Instructions Process

Question 1

Pre inspection due diligence

Answer 1

location/situation, tenure; the market – demand & supply, comparable transactions,
planning uses, rating/council tax, EPC rating(s)

Question 2

Contents of Terms of Engagement

Answer 2

I would check under VPS 1 but they mainly include:

Name and status of the valuer
Identification of the client(s) and any other intended users
Identification of the asset or liability being valued
Valuation currency
Purpose
Basis
Valuation Date
Nature and extent of valuers investigations etc.
Sources of info being relied upon
Assumptions and special assumptions
Restrictions on use, distribution and publication of the report
Confirmation that the valuation will be undertaken in accordance with the IVS
The basis on which the fee will be calculated
Where the firm is registered for regulation by RICS, reference to the firm’s complaints handling procedure, with a copy available on request
A statement that compliance with these standards may be subject to monitoring under RICS’ conduct and disciplinary regulations
A statement setting out any limitations on liability that have been agreed.

Question 3

Report Content

Answer 3

I would check under VPS 3 (Valn reports) but they mainly include:

Name and status of the valuer
Identification of the client(s) and any other intended users
Identification of the asset or liability being valued
Valuation currency
Purpose
Basis
Valuation Date
Nature and extent of valuers investigations etc.
Sources of info being relied upon
Assumptions and special assumptions
Restrictions on use, distribution and publication of the report
Confirmation that the valuation will be undertaken in accordance with the IVS
Valuation approach and reasoning
Amount of the valuation or valuations
Date of the valuation report
Commentary on any material uncertainty in relation to the valuation where it is
essential to ensure clarity on the part of the valuation user
A statement setting out any limitations on liability that have been agreed.