What is a Red Book Valuation?

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The RICS defines several types of residential valuation. The Global Standards (‘Red Book Global Standards’) contains mandatory rules, best practice guidance and related commentary for all RICS members undertaking asset valuations. It provides a trusted, unbiased valuation report that adheres to stringent professional standards outlined in the Red Book itself.

A Red Book Valuation involves a RICS Registered Valuer assessing the property and providing a formal report on the current market value of the property.  Brickfield Surveys provides Red Book Valuations for Matrimonial, Probate, Shared ownership and Help to Buy purposes.RICS Surveyor near me

Red Book Valuation

Matrimonial Valuation

The first step in reaching a financial settlement in a separation is to identify the assets. After that, the assets must be valued. If assets are not accurately valued, then the financial settlement may not be fair. A Red Book Matrimonial valuation is done to determine the value of the family home.

Probate Valuation

Probate valuations are done when the home owner passes away and their home must be valued for the purposes of the estate. HMRC recommends that this is done by a professional valuer.

Shared Ownership Valuation

Shared Ownership is a government scheme that allows you to purchase only a part of a property. You pay mortgage repayments on the part of the property you own and reduced rent on the part you don’t (which is owned by a housing association or a landlord). Much like a matrimonial valuation, a Shared ownership valuation most often occurs when the occupant would like to increase their percentage of ownership. This process is known as staircasing.

Help to Buy Valuation

When owners have purchased their home through a Help to Buy scheme, their home must be valued when it comes time to sell it. The management company needs to know the current value of the property so that the appropriate cost is set for the new owners. The Help to Buy Valuation will determine the amount repayable in direct proportion to the current market value of your property.

When the RICS Registered Valuer undertakes a Red Book Valuations, it may be done for a certain date in the past. This should be specified when the arrangements are made.

Please contact us if you have further questions or would like to book a valuation.

Categories: Red Book Valuations