Case Study

Question 1

What is required of you upon receiving instruction, regardless of whether you were involved with the SLA or not?

Answer 1

Conflict of Interest Check, check what is required then I know I am competent enough

Question 2

What mitigation methods did you undertake with regards to Health and Safety as you mentioned within your case study?

Answer 2

I parked my car facing the exit of the estate, I took my lone-working device in-case my colleague didn’t arrive. I notified my line manager where I was inspecting and that I would be in contact afterwards.

Question 3

Why was there such a delay between receiving the instructions and undertaking the inspection?

Answer 3

The tenant of the property is often travelling and therefore this was the earliest date he would allow us to inspect.

Question 4

What did you note from the EPC prior to inspection

Answer 4

The wall was recorded as ‘system built’ assuring me of my opinion of construction.

Question 5

How did the dry conditions affect your property inspection?

Answer 5

It made it harder to see potential defects with the roof and guttering, it also meant that we couldn’t see any potential flooding.

Question 6

To what standard did you measure the property?

Answer 6

IPMS 2 - Residential

Question 7

How did you determine that the improvements made by the tenants were only of nominal value?

Answer 7

I checked with comparable properties what the standard was, without such improvements the property would have the same value.

Question 8

How did you confirm the improvements the tenant stated but were not on the S.125 notice?

Answer 8

I checked with the landlord if they had carried out the works and they had not.

Question 9

What is Thermal Wrap insulation?

Answer 9

It is a type of insulation that reflects radiant heat and can protect the property from water-related weather damage.

Question 10

What do you consider to be a reasonable state of repair?

Answer 10

A condition that is reasonable and satisfactory, in a condition that would be adequate for common lending criteria.

Question 11

Why have you not made any adjustments to values in your comparable matrix?

Answer 11

I accounted for the characteristics of the comparable evidence and decided that their sale prices were justified.

Question 12

How did you ratify the higher figure of “similar value” of 7 Litherland Road and the lower figure of “higher value” of 126 Freshfield Avenue against your market value?

Answer 12

7 Litherland Road was similar in many characteristics to the subject property, however, we were not able to obtain particulars for this property. 126 Freshfield avenue was of a higher quality internally than the subject property and therefore was more valuable.

Question 13

If challenged how would you be able to justify your value and demonstrate your reasoning?

Answer 13

I would be able to show my comparable evidence which would demonstrate that properties of a higher quality sold for more than the subject property.

Question 14

What advice did you provide to the client about how the non-standard construction affected the value?

Answer 14

I explained that due to the construction and the lack of a PRC certification the property would not meet the criteria of mainstream lenders, therefore the people that can buy the property is limited which will reduce its value.

Question 15

What adjustment did you make of the value in light of the mining report?

Answer 15

No adjustments were made as the comparable evidence was also thought to be affected by the same issue.

Question 16

What investigations did you make of the comparable evidence to see if they were also affected by coal mining?

Answer 16

I had a call with the BEAMS sector that provided the mining report, I presented them with the list of comparables and asked them their opinion on the likelihood of these properties being afflicted by the same issue.

Question 17

Where is the evidence of comparable research for similar ground conditions?

Answer 17

There is no evidence due to information being obtained by phone call, however, mining reports could be obtained if it was deemed necessary.

Question 18

What adjustments in value did you make during your comparable evidence and why are they not noted in your summaries?

Answer 18

The I noted the characteristics of all the comparable evidence, most of which was superior and therefore my opinion was that the subject property should be valued lower.

Question 19

What effect on the value did you determine the coal mining issue had?

Answer 19

This property would be worth less than a hypothetical property that is exactly the same but without the coal mining issue, however, it is thought that the comparable evidence suffered from the same issue and therefore and adjustment was not warranted.

Question 20

What advice did you provide about the difficulty of on selling the property with regard to the significant issues you identified?

Answer 20

I explained that the potential purchasers are limited by the mainstream mortgageability of the subject property, however the comparables demonstrate that there are willing buyers available.

Question 21

What could you have done to improve the quality of the evidence of recent comparable sales rather than labelling it unreliable?

Answer 21

Unfortunately the un-reliable evidence was such because the evidence was discounted, If I could access the percentages by which it was discounted it would then be reliable.

Question 22

How did you convey the uncertainty in your valuation to the client?

Answer 22

I explained that although there is some uncertainty in the valuation, it is as accurate as I can be at the valuation date.

Question 23

What would you do differently next time?

Answer 23

I would make further enquiries with the Housing association to see if I could access the level of discounts awarded to comparable evidence.

Question 24

How did you act Ethically?

Answer 24

I was responsible with the information I obtained to value to the property. I was respectful of the tenant when invited into his home, I offered to take my shoes off as some religions require so. I complied with my professional obligations. I acted within my competencies, providing a good level of service which would maintain public confidence in the profession.

Question 25

What were your key achievements?

Answer 25

I increased my knowledge on non-traditional methods of construction and on concrete itself. I was able to put into practice my knowledge of the area.