Case Study Flashcards
Who were the stakeholders in this instruction?
- Client
- Selling agent
- Purchaser
- Purchaser’s solicitor
- Purchaser’s lender
What was your role in this instruction?
Assistant surveyor in charge of inspecting and preparing report and valuation under supervison of lead surveyor
Tell me how you managed your clients expectations?
- We issued a letter of engagement incorporating terms and conditions that clearly details the scope of inspection and any limitations
- Any limitations of inspection were once again referred to in the report
- I provided the client with a timeframe
Discuss with me your conflict of interest check?
Upon receiving the instruction I used my firms internal database called ROSS to check if we had any current or previous involvement with the property or client. The check showed no conflicts and we accepted the instruction.
Are there any other considerations given that the property is a repossesion?
Another consideration is to check who did the original valuation for when the property was last purchased.
How did you determine the build date of 1880?
In this particular case it was a number of factors. First of all, local knowledge of when traditional tenements like these were built. Second was property style, design and use of materials. Its a victorian tenement made of a local material like granite which suggests victorian era. The use of single windows in the design suggests it slightly older than the tenenments built 1900 which had double windows.
Was the attic purpose built in 1880?
The attic was purpose built although the dormers would not have originally been box style.
Why would you assume the covering is felt to the unseeable dormer?
Whilst the actual flat roof covering wasn’t visible from ground level, the edges of the covering could be seen. The edges were dark greenish colour that resembles felt so its assumed that the whole covering is felt.
Tell me about your risk assessment
I carry out a five step risk assessment. This firstly involved carrying out a walk through of the flat in order to identify any hazards. If hazards are identified I would assess the risks caused by these hazards, establish how I would control the risks and record my findings. I did this contiounasly throughout the survey.
How did you diagnose if the movement was longstanding and non-progressive or ongoing?
- Property had not been redecorated in some time and the cracks appeared older (dirty and dustry)
- Cracking was present although it was relatively thin
- External areas had been repointed at some point in the past and there was no evidence of cracking to pointing
How did the cracks in the plaster present?
- Cracking was relatively thin
- Presented around walls, ceilings and weakpoints in the building such as around window openings
How thick were the cracks?
- 1-2mm
What category did they fall into?
- BRE Category 2 (up to 5mm width)
Discuss how the dampness was penetrating?
- Dampness around the window in the front was likely to be defective sealent around the window
- Dampness in the rear bedroom couldn’t exactly be diagnosied however it was highly likely that it was coming in from a defect in the roof
- The defect could have been damage to the flat roof or slates
Why didn’t you consider the dampness to be a larger risk?
The dampness was considered a risk but as it was fairly isolated and contained within the one area, it was more manageable than if it was more widespread throughout the flat. As it was high level as well, it wasnt in contact with other major construction elements such as suspended timber flooring.
Where was the woodworm located?
To the timber floorboards within the hallway cupboard
Was the woodworm active?
Its unlikely that the woodworm was active as there was no frass present around the flightholes. The holes themself looked relatively old as well and not as dark as new holes.
What condition was the lower valued comparable?
The fittings were a decent standard although the flat did need some general repair work.
Why did you disregard the lower value comparable?
As the general tone of value set by the other comparables was within the £50,000-£55,000 mark. The comparable that sold for the least was valued at £60,000 and sold quickly for £35,250. I considered this to be an outlier because of the general tone of value and decided to disregard it.
The range of value was £45,000-£55,000, were all the flats in similar condition, location etc or did you have to make adjustments?
No, not all the flats were identical and adjustments had to be made to some of them to allow for these differences.
What do you mean the subjects have a good level of accomdation?
The two bedroom layout makes the property an attractive investment opprtunity for somebody to purchase and lease out to a couple of students or professionals
Tell me how you arrived at your value of £50,000, or was this just the middle of the range?
The range of value was £45,000-£55,000. I considered the various elements of the indivdual property and decided that due to the fact the property required some repair work and the potential for more repair work if further investigation reveals the roof needs work, the middle of the range was appropriate.
144 Spittal sold in June 2022, was this still relevant?
It was still relevant as it was a good comparable in terms of type, size, accomodation etc. As it was an older sale it isn’t reflective as the current market conditions. I have stated that whilst this flat was a good indicator, it wasn’t paid as much weight as some of the newer comps that were more reflective of the current market conditions.
Did you adjust for any markets changes in this period?
Yes
Your flat was 42sqm, 13 Jackson Terrace was 20% larger and sold for £35,250, was this a useful comparable, was it even an open market sale?
It was a useful sale as its comparable in terms of accomodation and location. It is a good bit larger than the property and sold for a good bit less. It was an open market sale.
How did the condition of the comps relate to the subjects?
Most of the comps were generally in similar condition in terms of requiring some refurbishment works. Some of the comps were in better condition such as the Jamaica Street one.
Tell me about the hierarchy of comprable evidence
The hierarchy of evidence comprises three tiers.
- Category A - direct transactional evidence
- Category B - general market data providing guidance rather than a direct indication of value, such as evidence from published sources, commercial databases, indices, histrocial evidence and demand/supply data
- Category C - other sources, such as transactional evidence from other property types, locations and other relevant background data
Did you analyse each comparable sale individually against the subjects?
Yes
Do you agree with the lead surveyors actions?
The lead surveyor is a Chartered Surveyor and Registered Valuer with the relevant skillset and level of expertise to make decisions.
Did you take a floor plan? As you’ve only included the agents plan within the case study
Yes, I sketched and measured a floorplan during the inspection. The floorplan included in my submission is a polished version of this for presentation purposes only.
