RICS Red Book Global · Level 2 + Valuation

Level 2 HomeBuyer Report + Red Book compliant valuation

The full L2 inspection plus a Red Book Global valuation: market value, reinstatement value, comparable evidence, valuer's certificate. For RICS Registered Valuers handling residential mortgage and probate work.

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What's in the report

Full Level 2 (sections A–L) plus the valuation block.

AAbout the inspectionSurveyor + RICS Registered Valuer details, client, address, date, weather, related-party disclosure.
BOverall opinionOverall opinion narrative + key concerns.
CAbout the propertyConstruction, accommodation, EPC rating, mains services, location, facilities, local environment.
D–GInspection sectionsOutside / Inside / Services / Grounds — identical to standard L2 (33 elements total). Description / defects / recommendations split per element. R-flag.
HIssues for legal advisersRegulation, guarantees, boundary issues, rights of way.
IRisksRisks to building, grounds, people.
VValuationMarket value, valuation date, basis of value (Red Book), tenure, special assumptions, reinstatement cost (insurance), market context, comparable evidence (3+ comparables).
WValuer's certificateRICS Registered Valuer details, signed valuer declaration, conflicts of interest disclosure, basis of opinion, RICS Valuation — Global Standards (Red Book) compliance statement.
J–LDeclaration, further investigations & termsSurveyor's declaration with AI disclosure, further investigations, standard L2+V service terms.

Red Book compliance highlights

RICS Valuation — Global Standards (effective 31 January 2024).

VPS 1

Terms of engagement

Captures all 13 mandatory ToE items: client identity, asset, purpose, basis, valuation date, currency, fee, valuer credentials, restrictions, conflicts. Pre-populated from your firm settings.

VPS 3

Valuation report contents

Structured fields for all VPS 3 mandatory elements: extent of investigation, valuation approach, special assumptions, sources of information, signed certificate. Export-blocked if any are missing.

VPS 4

Comparable evidence

3+ comparable transactions captured per valuation. Each with address, transaction date, sale price, adjustments, weight given. Forms the documented evidence trail RICS expects.

Level 2 + Valuation FAQs

Who can produce a Level 2 + Valuation report?

Only RICS members on the RICS Valuer Registration Scheme (often called Registered Valuers). The valuation section is Red Book Global compliant and the valuer's certificate names the regulated individual.

What's the difference between L2 and L2 + Valuation?

L2 is inspection-only. L2 + Valuation adds a market value (Red Book), a reinstatement value (insurance), comparable evidence (typically 3+ transactions), special-assumptions handling, and a signed valuer's certificate.

Can the AI draft the valuation narrative?

No. AI assists the inspection portion of the report. The valuation, comparable evidence, and valuer's certificate sections are surveyor-only — the regulated valuation judgement stays with the named valuer. AI never produces a market value figure.

Is reinstatement cost included?

Yes. The valuation section captures both market value and reinstatement value (rebuild cost for insurance). For standalone reinstatement assessments outside a sale context, see the dedicated Reinstatement Cost Assessment template.

Does the report include comparable evidence?

Yes. Each valuation captures 3+ comparable transactions with full metadata: address, transaction date, sale price, condition, location adjustment, time adjustment, and weighting. Required by VPS 4 for documented evidence.