We usually undertake residential valuations as part of the Homebuyer Survey and Valuation and sometimes in conjunction with a Building Survey.

‘Market Value’ 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.

In arriving at the opinion of the Market Value, we have to make assumptions covering, for example: vacant possession; tenure and other legal considerations; contamination and hazardous materials; the condition of uninspected parts; the right to use mains services; and the exclusion of curtains, carpets, etc., The details of the assumptions can be  provided but any unusual or significant assumptions are stated in the report.

In the case of flats the following further assumptions are made:

• that there are rights of access and exit over all communal roadways, corridors, stairways, etc. and to use the communal grounds, parking areas and other facilities.
• that there are no particularly troublesome or unusual legal restrictions.
• that there is no current dispute between the occupiers of the flats, or any outstanding claims or lawsuits
• that the costs of repairs to the building are shared among the tenants on an equitable basis.