A Standard Red Book RICS Valuation involves a RICS valuer assessing the building and providing a report that adheres to the RICS rules and guidelines.
The report gives details about the current market value of the property, and must follow these guidelines:
· The surveyor must be registered with RICS as an associate member, a Member (MRICS), or a Fellow (FRICS) and be a member of the Valuation Registration Scheme.
· They must choose 3 comparable properties to rationalise the valuation.
· The 3 properties should have been sold in the previous 6 months and be within the same, or a similar area.
· The valuation is only valid for 3 months, but can be extended if requested within the 2-week window following the 3 months.
Does a Mortgage Valuation follow these guidelines?
A Mortgage Valuation involves the bank asking a surveyor to assess the property, so that they can lend the requested amount of money.
Each bank has their own criteria, but they all follow similar guidelines.
As it is just for the bank to assess the risks involved, most won’t show you the outcome of the valuation. It’s always advised to seek your own valuation, along with a survey.
For more information about Mortgage Valuations, check out this article.
If you would like more information about valuations in general, head over to our valuations section, or give us a call on 01249 569010.