There are several reasons you may require an RICS Valuation Report (Red Book) including for probate, divorce, tax planning or staircasing under shared ownership or help to buy.
The most common type of valuation we undertake is for Probate purposes which is used to establish your inheritance tax liability where the decease’s assets are worth more than £325,000 with the property valued at the date of death. Even if you wish to sell the property, you will still need an RICS Red Book valuation for you to obtain probate which allows the property ownership to be transferred to the beneficiaries.
The second most common valuation type is for properties that are help under shared ownership where the client wishes to either increased the percentage they own (staircasing) or where they are selling the property and the housing association requires an RICS Red Book Valuation to verify the sales price.
We are often asked what is the difference between an estate agent’s valuation and a RICS surveyor’s valuation. The purpose of an estate agent’s valuation is to convince the potential client to market their property with them and whilst they will have local knowledge of an area, there is no obligation to state an accurate price.
An RICS Valuer must produce an impartial and unbiased report which can then be accepted by the relevant party/body.
Please don’t hesitate to contact us on 01223 620755 or via email to discuss your valuation requirements.
All our surveyors are regulated by RICS. We only provide services to areas where we have a local expert surveyor.
High efficiency allows us to offer great rates.
Our reports are RICS Red Book compliant but also easy to understand.
Our surveyors undertake hundreds of valuations per year and understand your local market.
For in depth advice and a quotation.
Book one of our Chartered Surveyors to undertake your survey.
One of our Valuers will be in charge of your case and analyse the market.
You will receive your report within 4/5 working days.
Our surveyors will be more than happy to address any concerns or queries.
A property valuation is carried out on your behalf (or on behalf of your lender), to accurately determine the current market value of your home or business premises. Precise details will vary according to your circumstances, but the valuation almost always takes the form of a report that includes data supporting your property’s value.
To accurately determine the value of your property, your valuer will need to visit it in person. Following their site survey, they will conduct research into similar properties in the local area, ultimately producing a concise document with their conclusive valuation.
In the case of commercial property, after their initial visit to the premises a valuer may be able to periodically perform desktop valuations of the building. These can be more cost-effective for both parties, although they do rely on no major changes being made to the structure.
The surveyor will use a combination of data gathered from the property and information they have about the local area.
For example, they will take into account the measurements, condition and general presentation of each room, as well as the building as a whole. The valuation will also consider the outdoor elements of the property, including gardens, outbuildings and parking structures (garages, carports etc.) It may be the case that your property has a feature or defect that substantially affects its value, in which case particular attention may be brought to this in the valuation report.
Your surveyor will then research recent sale prices of comparable property in the local area, and consider how any planning restrictions, upcoming projects or land zoning may affect the total value of your home.
The majority of buyers will find that they need a property valuation before their lender approves their mortgage application. This is carried out on behalf of the bank to ensure that the value of the property matches the amount you are intending to borrow, in the event that they should need to recover outstanding payments.
You may also choose to have a professional valuation before selling a house, for probate purposes or to calculate the worth of an estate in matrimonial proceedings.
The figures provided by estate agents are not the same as a formal valuation that has conducted by a surveyor or qualified valuer. The appraisal given by an estate agent is intended to win your business as a seller, and is too-often calculated with their commission in mind.
Reputable agents will use their local experience to provide you with an honest figure when it comes to pricing your home but, even still, they are not obliged to work to the same professional standards as a RICS-approved valuer or to provide you with a technically accurate, factually supported quote.