Valuation Terms of Engagement:
Page 1 of the Terms of Engagement and Assumptions for the Valuation of 4 Avenue, NG4
by Steve Butler – Chartered Surveyors 1.
Subject Properties and Use or Classification by the Client
4 Avenue, a residential house with vacant possession
The interest in the property that is to be valued
Freehold with vacant possession.
The valuation will be prepared in accordance with the 7th Edition of the Valuation and Appraisal Standards published by the Royal Institution of Chartered Surveyors. Compliance with the standards may be investigated by RICS for the purposes of the administration of the Institution’s conduct and disciplinary regulations.
Special instructions, assumptions or departures
There are to be no departures from the 7th Edition of the Valuation and Appraisal Standards
Date of valuation:
The date of the report unless otherwise stated.
Purpose of the Valuation:
Determination of the capital value of the interest to be valued for the purpose of obtaining probate.
Relationship with the client:
The valuer is an external valuer. The firm or valuer has no previous relationships with the vendor, potential purchaser or potential tenants of the properties. There has thus been no rotation of the valuer or change of the signatory to the report. It is envisaged that instructions to value the portfolio will not be of sufficient frequency to warrant rotation. The fees derived from this instruction will be less than one percent of turnover.
Basis of Value:
Market value of the properties in their existing use. Market Value which is defined as:
The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in anarm’s-length transaction after proper marketing wherein the parties hadeach acted knowledgeably, prudently and without compulsion.
Values are in Pounds Sterling.
Investigations and Assumptions:
· The valuer shall have sufficient knowledge of the area and type of property to be able to undertake the valuations competently.
· The valuer will personally inspect the properties to be valued.
· No title deeds of the properties will be inspected. It will be assumed, unless advised otherwise that there are no particularly onerous restrictive covenants, encumbrances or other unusual matters that would adversely affect the properties and thus alter the valuations significantly. Samples of the different types of leases will be inspected were these are available.
· Information regarding property taxes, town planning, highway matters and other statutory approvals will be obtained verbally from the relevant authority. Where information is limited or not available the valuation will assume that the property is compliant with statutory requirements and local regulations and will not be subject to charges for road and sewer maintenance or unusual taxation.
Page 2 of the Terms of Engagement and Assumptions for the Valuation of4 Avenue, by Steve Butler – Chartered Surveyors..
· No enquires will be made in respect of any mine workings or quarrying in the area. It will be assumed that that the subject property is unaffected by such activities.
· No structural or site surveys will be undertaken and we are therefore unable to report that any part of the property is free from rot or other defect. No warranty or guarantee can be given or is implied as to the structural stability of the property. The property will be assumed to be is in good repair, except for any defects specifically noted.
· Inspections will not be carried out in detail, nor any of the services or installations such as hot and cold water, ducted warm air systems, gas and electrical installations or drainage systems in the property tested. The report will be unable to give any assurance that the buildings or services within are adequate for their purpose or that any part of them is free from defect. It will be assumedthat the services, and any associated controls or software, are in working order or free from defect. No warranty or guarantee is given or implied.
· No soil or underground tests will be carried out. It will therefore been assumed that there are no soil or site problems which would adversely affect any of the existing buildings or any of the open land which may or may not be used for future extensions.
· Ages of properties will be estimated and are for guidance only.
· Measurements will be in accordance with the RICS code of measuring practice.
· There will be no investigations as to whether the land is or has on the past been contaminated, or whether it is on such a register and your legal advisers should make any necessary investigations before you enter into a commitment to purchase the property. The valuation assumes that the property is not contaminated or at risk of contamination and not on a statutory register of such properties.
· It will be assumed that no high alumina cement concrete, wood wool shuttering, blue asbestos or any other deleterious material has been used in the construction of any building. No warranty or guarantee is given that such materials have not been used.
· No allowance will be made for rights obligations or liabilities arising under the Defective Premises Act 1972 or similar legislation relating to the standards of construction, maintenance and safety of property. The valuation will assume that the property will not be subject to such liability.
Information relied on:
The report will rely on information provided by the client or their legal advisors as regards to:
There are to be no special assumptions.
Landlords fixtures and plant and machinery normally sold with a property will be included in the valuation. Tenants fixtures and fittings, and improvements will be excluded from the valuation.
The valuation is exclusive of any Value Added or other from of taxation that may apply to the purchase price of an interest in property.
This report is confidential to the clients and for the specified purpose to which it refers. It may be disclosed to other professional advisers assisting you in respect of the purpose, but may no be disclosed to any other person without my written consent. The report, contract documents, notes and other information obtained by the valuer may be subject to inspection by the Royal Institution of Chartered Surveyors as part of the regulation procedures.
Neither the whole nor any part of the report may be included in a published document, circular or statement or published in any way without my written approval of the form or context in which it may appear.
Page 3 of the Terms of Engagement and Assumptions for the Valuation of 4 Avenue, by Steve Butler – Chartered Surveyors..
It must be emphasised that no liability or responsibility to third parties can be accepted for the valuation or other comments contained in the report.
£175.00 payable in advance for the initial valuation. No VAT is payable.
Steve Butler Chartered Surveyor operates a complaints handling procedure as required by the Royal Institution of Chartered Surveyors. A printed copy is available on request.
To Steve Butler – Chartered Surveyors
To confirm that I have received and read the three pages of terms and conditions in respect of the proposed valuation of:
4 Avenue, NG4
Ms 23 m Avenue
Please write very clearly.