Glossary definition
RICS (Royal Institution of Chartered Surveyors)
The leading professional body for surveyors and property professionals worldwide, setting standards for valuation, surveying, construction, and property management. RICS-registered valuers are required by lenders to prepare Red Book valuations for secured lending.
Definition
The leading professional body for surveyors and property professionals worldwide, setting standards for valuation, surveying, construction, and property management. RICS-registered valuers are required by lenders to prepare Red Book valuations for secured lending. RICS members must adhere to strict ethical and competency standards, and their valuations carry the weight of professional regulation and indemnity insurance.
See also
Closely related terms.
Red Book Valuation
A formal property valuation prepared in accordance with the RICS Valuation Global Standards, known as the Red Book.
Valuation
A professional assessment of a property's market value, carried out by a qualified surveyor for lending, investment, or transactional purposes.
Monitoring Surveyor
An independent surveyor appointed by the lender to inspect the development site at regular intervals and verify that construction work has been completed to the required standard before each drawdown is released.
Quantity Surveyor
A construction cost professional who prepares detailed cost plans, manages budgets, and provides independent cost verification on development projects.
Further reading
Guides that touch this term.
Guide
RICS Red Book Valuations for Development: What Lenders Require
A comprehensive guide to RICS Red Book valuations in development finance, covering what lenders require, how valuations are structured, and how to ensure your scheme is accurately assessed.
11 min read readReadGuide
Legal Due Diligence in Development Finance: What Solicitors Check
Legal due diligence is the backbone of every development finance transaction. This guide explains what solicitors investigate, common issues that delay completions, and how to prepare your legal pack.
9 min read readRead
Where it shows up
Finance products using this term.
Service
Development Finance
Senior debt funding for ground-up residential and commercial developments.
From 6.5% p.a. · Up to 65-70% LTGDVReadService
Bridging Loans
Short-term finance for acquisitions, auction purchases and time-sensitive deals.
From 0.55% p.m. · Up to 75% LTVReadService
Commercial Mortgages
Long-term finance for commercial property acquisition and refinancing.
From 5.5% p.a. · Up to 75% LTVRead
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