Mixture - Lists Flashcards
List of items which must be in ToE for Valuation
- Identification and status of the valuer
- Identification of the client
- Identification of any other users
- Identification of the asset or liability being valued
- The purpose of the valuation
- The date of valuation
- Valuation currency
- Nature and extent of the valuers work
- The firms complaints handling procedure
- Any limit on liability
- Details of assumptions or special assumptions
- Nature and sources of the evidence supporting the valuation
- The basis for which the fee will be charged
- Format of the report
- Statement that compliance with the VPS standards may be subject to RICS monitoring
- Restrictions on use, distribution or publication
- Confirmation that the valuation will be undertaken in accordance with IVS
What are the typical headings contained within a valuation report?
● Executive summary
● Introduction – valuer, client, property, basis, date
● Property description – location, situation, condition, size, services
● Title matters – tenure, title, minerals, sporting
● Planning – restrictions, highways, T&CP 1990
● Environment – contamination, pollution, flood risk
● Valuation – assumptions and special assumptions, market conditions,
● Appendices including schedule of photos, comparables and calculations
Are there any cases where valuations do not have to comply with the Red Book?
There are five cases where VPS 1-5 do not apply:
- For Agency of Brokerage
- For supporting expert witness work
- For purely internal only purposes where the valuation will not be passed to a third party
- To support with Litigation
- For a statutory purpose
What goes into a design and access statement?
- Site location
- Site context
- Photographs
- Layout
- Massing and areas
- Sustainability
- Scale
- Materials and character
- Access
- Landscaping
- Appearance
What are the requirements for Class R?
- Building must have been used for agriculture on and before 3rd July 2012
- Building must be under 500sqm in size
- The site is outside of a military explosives storage area
- The site must be outside of a safety hazard area
- The building must not be listed or a scheduled
Tell me what went into the planning statements that you have written?
A planning statement for Full Planning application I have written included:
● Context of the application
● Pre-application consultation
● Character of the Area
● Current Use
● Site and Proposal
● Justification
● Planning History
● Planning Policy
● Conclusions
What are included in ToB for Agency Instructions?
● Contracting parties
● Period of contract
● Sale or acquisition payment conditions
● Joint agents
● Sub agents
● Fees and payment of fees
● Other costs and charges
● Cancelled instructions
● Discounts and commission
● Money Laundering regulations
● Complaints handling
● Storage of documents / use of photo graphs under data protection
What would particulars for sale include?
● Introduction
● Method of sale
● Tenure and Occupation
● Outgoings
● VAT
● Town and Country Planning
● Wayleaves, Easements, Covenants
● Sporting, Timber and Minerals
● Services
● Nitrate Vulnerable zones
● Basic Payment Scheme
● Ingoing valuation
● Holdover Provisions
● Overage if any
● TUPE
● Particulars
● Location of Land
● Viewings
Exemptions of MEES?
Tenancies under 6 months of over 99 years
Buildings without heating, non resi agricultural buildings, temporary buildings, places of worship
Buildings less than 50 sq m
Some listed buildings
If over £3,500 to comply
If tenant refuses
If the property will be devalued by compliance
If all measures completed
If new landlord (6 months)
What goes into standard ToE – is it okay to agree these via email?
- The clients name
- The surveyors name and firm
- The agreed scope of work
- An agreed fee basis
- The firms complaint handling procedure
- Rules on AML checks
- Limitations on liability
- Signatures
- An agreed timescale
What must be contained in a valuation report?
a Identification and status of the valuer
b Identification of the client and any other intended users
c Purpose of the valuation
d Identification of the asset(s) or liability(ies) valued
e Basis(es) of value adopted
f Valuation date
g Extent of investigation
h Nature and source(s) of the information relied upon
i Assumptions and special assumptions
j Restrictions on use, distribution and publication of the report
k Confirmation that the valuation has been undertaken in accordance with the IVS
l Valuation approach and reasoning
m Amount of the valuation or valuations
n Date of the valuation report
o Commentary on any material uncertainty in relation to the valuation where it is
essential to ensure clarity on the part of the valuation user
p A statement setting out any limitations on liability that have been agreed.
