A RICS valuation isn't just something your mortgage lender asks for. From probate and Help to Buy to matrimonial disputes and tax assessments, there are many situations in life where you'll need a formal, independent property valuation. This guide explains the main types and when you need each one.
What Is a RICS Valuation?
A RICS valuation (also known as a Red Book valuation) is a formal, written assessment of a property's market value carried out by a qualified RICS valuer in accordance with the RICS Valuation — Global Standards (the "Red Book"). It is the most widely recognised and accepted form of property valuation in the UK, accepted by HMRC, mortgage lenders, courts and government agencies.
The key difference between a RICS valuation and an estate agent's appraisal is that a RICS valuation is a professional opinion of value that the valuer is legally accountable for. An estate agent's valuation is a commercial estimate intended to inform asking price — it carries no professional accountability.
The Main Types of RICS Valuation
Probate Valuation
When someone dies and leaves property in their estate, you will need a RICS valuation of that property for probate purposes — specifically, to declare the value of the estate to HMRC for inheritance tax assessment. The valuation must be carried out as at the date of death.
HMRC can query probate valuations that appear too low, so it's important to use a qualified RICS valuer who can defend the valuation if challenged. Our probate valuations are carried out in accordance with RICS guidance and are accepted by HMRC. We understand that probate situations are often emotionally difficult and handle all cases with sensitivity.
Help to Buy Valuation
If you purchased your home under the Help to Buy Equity Loan scheme, you will need a RICS valuation when you wish to repay or increase your equity loan stake. This includes when you remortgage, staircase (buy a larger share), sell, or repay the loan at the end of the term.
Homes England (the government body that administers Help to Buy) requires a RICS valuation from an RICS-regulated firm. We carry out many Help to Buy valuations across Oxfordshire — it's a quick process and we can usually turn valuations around in five working days or fewer.
Matrimonial Valuation
When a couple divorces or separates and property needs to be divided as part of the financial settlement, each party may need an independent property valuation. The court requires an objective, professional valuation — not just an estate agent's estimate.
Where both parties can agree, a single joint expert (SJE) valuation — where one RICS valuer is appointed jointly by both parties — can reduce cost and speed up the process. We regularly provide SJE valuations for matrimonial proceedings in Oxford and across Oxfordshire.
Mortgage Valuation
Your mortgage lender will arrange a mortgage valuation of the property you're buying. This is carried out for the lender's benefit — to confirm the property is worth what they're lending. However, some lenders allow buyers to commission a combined survey and valuation, meaning the RICS valuer also provides a full Level 2 or Level 3 survey alongside the mortgage valuation.
Capital Gains Tax Valuation
If you're selling a property that isn't your main residence — a second home, buy-to-let, or inherited property — you may need a formal valuation at a historic date to calculate your capital gain accurately. HMRC can challenge CGT calculations where the base value used is not supported by a professional valuation.
Shared Ownership Valuation
If you purchased your home under a Shared Ownership scheme, you'll need a RICS valuation when staircasing (buying a larger share) or when selling. The housing association that owns the remaining share will typically require an independent RICS valuation to determine the current market value.
How Long Does a Valuation Take?
The inspection itself usually takes 30–60 minutes. The written valuation report is then prepared and sent to you, typically within 3–5 working days. For urgent probate cases or where a solicitor requires rapid turnaround, we can usually expedite the process.
What Does a Valuation Cost?
Our RICS valuations start from approximately £250, varying by property type and purpose. We always provide a fixed-price quote before you instruct us. Get in touch for a free quote within 24 hours.
Need a RICS Valuation in Oxford or Oxfordshire?
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