RICS Red Book Valuations: When Do You Need One?
RICS Red Book valuations are the gold standard for property valuations in the UK. Our registered valuers at Tonbridge Surveyors explain when you need one and what's involved.
What is a RICS Red Book Valuation?
A RICS Red Book valuation is a formal property valuation conducted by an RICS registered valuer in accordance with RICS Valuation – Global Standards (the "Red Book"). These valuations meet strict professional standards and are accepted by lenders, HMRC, solicitors, and courts.
When Do You Need a Red Book Valuation?
Mortgage Purposes
Lenders require Red Book valuations for mortgage applications, remortgaging, and additional borrowing against property equity.
Probate & Inheritance Tax
HMRC requires Red Book valuations for probate, inheritance tax calculations, and estate planning.
Tax Purposes
Capital gains tax, stamp duty land tax, and corporation tax matters all require formal Red Book valuations.
Legal Proceedings
Divorce settlements, boundary disputes, and court cases require independent Red Book valuations.
Help to Buy
Help to Buy and Shared Ownership schemes require Red Book valuations at purchase and for equity loan payments.
Commercial Property
Company accounts, financial reporting, and commercial transactions require Red Book compliant valuations.
What's Included in a Red Book Valuation?
- Property inspection by RICS registered valuer
- Market analysis and comparable property research
- Assessment of property features and condition
- Formal valuation report compliant with Red Book standards
- Professional indemnity insurance cover
- Independent, impartial market valuation
Red Book vs Basic Valuation
| Feature | Red Book Valuation | Basic Valuation |
|---|---|---|
| RICS Standards | ✓ Fully compliant | ✗ Not required |
| Accepted By | All formal purposes | Limited acceptance |
| Valuer Qualifications | RICS registered | May vary |
| Report Format | Formal detailed report | Basic certificate |
| Cost | £250-£800+ | £100-£300 |
How Much Do Red Book Valuations Cost?
Costs in Tonbridge and Kent vary by property type and complexity:
- Residential properties: £250-£600
- Larger/complex residential: £500-£1,000
- Commercial properties: £600-£2,000+
- Specialist valuations: POA
The Red Book Valuation Process
- Instruction: You engage our RICS registered valuer, agreeing terms and scope
- Inspection: Our valuer inspects the property (typically 30-60 minutes)
- Research: Market analysis and comparable property investigation
- Valuation: Professional assessment of market value
- Report: Formal Red Book compliant report issued (typically 5-7 days)
RICS Registered Valuers in Kent
Tonbridge Surveyors' RICS registered valuers provide Red Book compliant valuations across Kent for all purposes. Our extensive local knowledge ensures accurate, reliable valuations that are accepted by all institutions.
FAQs
Typically 3-6 months, but this depends on the purpose and market conditions. Rapidly changing markets may require more recent valuations. Always check with the party requiring the valuation.
No. Only RICS registered valuers can provide Red Book compliant valuations. All our valuers are RICS qualified and registered, ensuring professional standards and insurance cover.
Conclusion
Red Book valuations are essential for formal purposes requiring independent professional property valuation. Contact Tonbridge Surveyors' RICS registered valuers for expert valuations across Kent.