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RICS ‘Red Book’ Valuation Reports

We are RICS Registered Valuers and experts in this field. We undertake and provide RICS ‘Red Book’ valuations for a wide range of purposes, including for taxation and probate, matrimonial issues, resale, shared ownership and to help clients to make informed buying decisions. 

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A valuation gives you an accurate idea of the value of an asset and this information is vital to making good decisions. In the property business, an estate agent can suggest an asking price for a property and offer an idea of an achievable price but this is not a genuine valuation.  A valuation from a RICS regulated surveyor is comprehensive and accurate as surveyors are formally qualified in market valuation techniques and compile a report to justify their conclusions. This report is based upon in depth analysis of comparable properties, up to date market information, macro-economic considerations, and other information. The reports are accurate, reliable, and fully independent.

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What is a ‘Red Book’ Valuation?

 

Professionals who assess the value of properties and land have to work within strict professional standards set by RICS, the Royal Institution of Chartered Surveyors – and the publication that covers these valuation standards is known in the industry as the ‘Red Book’.

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The Red Book contains mandatory rules, best-practice guidance and related commentary for all RICS-registered valuers undertaking asset valuations. This means that the client receiving the report can be sure that it has been prepared by a suitably qualified practitioner and that it is well considered and robust.

The Red Book standard is the almost universally adopted standard for valuations.

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Why would I need a valuation?


There are many reasons why you would require an RICS ‘ Red Book’ Valuation. These include: 
 

  • You want to check the value of your property – maybe market conditions have been turbulent, or you have completed work on the property or are planning to sell and move.

  • For probate – if you are the executor and managing an estate, you will require an independent valuation.

  • Buying a property – getting an independent valuation will give you peace of mind and ensure you paying what you should be paying.

  • For tax purposes – having an accurate and up to valuation of your property asset (s) will help you manage your tax affairs and may save you money. 

  • A matrimonial valuation will offer an impartial assessment of the property’s market worth.

  • Shared equity – you may need a valuation if you want to buy or sell some shares or pay back the loan.

  • You want to assess the rental value of your properties.

  • A variety of other financial reasons.

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Level 2 Building Surveys  - Home Condition Report

In March 2021, the RICS published new guidelines for the provision of building surveys. According to the RICS, the aim was “to increase consistency, transparency, and competency across residential surveying in the UK.


The new standard aims to deliver not only increased clarity to the process but more open communication which will greatly benefit property transactions and will make sure consumers fully understand the process, the different levels of surveys and what is included in each one, and how to get the level they need”.

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Therefore, irrespective of the name given to your survey report, it is either Level 2 or Level 3.

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Our Level 2 survey - The Home Condition Survey​

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It is our modern, signature version of the RICS HomeBuyer Report. This is a standard report in a concise format and sets out the significant matters relating to a house or flat in an easy to follow way, prioritising issues according to their importance in a clear and easy to understand ‘traffic light’ rating. The information contained in the report should help potential buyers make a reasoned and informed judgement on whether to proceed with a purchase or to re-negotiate the price. This report is generally suitable for modern or conventional properties, which are apparently in reasonable condition, which have not been substantially altered or for which is it not intended to carry out substantial alteration or extension.

 

This is our most popular service, and we include everything you’ll find in a standard RICS HomeBuyer Report but we also provide clear annotated photographs - to make it really clear to you what condition the property is in. A market valuation can be included or excluded according to personal preference. Freehold properties will also include a reinstatement cost for building insurance purposes.

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Level 3 Building Surveys – The Building Report 

It is equivalent to what was previously known as a full Structural Survey. It is a very wide-ranging inspection of a property and the most comprehensive of the surveys available for residential properties. It will provide a detailed evaluation of a property’s condition.

 

The Building Report will describe the condition of each element of the house and identify the property’s defects, their apparent cause, the urgency of repair, maintenance options and may also include an indication of the cost to repair. Although the most expensive survey, a Building Report is the most comprehensive and detailed evaluation of a property’s condition and construction. 
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This survey is suitable for any building older than about 1980, but particularly for listed buildings or more complex, unusual properties that have been substantially altered, extended or have significant outbuildings. A market valuation and/or a reinstatement cost can be included to a building survey, 
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This extensive report is based on a detailed inspection in as much depth as possible without damaging the building or vendors property, or involving any destructive examination. The report provides an expert account of the property’s condition and highlights any problems in clear and easy to understand ‘traffic light’ rating.  A market valuation can be included or excluded according to personal preference. Freehold properties will also include a reinstatement cost for building insurance purposes.

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Click here for a free no obligation quote

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Other Services

 

 

Buyer Consultation Service

 

Our Buyers Consultation Service is unique to Dan Crowley Surveying. It combines our estate agency and surveying expertise with our experience of the residential property market to make the process of buying a property quicker, easier and less stressful. 


In England approximately 35% of agreed property sales do not complete. This is a huge waste of everyone’s time and money but importantly is also incredibly stressful. What is more, people do not end up buying and moving into the properties they have set their heart on.  The legal process is complex, often adversarial and in many ways outdated. Property chains which can involve lots of different buyers, sellers, estate agents and solicitors are complex and inherently insecure. Even the purchases which are successful can be incredibly stressful too. The answer is a fundamental change in the legal framework and entire process but this seems unlikely.


We have devised our Buyers Service to offer prospective buyers help with this process. We utilise our property expertise, our understanding of the process and experience of working on thousands of property purchases to help buyers progress from making an offer through to an eventual completion. This bespoke service can be altered according to individual preference, but the essential elements include:

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  •    You will be assigned a property consultant to work exclusively on your purchase / sale.

  •     A property visit with an expert prior making an offer to identify any issues / problems at that stage and offer advice on value.

  •     A Level 2 or 3 survey report.

  •     Management of the conveyancing process on your behalf.

  •     Management of the chain on your behalf.

  •     Liaising with every agent in the chain on your behalf.

  •     Dealing with conveyancing and legal issues on your behalf.

  •     Working on the purchase until completion and you move in.

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Drone Surveys

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In some instances, a closer and more detailed inspection is required of difficult to reach places. This is most often the roof but can also include fascias & sofit boards, chimney stacks and gutters. Our drone survey covers all of the above and allows us to look for hidden defects and issues that are impossible to detect from the ground. The service is available either as part of your RICS Survey or independently. 

 

Japanese Knotweed

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Having Japanese Knotweed on a property can be a significant issue for property owners, as it can decrease the property's value and make it harder to sell. Sadly, the occurrence of this invasive plant is expanding throughout the south of England. To alleviate your concerns, we provide an advisory service for Japanese Knotweed, which includes a comprehensive evaluation of any current management plans and a thorough site inspection conducted by impartial experts.  For additional information, please don't hesitate to reach out to us.

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