Keep up to date with the latest Stags news
A red book valuation is a formal valuation carried out by a RICS registered valuer, often requested by either an accountant or solicitor when a tax calculation or accurate value is required.
Professionals who assess the value of properties and land for formal purposes are required to operate within a strict set of professional standards set by the Royal institute of Chartered Surveyors (RICS), this includes all qualified surveyors, that carry out a formal valuation, having sufficient professional indemnity insurance. The publication that covers these valuation standards is known as the Red Book which is issued to promote and support a high standard of valuation and is where the name of this specific type of valuation derives from.
Certain circumstances that may warrant a red book valuation include divorce proceedings, partnership dissolutions, inheritance or capital gains tax purposes, secured lending and instances involving compulsory purchases or SIPP (self-invested personal pension) valuations.
In all of these cases, the importance of a ‘Red Book’ valuation is demonstrated by its overall aim to deliver high quality valuation advice in accordance with strict professional standards that meets expectations and provides values that can be relied upon.
Formal valuations are undertaken by a RICS Registered Valuer and are prepared in accordance with the RICS valuation Global Standards (the Red Book) in order to produce a credible, consistent and transparent report that is trusted and can be relied upon by a third party.
The process of undertaking a Red Book valuation includes:
Stags has a team of RICS registered valuers who can provide Red Book valuations across Devon, Cornwall, Somerset and Dorset – Contact your local professional today to find out how they may be able to help.
Online & on-site machinery & equipment auctions
