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Valuations in Nottingham

Valuations Terms

 

Valuation Sample Report

 

1st September 2015

Dear Sir

 

18 , NG3

Thank you for your instruction to prepare a valuation for the purposes of disposing of the above property.

Client

Miss . It is understood that the Help to Buy scheme will rely on the valuation.

Subject Properties and Use or Classification by the Client

NG3. Domestic dwelling in occupation.

Date of inspection and valuation:

1st September 2015

Description

The property is a semi-detached house with brick faced walls and pitched concrete tile roof construction. It is estimated to be eighty years old.

The accommodation comprises:

Lobby                     

Lounge:                       4.2m x 3.4m

Dining Kitchen           4.3m x 2.8m

Landing

Bedroom:                    4.2m x 3.0m

Bedroom:                    3.1m x 2.7m

Bathroom                    2.4m x 2.2m with three piece suite

Gross External Floor Area of the property measured in accordance with the RICS code of measuring practice is approximately 75 sq.mtrs.

Outside:

There is a typical plot for the type and age of property with large hardstanding and integral store.

Services: The property has all mains services.

Condition: The property is maintained in a condition typical of its type and age and is well presented

Fixtures:

Landlords fixtures and plant and machinery normally sold with a property are included in the valuation. Tenants fixtures and fittings and improvements.

The interest in the property that is to be valued

The freehold interest with vacant possession.

Investigations and Assumptions:

The valuer who has sufficient knowledge of the area and type of property to be able to undertake the valuations competently has personally inspected the property to be valued.

No title deeds of the properties have been 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.

The valuation assumes 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.

No enquires have been made in respect of any mine workings or quarrying in the area. It has been assumed that that the subject property is unaffected by such activities.

The property is assumed to be is in good repair. No structural investigations, site surveys, soil or underground tests have been undertaken. No warranty or guarantee can be given or is implied as to the structural stability of the property or that is free from rot, damp, beetle infestation or other defects unless specifically noted in the report. It has 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.

Inspections have not been 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 is 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 assumed that the services, and any associated controls or software, are in working order or free from defect unless specifically noted in the report. No warranty or guarantee is given or implied.

Ages of the property has been estimated and is for guidance only.

Measurements are in accordance with the RICS code of measuring practice.

There have been 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 has been 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 relies on information provided by the owners agent as regards to:

Property tenure: The property is understood to be freehold.

Special Assumptions:

There have been no special assumptions.

Standards:

The valuation will be prepared in accordance with the 8th 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 no departures from the 8th Edition Valuation and Appraisal Standards.

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. The fees derived from this instruction are 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 an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

Currency:

Values are in Pounds Sterling.

Taxation:

The valuation is exclusive of any Value Added or other form of taxation that may apply to the purchase price of an interest in property.

Comparables:

Nottingham, NG3 7BS

The property is understood to be under offer at £100.000 having been marketed at £100,000

Nottingham, NG3 7BS

The property is understood to be under offer based on an asking price of £105.000 The property is almost identical but has a conservatory.

Nottingham , NG3 7DX

The property is understood to be under offer based on an asking price of £99.000

The property is very similar to the subject

NG3 7BS Sold April 2014 at £105,000

The property is similar to the subject but has three bedrooms

NG3 7BP Sold May 2015 at £88,000

The property is similar to the subject but has a smaller front garden.

NG3 7DT Sold October 2014 at £82,000

The property is similar to the subject but has a smaller front garden.

Valuation:

The Market Value of the freehold interest in the property on 1st September 2015 is considered to be £100,000. (One hundred thousand pounds) or thereabouts.

The valuation is prepared in accordance with the attached terms which must be read with the report of which they form an integral part.

Confidentially

This report is confidential to the client 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.

Publication

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.

Liability

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.

Fees:

The fees for the valuation was £250.00 payable in advance. No VAT is payable.

Complaints:

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.

 

Yours faithfully

 

 SJM Butler

 

S.J.M Butler.

BSc (Hons) MRICS

 

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