Valuations

‘Red Book’ Valuations

We can carry out residential property valuations in accordance with the RICS ‘Red Book’ or giving it its proper title – The RICS Valuation Professional Standards UK.

The ‘Red Book’ is issued by RICS as part of their commitment to promote and support consistent high standards in valuation delivery worldwide. 

At Avon Surveys, our role as RICS Registered Valuers, is assurance that your valuation is provided by a professional within the RICS guidance. In the context of a Homebuyer Report, the purpose of a valuation is to confirm if the buyer is purchasing the property for what is considered to be a reasonable market price.

A current market valuation is included as standard in the Homebuyer Report service.

Valuations are carried out for:

  • ‘Help to Buy’ redemption/settlements for Homes and Communities/TARGET, PfP loans.
  • Valuations to redeem the loan on say, the Help To Buy Scheme, Places for People etc. require a Valuer to find 3 comparable properties to justify the valuation. Broadly, each property must have been sold within the past 12 months, be within a defined radius of the property and be of a similar type to the property being valued.
  • The valuation has a shelf life of 3 months, after which time, the valuation has to be re valued, which is a desktop exercise and does not require re inspection of the property. This is subject to a further fee. This is to reflect that the market values are not static and can move over time. If the valuation is 6 months old, it has to be completely renewed with a more stringent in depth valuation at further cost.

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