VALUATION TERMS AND CONDITIONS
GENERAL ASSUMPTIONS, TERMS AND CONDITIONS
Following are general assumptions, principals, terms and conditions upon which the valuation reports are normally prepared; they apply unless we have agreed otherwise and specifically mentioned the variation in the body of the report.
Where appropriate, we will be pleased to discuss variations to suit any particular circumstances, or to arrange for the execution of structural or site surveys, or any other more detailed enquiries.
We do not normally read leases or documents of title and no responsibility or liability is accepted for their true interpretation. Documents of title, wherever possible, are normally obtained electronically from the local land registry. Where we have been provided with documentation, we strongly recommend this to be verified and thoroughly interpreted by lawyers.
We assume, unless informed to the contrary, that each property has a good and marketable title, that all documents are satisfactorily drawn and that there are no encumbrances, restrictions, easements or other outgoings of an onerous nature which would have a material effect on the value of the interest under consideration. The property is considered as if free and clear of all mortgages or other charges which may be secured thereon, and we assume no material litigation pending.
Condition ofthe building
Unless expressly instructed, we do not carry out a full building survey and we therefore do not give any assurance that any property is free from defect. We seek to reflect in our valuation any readily apparent defects or items of disrepair which we note during our inspection or costs or repair which are brought to our attention.
We do not normally measure premises unless specifically requested and base our valuation on the information made available to us.
Unless, expressly instructed, we do not perform any tests on services and we therefore do not give any assurance that services and any associated controls are in working order and free from defect. We seek to reflect in our valuation any readily apparent defects or items of disrepair which we note during our inspection or costs or repair which are brought to our attention.
Information on planning matters is, wherever possible, obtained electronically or verbally from the local planning authority and, if confirmation is required, we recommend that verification be obtained from lawyers.
If relevant and unless specifically stated, we assume that the property has the necessary statutory consents for the current buildings and there are no policies or proposals by statutory authorities that could impact the value positively or adversely.
Contamination and hazardous substances
Unless expressly instructed, we do not carry out site surveys or environmental assessments, or investigate historical records, to establish whether any land or premises are, or have been, contaminated. Therefore, unless advised to the contrary, our valuations are carried out on the basis that properties are not affected by environmental contamination. However, should our site inspection and further reasonable enquiries during the preparation of the valuation lead us to believe that the land is likely to be contaminated we will discuss our concerns with you. We do not normally carry out investigation on site to ascertain whether any building was constructed or altered using deleterious materials or techniques. Unless we are otherwise informed, we assume that no such materials or techniques have been used.
We do not normally carry out investigations on site in order to determine the suitability of ground conditions and services for the purposes for which they are, or are intended to be, put; nor do we undertake archaeological, ecological or environmental surveys. Unless, we area otherwise informed, our valuations are on the basis that these aspects are satisfactory and that, where development is contemplated, no extraordinary expenses or delays will be incurred during the construction period due to these matters.
Nature and source of information
We accept as being complete and correct the information provided to us by the client, as details of tenant, tenancies, tenant’s improvements, planning consents and other relevant matters, as summarized in our report.
We have no liability for consequences of any failure by the client or any agent of the client promptly to provide information or other material that we reasonably require, or where that information or material is inaccurate or incomplete.
Restriction on use, distribution or publication
We confirm that this report is confidential to the party to whom it is addressed for the specific purpose to which they refer, and no responsibility whatsoever is accepted to any third parties. Neither the whole, nor any part, nor reference thereto, may be published in any document, statement or circular, nor in any communication with third parties, without prior written approval of the form and content in which it appears.
We understand our general duty to treat information relating to the client as confidential where that information becomes known as a result of the professional relationship and is not in the public domain. Such information may be used to the extent reasonable required in providing services, disclosed if client agrees or required to do so by law, regulation or other competent authority.
Preliminary advice and draft valuation report
While providing preliminary advice or draft valuation report, we state that the opinion is provisional and subject to completion of the final report, the advice is provided for internal purposes only, and any draft is on no account to be published or disclosed.
Liability for third parties
We have no liability for products or services that it reasonably needs to be obtained from others in order to provide services. We may delegate to a third party the provision of any part of services. If we do so without the client’s approval we are responsible for the content of services provided by third party; as contrary, if we do so with the client’s approval or request, we are not responsible for the content of services provided by third party.
Professional Indemnity Insurance
We agree to purchase and maintain appropriate insurance policies, in particular Professional Indemnity Insurance
We provide our services through properly licensed valuers and consultants.
Values change over time and a valuation given on a particular date may not be valid on an earlier or later date.
The indicated Valuation date is the date on which the inspection of the property takes place, or, in case no inspections are performed, on which date the investigations are undertaken.
If we become aware of a conflict of interest it is to advise the client promptly and recommend an appropriate course of action.