What is a Red Book Valuation? And why do I need one?
A Red Book Valuation is a formal assessment of the value of property or land which is often confused with a ‘market appraisal’.
Professionals who value property are required to work within strict professional standards which are set by the Royal Institution of Chartered Surveyors (RICS). The publication that covers these standards and details the mandatory practices is known as the ‘Red Book’,
Why and when would I need a Red Book Valuation?
There are various situations where a Red Book valuation may be necessary. Fundamentally, any time a formal valuation is required this must be carried out by an RICS Registered Valuer.
This might include valuations for:-
· Pre purchase
· Internal purposes
· Calculating probate or Capital Gains Tax
· Matrimonial disputes / Court proceedings
· Accounting / Financial reporting
· Pension fund (SIPP) purposes
· Charities Act valuation
· Disputes being resolved through mediation or arbitration.
These valuations provide a formal opinion of value that can be relied upon by the client, providing a comprehensive and insightful report on value.
When working with Primmer Olds B.A.S you can be confident your valuation is being carried out by a Member of the RICS (MRICS) and Registered Valuer, we pride ourselves on providing high quality valuation reports for a range of purposes and properties.
For a valuation you can trust, contact our Head of Professional Services, Simon Hake – shake@primmeroldsbas.co.uk