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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
● 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
● 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.