RICS Red Book Valuation

A Professional Valuation Completed By A Regsitered Valuer

​The surveyor

The surveyor who carries out your Market Valuation will be a Chartered Surveyor, who is competent to value and report upon the property that is the subject of these Terms.

​The report

Please note that a Valuation is NOT a Survey of the property.
We will advise you as to the Market Value (not forced sale valuation) at the date of inspection (or date specified if a Probate (Inheritance Tax) Valuation is required) and advise you as to the nature of the property and any factors likely to substantially and materially affect its value.

The valuation will be prepared for your private and confidential use, and should not be reproduced in whole or in part, nor relied upon by third parties for any use, without the express written authority of Bakewell & Horner Ltd.

​The inspection

A structural survey, building survey or Homebuyer or similar Report will not be undertaken, but a visual inspection will be carried out of so much of the exterior and interior of the property as is accessible to our valuer, without undue difficulty.

Accordingly, the inspection is to include all that part of the property which is visible whilst standing at ground level within the boundaries of the site and adjacent public/communal areas and whilst standing at various floor levels.

Roof voids and under floor voids are not inspected. Furniture and effects are not moved and floor coverings are not lifted. Cellars and basements are inspected where there is safe access.

Tests will not be carried out on service or utility installation, the structure, timbers or other parts of the building, nor arrangements made to investigate whether any deleterious materials have been used in the property's construction.

​Assumptions

The valuation assumes:
That good freehold or leasehold title can be shown and that, unless otherwise stated, the property is not subject to any unusual or onerous restrictions, covenants, encumbrances or outgoings which might affect the opinion of value.

That, where Leasehold, there are rights of way over all common parts and facilities; there are no unusual or troublesome legal restrictions; there are no disputes between occupiers in the building, freeholder or managing company; that there are no on-going insurance claims; that the cost of repairs are reasonable and shared equally among tenants on an equitable basis; that the managing arrangements are satisfactory and reasonable; that the lease has 100 years unexpired.

If you or a third party under your direction provide information relating to the property it is agreed that we can safely rely upon this information for the purpose of this valuation.
That no matter detrimental to the value would be revealed as a result of the usual searches and enquiries that would be made by lawyers. Unless stated otherwise in the correspondence accompanying these terms, that the property is valued with vacant possession.

That all Planning and Building Regulations are in place for the use observed by the valuer and that no other planning consent exists. The valuation will not reflect any value for future development or change of use.

An inspection of those parts which have not been inspected, or a survey inspection, would not reveal material defects or cause the valuer to alter the valuation materially.

​Market Value- Definition

This definition is included in the "Red Book" (The RICS Valuation Standards - Global and UK, 7th edition), that is the code of practice for all members of the Royal Institution of Chartered Surveyors. Compliance with these standards may be subject to monitoring under the institution's conduct and disciplinary regulations.

Market Value (MV) is:
"The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion".

​Liability

The Report provided is solely for your use and that of your professional advisers assisting in the purpose of this valuation only. No liability to anyone else is accepted.
Restrictions on publication.

The Valuation Report is solely for your use. The report is confidential to you, for the specific purpose to which it refers. Neither the whole or part of the report and valuation or any reference thereto may be included in any published document, circular or statement nor published in any way without written consent of Bakewell & Horner Ltd.

The person accepting these terms is responsible for payment of the fee quoted prior to the report being issued.

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