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A Red Book valuation is a formal opinion of value provided by a Chartered Surveyor who is a Member of the Royal Institution of Chartered Surveyors (RICS) prepared in accordance with the RICS Valuation Standards, which are commonly referred to as the Red Book.
The Red Book sets out clear standards that the valuer must follow. It outlines that a valuation is to be undertaken with high standards of investigation, inspection, analysis and justification and can only be carried out by fully qualified RICS Registered Valuers.
When is a Red Book Valuation Needed?
There are many occasions when a Red Book valuation will be required that we can help with. These include:
The high standards required of the Red Book mean that these valuations can be used for legislative requirements and negotiations. The end valuation is a document that is clear, well researched, justified and ultimately useful to the instructing party.
Red Book Valuation or Market Appraisal?
A Red Book valuation differs from a market appraisal, which is an informal opinion/estimate the guide price for a property at sale This is very often carried out by estate agents, with a long-term view of gaining the instruction to market and sell the subject property so may be more focussed on winning the instruction that reporting the correct value.
The Robinson & Hall Team
Robinson & Hall LLP has many RICS qualified Registered Valuers who are able to provide Red Book valuations for a wide range of property types, to include rural, development, commercial and residential.
If you would like to gain more information or obtain a quote, please do not hesitate to contact the team on 01234 352201.
