning more about Red Book Valuations, our friendly and professional team would be happy to answer any queries you may have. You can call us using the number provided on our Contact Us page, or fill out an enquiry form below to send us a direct email.
Red Book Valuation FAQs
When Is a Red Book Valuation Not Required?
Red Book Valuations are required for many legal proceedings, such as the calculation of property value for Capital Gains Tax. However, a Red Book Valuation is not required for the process of buying or selling a property. A market appraisal from an estate agent is sufficient, but it’s often in the best interests of both the buyer and the seller to conduct a thorough Red Book Valuation to confirm the property is selling for the correct price.
Are Red Book Valuations Accurate?
A Red Book Valuation is the most accurate property valuation that can be undertaken. They have to be carried out following the RICS’s Valuation Global Standards, also known as the Red Book. These standards are a collection of mandatory rules and best practices that RICS-registered valuers must follow.
Who Can Carry Out a Red Book Valuation?
Only RICS-registered valuers, like the ones at Crest Chartered Surveyors, can carry out a Red Book Valuation.
How Long Does a Rics Red Book Valuation Last?
A Red Book Valuation report lasts for three months. However, it can be extended by another three months if the extension is requested at least two weeks before the original expiry date of the valuation.
What’s the Difference Between a Red Book Valuation and a Market Value Estimation?
The main difference between a Red Book Valuation and a market value estimation is that a Red Book Valuation is based on professional standards. However, a market value estimation is based on what an estate agent believes a buyer is willing to pay for a property.
A market value estimation aims to give a seller an indication of a suitable guide price for their property in the hope that the estate agent will be allowed to sell the property. This means an estimation of market value will never be as accurate as a comprehensive Red Book Valuation.
What Is the Difference Between a Red Book and a Non-Red Book Valuation?
A Red Book Valuation must be conducted by an RICS-registered valuer or surveyor and must follow the RICS’s Valuation Global Standards. However, a non-Red Book Valuation may be conducted by any valuer and surveyor and is not able to be used for important legal proceedings or tax calculations.
Does a Probate Valuation Need to Be a Red Book Valuation?
Yes, a Red Book Valuation is required for all Probate or Inheritance Tax valuations. This is because an accurate valuation is required to ensure that the Inheritance Tax is calculated correctly. For more detailed information, read our blog, ‘Do I Need an Official House Valuation for Probate in the UK?’.
Do You Need a Red Book Valuation for Capital Gains?
Due to the complexity of Capital Gains calculations, a Red Book Valuation is required to reduce the likelihood of you paying incorrect or insufficient tax. To learn more about this, have a look at our blog, ‘Do You Need a Red Book Valuation for Capital Gains?’.