Case Study – Level 1 Flashcards
• What current challenges is Covid and/or Brexit bringing to your day to day?
- Meetings with people taking place over zoom or something similar.
- Inspections in PPE.
- Vendors and tenants to keep their distance or be out of the property.
• Can you provide some typical examples of defects commonly associated with early 1900s residential buildings?
- Shallow foundations leading to bay movement at the front.
- Two storey additions at the rear pulling away
- Dampness for bridging DPC or blocked vents.
- Chimneys require repointin
- Flashing missing
- Roof sagging due to heavier tiles and no additional timber supports.
• In this case study who is your client as you said your instructions were received from The Moving Portal?
- The client is the purchaser.
• What is your conflicts of interest check process?
I check our database of clients’ name and also the property address to make sure we have not been involved with the property before.
• How far away was the train line from the property? Is there anything you would look for during your inspection if a property is close to a railway line?
- The train line was reasonably close but not too close where it was very noisy.
- Japanese Knotweed is associated in and around train lines.
• What is the least number of years remaining on a lease for a lender to accept a property as suitable security?
- Most lenders won’t lend on leases under 70 years.
• If you were just carrying out a valuation what reasonable assumption could you make regarding the lease?
- That the lease length was 85 years or more.
- The Ground Rent was fixed at a reasonable amount and did not double every 10 years or so.
- The service charge was not too onerous.
- The lease was acceptable for lenders.
• You said in 2.1.2 that externally there was a lack of maintenance to Trundleys Road. What condition ratings did you give the Main walls?
- I gave a condition rating of 3.
• What name do you give to the brickwork design above the front door?
- Flemish Bond
• What is the average life span of concrete tiles?
- Between 60 to 100 years depending on where the property is located and how well the roof is maintained.
• Can you name 2 types of settlement? Explain the difference.
- Uniform – Where the foundation settles at a constant rate.
- Differential – Non – uniform movement of the sub soil. Basically, the soil settling at different rates.
• What is the difference between subsidence and settlement?
- Settlement is generally found in newer properties. The property moves the soil due to its weight and load as the ground adjusts to take the load
- Subsidence is the downward movement of the ground beneath the structure. The ground moves away making the structure unstable. This is exacerbated with tree roots, leaking drains etc.
• What DPC if any is likely to be in a house of this age?
- A Slate DPC.
• What would the ceilings have originally consisted of?
- Lathe and plaster.
• How do you calibrate your moisture meter?
I use the calibration tool to check to see if the damp meter registers between 18-18.2.
• What is the minimum height of the DPC in relation to external ground levels?
- 150 mm above ground level.
• What signs do you look for in relation to rising damp?
- High Ground Levels
- Bridging of the DPC.
- Leaking gutters and pipes.
- Potential drains/gullies nearby which could be overflowing or leaking.
• How do you identify dry rot?
- Fruiting bodies.
- Mushing like appearance.
- The dry rot cracks when you crush it.
• What factors are required to enable the development of wet rot?
- High humidity levels.
- Lack of ventilation.
- Wet/damp conditions.
• What is the name of the RICS publication on comparable valuation?
Guidance Note: Comparable Evidence in real estate valuation, 1st Edition 2019.
• Talk me through the main points of Guidance Note: Comparable Evidence in real estate valuation, 1st Edition 2019?
- General principles.
- The three market approaches.
- Sources of comparable evidence.
- Hierarchy of evidence.
- Recording comparable evidence.
- Analysis of comparabel evidence.
- General Principles of a comparable evidence.
- Several comprehensive comparables.
- Very similar or identical if possible.
- Recent transactions.
- Arm’s length transaction.
- Verifiable.
- The three approaches.
- Market Approach – Residential, Rural and Commercial real estate.
- Income Approach – Investment Method and Profits Method.
- Cost Approach – Depreciated Replacement Cost.
- Sources of comparable evidence.
- Direct Market Evidence.
- Publicly available market evidence .
- Published Databases.
- Asking Prices.
- Historic Evidence.
- Indices.
- Automated valuation models.
- Must be verifiable.
- Hierarchy of evidence.
- Completed transactions of near identical properties.
- Completed transactions of similar properties.
- Properties that are SSTC.
- Asking Prices.
- General Market Data – Historic Evidence
- Other sources – Interest rates, stock market movements.
- Recording comparable evidence.
- Evidence must be recorded clearly.
- Red Book Global Standards states a proper record must be kept.
- Evidence of the transactions, sales particulars, correspondence, and discussions are recorded clearly.
- Analysis of comparable evidence
- Establish the common measurement.
- Make adjustments as to location, building specification, condition, size, tenure, lease terms, date of transaction, energy efficiency and adaptability.
• Can you explain what a French drain is and how it works?
- A French drain is a trench, filled with aggregate,
- It directs subsoil and water away from your property in areas that are prone to flooding or surface water pooling.
• What is the RICS guidance relating to asbestos?
- The RICS Practice Statement is no longer in use due to the HSE document on the Control of Asbestos Regulations 2012. Approved Code of Practice and guidance
• What type of heating engineer would advise on chimney flues and log burners etc?
- A HETAS engineer.
