Brent Forbes Chartered Surveyors specialise in Red Book valuations of all types of commercial property, including property owned in SIPP and SSAS pension funds. Covering Manchester, Cheshire and Lancashire, Brent Forbes Chartered Surveyors specialise in RICS valuations offering a timely service you can trust.
.jpg)
// Red Book Valuations
Red Book surveys are literally ‘done by the book’! The rigorous and internationally respected RICS Red Book valuation guidelines specifies in detail what a surveyor needs to check and why, even down to how to present the final report.
Far more than just a market appraisal, a full Red Book valuation goes a lot deeper:
Initially, the property is surveyed in detail to confirm the size and check on the general condition of the property or land. (This will include measurements and may also include photos or video.)
Next, where possible a minimum of three similar properties nearby that are currently for sale or to let, are under offer or have recently sold are used as comparable evidence.
The final report will contain evidence demonstrating how the price of these influence the Red Book property valuation of the chosen property, taking into account the local market, the economic outlook, property trends, and other influencing factors.
The second part of the process is essentially desk research by your RICS Registered Valuer, to check:
Information on all of these is essential to put together a full Red Book valuation.
At this stage, your surveyor now has all the information they need to prepare a full RICS Red Book valuation.
Essentially, it’s a painstaking analysis of the notes taken during the physical survey as well as all the information garnered during desk research, also taking into consideration any other factors that would impact on the property value – environmental, the state of the market, any legal issues outstanding or even planned Government policies that would impact the value.
All the findings are then collated in a Red Book Valuation Report. As noted, this is far more than a market appraisal and sets out in detail the surveyor’s reasons (and reasoning) for valuing the property at a certain figure.
This takes into consideration all the factors detailed above and packages it into a comprehensive yet easy-to-digest report that can be taken as a true value of the property and will be accepted as such by legal bodies.
There are many reasons why a Red Book valuation is required. These are just a few:
// Red Book Valuations
It can’t be stressed enough that an RICS Red Book valuation is completely different from a market appraisal that an Estate Agent might give on a property.
The Red Book RICS valuation is far more comprehensive and far-reaching in its enquiries. Therefore, any RICS Chartered Surveyor who is willing to put a ‘Red Book value’ on a property is essentially staking their reputation on what the report says.
HMRC and other legal entities often need completely accurate and unbiased values on property, and this is why the RICS Red Book standards are so high, and why such a lot of work is involved in preparing one.
If you’re looking to find a RICS valuer, you are in the right place! Brent Forbes Chartered Surveyors are fully qualified RICS Chartered Surveyors and Registered Valuers, covering Lancashire, Cheshire and the Great Manchester area. With over 30 years’ experience of the local market, they are ideally placed to conduct all your surveying and valuation needs.
Although some surveyors specialise in certain types of property, our experience is wide-ranging and we are retained by many clients with diverse property portfolios throughout the North West.
The RICS (Royal Institution of Chartered Surveyors) is a leading professional body, working in the public interest to set qualifications and independently regulate chartered professionals and firms.
With a heritage of over 150 years, RICS sets the standard for over 130,000 members and candidates operating in the development and management of land, real estate, construction and infrastructure across more than 140 countries globally.
As a result, an RICS valuation is accepted worldwide as an unbiased report and RICS valuation global standards mean a Red Book valuation will be accepted in many jurisdictions worldwide.
Visit the RICS website.
Remember, when looking at cost, it’s important to draw a distinction between an approximate ‘market appraisal’ and a full RICS valuation.
The former might give you enough motivation to purchase (or sell) but is worth nothing in a court of law or in the eyes of HMRC. The latter is essentially an unbiassed view of how much the property is worth and the reasons why. The reasons why are the important factor here; your RICS Chartered Surveyor should have many years of relevant experience of properties in the area so in part, their valuable experience and local knowledge is what you’re paying for.
So how much is a Red Book valuation? What value would you put on 30+ years of local market experience? Of hundreds of long-term repeat clients? Well, an RICS Red Book Valuation cost is not as much as you might expect. Call us now to find out more...
Any more questions? Browse below some of the questions we’re generally asked. If you want to ask us anything specific about our services and what we offer,
please call us on 0161 938 5000 or click the button below to send us an enquiry.
What does a Red Book valuation mean? It’s a really comprehensive look at not only the physical property itself but of anything else - legal, environmental or historical – that might impact the current and future value of the property, all put together in comprehensive report which will be acceptable proof of value to many courts and tax authorities.
The RICS valuation – often just called a Red Book report – is a comprehensive valuation of the property consisting of four parts:
- Inspection
- Research
- Analysis
- Report writing
A Red Book valuation can only be prepared by an RICS Chartered Surveyor.
Red Book valuations are generally accepted to be highly accurate for two reasons:
- The amount of time it takes to prepare one.
- The expertise and experience of the RICS Chartered Surveyor.
As we all know, property values can fluctuate – down as well as up! Therefore, a Red Book Valuation is generally valid for just 3 months, although with the Valuer’s agreement this can be extended for a further 3 months.
Only an RICS Chartered Surveyor can undertake a Red Book Valuation. As a member of the RICS they are required to always uphold its high professional standards. This is your reassurance that the report you commission will be accurate, unbiased and realistic.
Secured lending (for instance a mortgage) valuations are excluded as are public sector financial reporting valuations. Red Book Valuations are mostly used to value properties within Pension Funds (eg SIPP or SSAS).
Yes! HMRC are happy with Red Book reports as they provide an unbiased valuation by an RICS Chartered Surveyor.
Yes! Again, a Red Book valuation will be 100% fair and accurate as your RICS Chartered Surveyor’s name (and reputation) will be on it.
Yes! If you have property as part of a SIPP or SSAS pension scheme, it needs to be valued by a RICS chartered surveyor at the time of transfer into a pension scheme and every three years thereafter.
As opposed to a market appraisal given by an estate agent, a Red Book house valuation is a formal calculation of the value of the property. This is based on both a physical, detailed survey and a large amount of research and analysis by a fully qualified surveyor to result in a RICS Commercial property valuation.
To arrange you own Red Book valuation, simply call us on 0161 938 5000 or fill in our contact form to start the process. We look forward to hearing from you soon!
// Testimonials
