In This Guide
Apply for a mortgage
Buying at auction
Buying in Scotland
Conveyancing
Find and view
Negotiate
Plan your purchase
Success and failure
Surveys and valuations
1. Surveys
2. Basic mortgage valuation
3. Basic valuation example
4. Homebuyer's report
5. Homebuyer's report example
6. The surveyor's inspection
7. Full structural survey
8. Choosing surveyors
9. Complaints
To buy or not to buy
Surveys and valuations
Basic valuation example
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To show you just how basic a valuation report really is, we have replicated one for you. The layout may differ from surveyor to surveyor, but the basic information included should be largely the same:
VALUATION REPORT FOR MORTGAGE PURPOSES
(This report has been completed in accordance with DLFS guidance notes and RICS Manual Evaluation Guidance Notes)
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1. Full names of applicant (s)
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Mr.Luke
Overthere Miss.Annette Curtain
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|
2. Property inspected
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23,
Fantasy Drive
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(Full address)
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Wapping
Lie
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Rotherhithe
|
|
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London
SE16 2BC
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|
|
3. Location (city centre, inner city,
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Inner
city
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city suburb, town, village etc)
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|
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4. Description (detached, flat,
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Purpose-built
flat
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terraced house, bungalow etc.)
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5. Construction (external walls, roof of
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Traditionally-built
with cavity brick
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main building and details of any non-
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and
block walls under pitched roof
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traditional/system built construction)
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covered
in mock slates
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Is any part of the roof flat?
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No
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| 6. Approximate year built of property | 1985 |
| 7. Accommodation (give details of | Lower level entrance hall, kitchen with |
| rooms, outbuildings, garage etc.) | section room, upper level two bedrooms, |
| landing, bathroom. There is no separate | |
| outbuildings or garage but there is an | |
| allocation for car parking space. | |
| 8. Services (state whether main water, | Electricity, water, drainage |
| drainage, electricity and gas are | |
| connected and hot water system installed) | |
| 9. Type of central heating, if any? | Part electric |
| 10. Has property suffered structural | No |
| movement or is there any evidence or | |
| history of subsidence or landslip in the | |
| immediate vicinity? If yes, please | |
| provide details | |
| 11. Detail any recommended essential | None |
| repairs | |
| 12. Please list any factors affecting the property not referred to elsewhere in this report. In particular comment on the property's suitability as a security for mortgage purposes in its present condition | |
| Property comprises a purpose built upper maisonette situated in medium to high price residential area close to all shopping and travelling facilities including the new Jubilee Line extension. Externally the property is in fair condition for its age and design. Internally the property is reasonable well presented. No specific defects or repairs for mortgage purposes. The lease has not been inspected and it is assumed for valuation purposes it does not contain any onerous provisions. The lender's conveyancer should confirm arrangements for future management and maintenance are adequate and advise on respective liabilities for future costs. Any significant variation from the details given in this report should be referred back as it may affect the valuation. The inspection was limited to the subject flat and immediately adjacent common areas only. It is not possible to comment on the condition of other parts of the building or any potential liability for defects in inaccessible areas. The lenders conveyancer should include within his enquiries a question as to whether there are any known or proposed works to the building. The building insurance figure below is for the subject property only and given solely as a guide as it is assumed the building as a whole is insured under a single policy. | |
| 13. Tenure | Leasehold |
| 14. Unexpired term of lease | 85 years |
| 15. N.H.B.C. available? | No |
| If no, should Architect's Certificate be | |
| obtained? | No |
| 16. On which floor is flat located? | 3rd/4th |
| 17. Number of floors in block | 4 |
| 18. Details of Service Charges | Not Known |
| / Ground Rent | |
| 19. What alterations/extensions have | None |
| been carried out on the property? | |
| 20. Are the roads fully made up and | Yes |
| adopted by the local authority? | |
| If no, state existing condition and | |
| estimated cost of completing road | |
| frontage to adoption standard | |
| 21. How is the demand for this type | Fair/Good |
| of property in the locality? | |
| 22. Are there any factors likely to | No |
| affect the future saleability of this | |
| property? If yes, give details | |
| Valuation in present condition/ stage of construction | £166,000 |
| Retention for recommended repairs | £0 |
| Valuation when satisfactorily repaired/completed | |
| Estimated reinstatement value for insurance purposes | £71,000 |
| Is a re-inspection necessary? | No |
I certify that the property offered is suitable as security, has
been inspected by me and that the above Valuation is a fair indication
of the current value for mortgage purposes. I do not have direct
interest in the sale of the property.
| Name and Address of firm | Signature of valuer |
| Crooked House Surveyors | |
| Crooked House | |
| Newroof Road | Mr.Dod. G. Builder |
| London | Qualifications: |
| SE1 1EW | ARICS |
| Tel: 02070207020 | Date of Valuation |
| Fax: 02070207021 | 15th November |
DLFS Ref: 02134646340
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