What is a Red Book Valuation? The Red Book Global Standards is a publication issued by the Royal Institution of Chartered Surveyors (RICS) and details requirements and practices for RICS members to follow when carrying out valuations. The latest version of the RICS Valuation – Global Standards (‘Red Book Global Standards’) became effective from January 2022.
A Red Book Valuation is undertaken by an RICS registered member in line with the requirements of the Red Book Global Standards (unless otherwise agreed). It is important to note that estate agents’ valuations/ appraisals are not typically Redbook Valuations, unless the estate agent is an RICS Registered Valuer.
There are many circumstances in which an RICS Red Book Valuation may be instructed, these may include but are not limited to:
- Valuing a property for Probate purposes
- Valuing a property for Inheritance Tax purposes
- Valuing a property to staircase (increase shares) in a Shared Ownership property
- Valuing a property when settling a Help to Buy equity loan
- Valuing a property prior to commitment to purchase
- Valuing a property prior to sale on the open market
- Valuing a property if purchasing or disposing of such as a charity – known as a ‘Charities Act Valuation’
- Valuing a property for matrimonial or divorce proceedings
- Valuing a property for Capital Gains Tax purposes