Mandatory Items Checklist

Use this checklist before finalising any valuation report to ensure VPS 3 compliance.

Pre-report checks

• Confirm your RICS registration is current and your membership is in good standing
• Check for conflicts of interest and document your independence
• Verify your PI insurance covers the valuation type and value range
• Confirm the terms of engagement are agreed in writing with the client

Report content checklist

• Valuer name and RICS designation — Full name, membership number, designation (MRICS/FRICS)
• Practice name and address — Registered practice details
• Client name — Full legal name, not abbreviations
• Purpose clearly stated — "For secured lending purposes" not just "valuation"
• Property identified — Full address, title number if available
• Basis of value defined — Market Value, Market Rent, etc. with the Red Book definition quoted or referenced
• Valuation date stated — The effective date, not the report date (unless they are the same)
• Inspection details — Date of inspection, extent (internal/external), who carried it out
• Data sources listed — Every source relied upon, including Redbook Assist external data
• Assumptions recorded — All assumptions, including any special assumptions
• Approach explained — Which method was used and why
• Evidence presented — Comparables with adjustments and analysis
• Value in words and figures — e.g. "£350,000 (Three Hundred and Fifty Thousand Pounds)"
• Use restrictions stated — Who can rely on the report
• Material uncertainty addressed — If applicable, a clear statement
• Report dated — The date the report is issued
• Signed — The named valuer's signature or electronic equivalent

Post-report actions

• Save a copy of the report in your practice filing system
• Record the valuation in Redbook Assist as Completed
• Retain working papers and evidence for a minimum of 6 years
• Send the report to the client via the agreed method

Common compliance gaps

These are the items most frequently missed in Red Book compliance reviews:

1. Purpose not specific enough — "For the client's own use" is too vague
2. Basis of value not defined — Stating "Market Value" without referencing the definition
3. Inspection extent unclear — Not specifying whether internal and external inspection was carried out
4. Assumptions buried in text — Should be clearly identifiable, not hidden in paragraphs
5. No material uncertainty statement — Even if there is none, it is good practice to confirm this