Valuation General

Question 1

Internal valuer

Answer 1

Employed by company to value the assets of the company/enterprise

Example: Valuation for internal use only

Question 2

External valuer

Answer 2

Has no material links with the asset to be valued or the client

Question 3

Competence

Answer 3

Are you competent to undertake this work? Do you have the correct level of Skills, Understanding and Knowledge (SUK)?

Refer to the RICS Find a Surveyor service on the RICS website if not competent

Question 4

Independence

Answer 4

THINK FIRST and then check for any conflicts or personal interests - WHO & WHY?

Question 5

Terms of engagement

Answer 5

Set out in writing your full confirmation of instructions to the client prior to starting work and receive written confirmation of instruction. Confirm the competence of the valuer. The extent and limitations of the valuer’s inspection must be stated

Question 6

Statutory due diligence for valuations

Answer 6

Required to check that there are no material matters which could impact upon the valuation. It could include checking various aspects like asbestos register, business rates, contamination, etc.