Red Book Valuation
What is a Red Book Valuation?
The Red Book valuation is a professional valuation of property or land carried out by an RICS registered surveyor. It provides a trusted, unbiased valuation report that adheres to stringent professional standards outlined in the Red Book itself.
Here is a short, beginner-friendly guide to Red Book valuations including what they are, when they are needed and how long they are valid for.
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Do I need a Red Book valuation for probate?
Yes. When a person passes away, their entire estate must be valued so that the executor of the will has the right to carry out the wishes of the deceased. This includes their money, property and their possessions. The valuation itself is known as a probate property valuation.
Although you’re not legally obliged to ask a valuation professional such as a chartered surveyor to carry out a Red Book assessment, HMRC strongly recommends that you do so. RICS registered surveyors are trusted and experienced professionals who must adhere to the standards set out by the Royal Institution and will ensure that you receive an accurate valuation.
You will need this report even if you’re planning to sell the property as you could be liable for Inheritance Tax if the value of the estate is above the current threshold.
How long does the Red Book valuation last?
The valuation report is valid for three months but it can be extended by an additional three months if required. This needs to be done within the first two weeks of the expiry date.
If you’re looking for a trusted valuation of a property or a building choose an RICS registered Valuer, such as Harding Chartered Surveyors. We aim to provide complete peace of mind and adhere to strict standards outlined by the RICS, providing you with a valuation report ideal for mortgages, probate, divorce, taxation purposes and accounting.
Why Harding Chartered Surveyors?
At Harding Chartered Surveyors, we aim to be direct, open, and honest. As members of the Royal Institution of Chartered Surveyors (RICS), we must abide by strict ethical standards. We benchmark ourselves against the client feedback we receive. We deal with complex matters but interpret all the jargon for you to give you a common-sense opinion.
Our surveyors are always more than happy to spend time discussing matters with you.
Our RICS Chartered Surveyors comply with stringent guidelines and use 60 years of combined experience to provide accurate Surveys, Red Book valuations, Party Wall Matters for residential property and commercial property in London and the surrounding areas.
Contact our professional and RICS registered valuers to arrange the valuations that will save you time and make the whole procedure smooth and easy.
What is the purpose of a Red Book valuation?
By having a Red Book valuation, you can be sure that you are receiving an accurate valuation that is free from ambiguity or bias. The report will have been prepared to a high professional standard by the RICS Registered Valuer whilst adhering to good practice as per the guidelines set out in the red book.
Why would you need a Red Book valuation?
A Red Book valuation should be carried out whenever you need a formal valuation for tax purposes or legal proceedings.
Most commonly, Red Book valuations are required when buying a home. Many homebuyers also carry out property valuations as part of a building survey so they can have an accurate market value of the property.
However, this isn’t the only time a Red Book valuation may be required. It may also be required for the following circumstances:
- Tax planning purposes
- Calculating probate (see below)
- Calculating Capital Gains Tax
- Transferring assets into a SIPP pension fund
- Court proceedings such as divorce (Matrimonial Valuation Report)
- Shared ownership
- Disputes being resolved through mediation or arbitration
- Rent reviews or negotiations