Red Book Valuations

At Graham Fitt Surveyors Ltd, we carry out the following Valuations on a regular basis:

  1. Private Valuation
  2. Shared ownership or Shared Equity Scheme Valuation
  3. Probate Valuation
  4. Matrimonial (Expert Witness) Valuation for the court
  5. Capital Gains Tax Valuations

When you instruct Graham Fitt Surveyors Ltd, you know that all Red Book Valuations are carried out by Chartered Surveyors who are also Accredited Valuers qualified under the RICS Valuer Registration Scheme.

The Red Book is a procedural manual produced by the Royal Institution of Chartered Surveyors. Compliance with its contents is usually a mandatory requirement for Accredited Valuers who are undertaking a written Valuation Report. There are some exceptions to this rule.

The Valuer must comply with the various professional standards and valuation practice statements which are set out in this book.

The Valuer must also comply with the International Valuation Standards.

The Red Book defines four recognised bases of Value.

The most common one which we carry out for our clients is Market Value for residential property.

“  The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. “

We do also carry out residential rental valuations, defined as follows:

“The estimated amount for which an interest in real property should lease on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”

jamesaskewRed Book Valuations