Regulated by RICS | Novello Chartered Surveyors is the trading name for Novello Surveyors LTD (Company No.

For a valuation to be a Red Book valuation, it must be undertaken by a RICS registered surveyor who is a member of the Valuation Registration scheme, a risk monitoring and quality assurance programme that checks compliance with the RICS Red Book. A Red Book valuation is designed to ensure high standards are maintained throughout the valuation process, from inspection to presentation. Red Book valuations can be specified by institutional lenders, such as banks and mortgage providers.Giving confidence that all the correct procedures have been followed and the valuation will stand up to any scrutiny it may face.

It is also designed to stand the test of time, so it can be referred back to if needed, for example, if historical values are needed during probate.A mortgage valuation involves the bank asking a surveyor to assess the property to determine if they’re willing to lend the requested amount of money. By issuing a Red Book Valuation, the valuer’s qualifications and the minimum content of the valuation report are guaranteed. While it doesn’t dictate what valuation methods should be used, the Red Book does set out the standards that valuers should follow. It covers ethics, duty of care, the valuer’s qualifications, and the minimum content of a valuation report. The Red Book – otherwise known as the RICS Valuation Global Standards is issued by the Royal Institute of Chartered Surveyors and details the mandatory rules and best practice guidelines for RICS members undertaking valuation services.

Most won’t show you the valuation outcome, which is why it’s always advised that you carry out your own valuation and survey. In addition, a Red Book valuation is often requested by the solicitor or accountant where formal legal proceedings or tax calculations are involved, such as in a property dispute, a shared ownership purchase, a divorce case, as part of company accounting, partnership dissolution or compulsory purchase.