Do I Need a RICS Red Book Valuation for Probate?

When administering an estate that includes a property, establishing an accurate value is essential. The valuation directly affects inheritance tax calculations, the distribution of assets to beneficiaries, and the legal responsibilities of the executor. While an estate agent can provide a quick appraisal, certain situations demand a more formal and defensible approach — namely, a RICS Red Book valuation carried out by a Chartered Surveyor.

This guide explains when a Red Book valuation is required, how it differs from an estate agent’s appraisal, and why executors often choose the formal route for probate reporting.

What Is a RICS Red Book Valuation?

A RICS Red Book valuation is a formal property assessment prepared by a qualified Chartered Surveyor in accordance with the RICS Valuation – Global Standards (commonly known as the “Red Book”). These valuation standards are recognised as the benchmark for professional and impartial assessment of property value.

A Red Book valuation:

establishes a clear open market value at the date of death,
considers the property’s condition, construction and setting,
reviews any legal or title restrictions,
applies relevant comparable evidence,
and produces a valuation that is robust enough for HMRC scrutiny.

For properties with age, character, deferred maintenance, or more complex defects, the Chartered Surveyor’s approach is particularly valuable and can help avoid later disagreements or revaluation requests from HMRC.

How Does a Red Book Valuation Differ from an Estate Agent’s Appraisal?

Most estate agency appraisals are informal estimates based on:

current market trends,
comparable recent sales,
local knowledge,
and practical experience of selling similar properties.

These appraisals can be perfectly adequate for basic probate reporting in low-value or straightforward estates, but they are not designed to meet HMRC standards and may be influenced by the desire to secure a sales instruction.

A Red Book valuation, by contrast:

is completely independent,
follows a regulated methodology,
includes written justification of the valuation figure,
and carries the professional weight of RICS regulation.

Executors often choose a Red Book valuation for peace of mind, especially where the estate may attract inheritance tax or where the property is unusual.

When Is a RICS Red Book Valuation Necessary?

A Red Book valuation is advisable — and in many cases the safest approach — in the following situations:

1. Higher-Value Estates

If the estate approaches or exceeds the current inheritance tax threshold (£325,000), a formal valuation provides a verified figure for reporting and reduces the likelihood of HMRC queries.

2. Unique, Complex or Older Properties

Properties with unusual features, large grounds, development potential, Listed status, traditional construction (for example, stone or thatch), or areas of deterioration often benefit from a more detailed surveyor-led valuation. Subtleties in condition can materially affect value and require professional interpretation.

3. Beneficiary Disputes

Where there is potential for disagreement regarding value, a Red Book valuation provides an independent, defensible position for the executor.

4. HMRC Scrutiny or Challenge

HMRC may question informal appraisals if they appear to be understated. A Red Book valuation reduces the risk of revaluation demands and protects executors from unnecessary delay.

5. Executor Protection

Executors are personally responsible for providing accurate information in the probate application. A formal valuation demonstrates due diligence and offers a reliable audit trail.

When Might an Estate Agent’s Valuation Be Adequate?

In straightforward, low-value estates where inheritance tax is not a concern, an estate agent’s valuation may be acceptable for probate reporting. However, executors should be aware that:

HMRC may request further justification,
informal valuations are harder to defend if challenged,
disagreements between beneficiaries can arise later if the valuation appears unrealistic,
and significant repairs or defects may not be reflected in an informal appraisal.

Where there is any doubt, a Chartered Surveyor’s valuation is the more secure option.

How the Probate Process Fits In

Determining whether a Red Book valuation is required is just one part of the probate process. Executors must also establish legal authority to deal with the estate, gather financial information, and complete the necessary probate application forms.

For an overview of the wider probate process, including timescales and how property sales interact with probate, see our guide:
Probate Property Valuations – What Executors Need to Know.

How We Can Help

At David Cosby, our Chartered Surveyors undertake formal RICS Red Book valuations for a wide range of probate cases, from modest properties to complex rural estates and Listed buildings. Our combined surveying, legal and estate agency expertise allows us to provide clear, practical advice tailored to the needs of executors across Northamptonshire.

Whether you require a formal Red Book valuation or an estate agent’s appraisal for a simpler estate, we will be happy to discuss the most appropriate approach for your circumstances.