Shortage of valuers for ‘Red Book’ sales forces leading agent’s hand

Chartered surveyor Andrew Simmonds to become RICS ‘Red Book’ qualified to solve pressing problem on his patch.

Andrew Simmonds from Parkers

Chartered surveyor Andrew Simmonds, a director of Backwell-based Parker’s Estate Agents, has now qualified as a RICS (Royal Institution of Chartered Surveyors) Registered Valuer in an attempt to speed up ‘Red Book’ house sales across Somerset.

A shortage of valuers is holding up so-called “Red Book” house sales involving divorcing couples or those selling a property after someone has died.

RED BOOK

‘Red Book’ sales require a valuation for tax purposes to be carried out by registered valuers but a growing shortage is holding up business.

Simmonds told The Neg: “What we’re talking about is independent valuers – not the ipad valuers that lenders use for mortgage sales were they simply follow a script.

“I’m looking at it form a solicitor, probate perspective. Independent valuers that do that are becoming few and far between.

“Even building surveyors that have a valuation arm are shying away due to the cost of PI.

Traditional valuers are retiring and there is no younger generation coming through.”

He says: “A formal valuation for tax purposes or to support legal proceedings must be carried out by an RICS Registered Valuer, acting in line with ‘Red Book’ standards. It is very different to a valuation when someone is simply putting their home on the market as it has to meet exacting legal standards.

PROBATE

“I’m now able to offer law firms, in-house lawyers and accountants such a service for use in company accounts, probate and other legal purposes.”

Simmonds adds that with uncertainty in the wider economic environment, Red Book valuations are now more vital than ever.

“The housing market is still booming around Bristol with estate agents valuing properties based on very local criteria. This is absolutely fine for the simple task of selling your home but when accurate figures are needed that will stand up to scrutiny in public accounts or legal proceedings, the Red Book process is vital.”


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