When do you need a Red Book valuation?
A Red Book valuation is formal opinion of value carried out by a RICS Registered Valuer, acting in line with Red Book standards. Valuations may be needed in several situations. They can be needed any time you need a formal valuation for matters such legal or tax proceedings. Examples include; valuations for Tax planning purposes, Calculating probate, or Capital Gains Tax, Properties being sold by charities (as set out in the Charities Act) and more.
What is a Property Valuation Report?
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Number of bedrooms
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The size of the property
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The general condition
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Location and proximity to amenities and public transport
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Any parking including allocated or communal
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Any outside space such as gardens, balconies etc
Red Book Valuation vs Market Value
For a Red Book Valuation, the surveyor must use his experience and knowledge to provide a clear and justified valuation report that is understood. A valuer will carry out a thorough inspection of the property and analysis of data to produce the valuation.