What is A red book Valuation?
Red Book valuation involves a RICS Registered Valuer assessing the property and providing a formal report on the current market value of the property. To help calculate this market value, the valuer will look at three comparable properties that have recently been sold in the same or similar area.
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A Red Book valuation is a formal opinion of value and can be relied upon by the instructing party. While valuation is sometimes used interchangeably with market appraisal when talking about selling residential property, this is something different. The Red Book, otherwise known as the RICS Valuation – Global Standards, sets out the standards that valuers should follow.
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Red Book valuations are often requested in instances where a tax calculation or formal legal proceedings are involved. For example, in cases of complicated inheritance tax or capital gains tax returns HMRC may require a Red Book valuation of the asset. Other examples could include a divorce case, property dispute, compulsory purchase, a shared ownership purchase, or a part of company accounting.
The importance of a professional valuation in these cases is to identify not only the total value of the property concerned, but apportionment of that value between different elements to ensure that appropriate reliefs can be claimed.
