The RICS Red Book, formally known as the RICS Valuation Global Standards, is the professional framework published by the Royal Institution of Chartered Surveyors that governs how formal property valuations must be conducted, reported, and presented. A Red Book valuation is not simply an opinion or estimate. It is a rigorous, evidence-based assessment carried out by a qualified RICS registered valuer, prepared in strict accordance with internationally recognised standards and backed by professional indemnity insurance.
The distinction matters because many parties that rely on property valuations, including mortgage lenders, HMRC, family courts, and housing associations, will only accept a Red Book compliant report. An estate agent’s opinion of value or an informal assessment, however well-intentioned, does not carry the same legal and professional weight and will not be accepted in most formal or regulated contexts.
When you instruct Wignalls for a Red Book valuation, you receive a report that is thorough, transparent, and defensible, prepared by a surveyor with both the qualifications and the local market knowledge to support every figure presented.
There are a wide range of circumstances in which a formal Red Book valuation is required or strongly recommended. Understanding which situations call for this standard of report is important before instructing any surveyor.
Mortgage and Secured Lending Most residential and commercial mortgage lenders require a formal Red Book valuation before releasing funds. Whether you are purchasing a property, remortgaging, releasing equity, or using property as security for a loan, the lender will require a report prepared to Red Book standards by a RICS registered valuer. Wignalls provide mortgage valuations for a wide range of lenders across Preston and Lancashire, covering residential, commercial, and investment property.
Probate and Inheritance Tax When a property forms part of a deceased person’s estate, HMRC requires a formal valuation at the date of death for the purposes of calculating Inheritance Tax. This must be a Red Book compliant report prepared by a qualified surveyor. Estate agents cannot provide this level of report, and an inaccurate figure risks either overpayment of tax or a potentially costly HMRC investigation. Our probate valuations are structured specifically to meet HMRC requirements and are prepared promptly to support executors and solicitors in administering estates across Lancashire.
Matrimonial and Divorce Settlements Where property forms part of a financial settlement during divorce or separation proceedings, the family court requires an independent, impartial Red Book valuation as the accepted standard of evidence. Wignalls provide matrimonial valuations across Preston and Lancashire for private clients, family law solicitors, and the courts, including single joint expert instructions where both parties agree to rely on one independent report.
Help to Buy and Shared Ownership Properties purchased through government-backed schemes including Help to Buy and shared ownership require specific Red Book valuations when the equity loan is redeemed, the property is sold, or additional shares are purchased through staircasing. These valuations must meet the requirements of Homes England and the relevant housing association, and must be carried out by a RICS registered valuer. Our team is experienced in the specific requirements of these scheme valuations across the region.
Capital Gains Tax Where a property has been sold, gifted, or transferred and a capital gain may have arisen, HMRC requires an accurate valuation at the relevant date to calculate the tax liability. This is particularly relevant for investment properties, second homes, and properties that have changed use. Wignalls provide both current and retrospective Red Book valuations for Capital Gains Tax purposes across Preston and Lancashire.
Company Accounts and Balance Sheet Reporting Businesses that hold property as a fixed asset are often required to include accurate valuations in their annual accounts and financial reporting. Our commercial Red Book valuations provide the independently verified figures that auditors and accountants require, covering offices, retail units, industrial premises, and mixed-use buildings across the region.
Pension Fund and Trust Property Properties held within self-invested personal pensions (SIPPs) or managed by trustees require regular independent Red Book valuations to ensure accurate reporting and compliance with regulatory requirements. Our surveyors provide SIPP and trust valuations across Lancashire, working with pension providers and trustees to deliver compliant, timely reports.
Preston and the surrounding Lancashire towns and districts present a wide variety of property types, market conditions, and valuation challenges. From the regenerating city centre of Preston and the established residential suburbs of Fulwood and Penwortham, to the market towns of Ormskirk and Chorley, the coastal areas of Southport and Lytham St Annes, and the rural landscapes of the Ribble Valley and West Lancashire, our surveyors have the local knowledge and transaction evidence to value property accurately wherever it is located.
This local expertise is particularly important in Red Book valuations because the report must be supported by relevant comparable evidence from the same market. A surveyor without genuine knowledge of the Lancashire property market cannot reliably identify the most appropriate comparables or understand the local factors that influence value. Our team is based in the region, active in the local market, and continuously monitoring transaction data across all of the areas we serve.
Every Red Book valuation report prepared by Wignalls is structured to meet RICS standards and the specific requirements of the instructing party. Reports include a clear statement of the basis and purpose of the valuation, a full description of the property inspected, an assessment of the property’s condition and any factors relevant to value, a review of comparable market evidence with commentary on its application, a clear opinion of market value at the stated valuation date, and any assumptions or special assumptions relied upon in reaching that figure.
Where required, reports can be addressed to specific lenders, solicitors, or third parties, and we are happy to liaise directly with legal or financial representatives throughout the process.
Our process is straightforward and designed to cause as little disruption as possible. Following your initial enquiry, we confirm the purpose and requirements of the valuation and agree the fee. We then arrange a convenient time to inspect the property, usually within a few days of instruction. The inspection itself is thorough but efficient, covering all accessible internal and external areas of the property. Following the inspection we carry out our research and analysis, identify and review comparable evidence, and prepare the formal report. Reports are typically delivered within 3 to 5 working days of the inspection, with faster turnarounds available where required.
Wignalls are a RICSregulated firm of chartered surveyors and registered valuers with many years of experience serving clients across Preston, Lancashire, and the North West. Our Red Book valuations combine professional rigour with genuine local market knowledge, providing reports that are accurate, clearly reasoned, and accepted by the full range of parties that rely on them.
We are independent and impartial, with no interest in the outcome of any transaction or proceeding. Every report is prepared by a qualified RICS registered valuer, professionally indemnified, and supported by transparent methodology and evidence.
Whether you need a residential valuation for probate, a commercial report for your business accounts, or a scheme-specific valuation for Help to Buy redemption, our team provides the expertise and personal service to deliver the right report for your circumstances.
If you need a formal RICS Red Book valuation in Preston, Ormskirk, Chorley, Leyland, Southport, Lytham St Annes, or anywhere across Lancashire, contact Wignalls today for a no-obligation discussion about your requirements.
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