Residential

Private Valuations.

• Valuation for sale, or purchase.

Properties have to be valued from time to time for a wide range of reasons and we prepare valuation reports suitable for prospective purchasers, sellers, probate and matrimonial valuations, partnership dissolution and insurance valuations.

The report includes a valuation figure and re-build or reinstatement costs (for insurance purposes), as well as covering basic property details.

We specialise in providing tailor made reports, for investors and developers, including pre-acquisition survey and valuation advice for investment clients.

Shared Ownership Valuation

We have many years of experience in carrying out valuations for shared ownership schemes on behalf of housing associations and private individuals.

Valuation and condition report.

This is a report best suited for any potential purchaser of commercial or residential property. This provides a reports with the Valuation figure, building reinstatement figure and comments on any significant defects.

The report covers the following points.

General comment on movement issues.

Roof.

Gutters,

External Timbers.

Windows

Doors

Damp and timber.

External walls.

Floors.

This will give the purchaser the information to make an informed judgment to proceed forward with the purchase or not. This report can also be the basis for the client to renegotiate the purchase price if required..

RICS Homebuyer Survey and Valuation Reports

In July 2009 the RICS introduced the Homebuyers Report Designed it is a cost effective method of minimising risk for purchasers. It provides buyers with enough information to make a reasoned and informed decision on whether to proceed with their purchase.

The report covers the building inside and outside, the services and the site and includes specific sections on all the main elements including roofs, walls, floors and joinery.

It was designed to be a user-friendly report with the minimum of technical jargon. It uses a colour coded Condition Ratings usually referred to as the ‘Traffic Lights System’. Each element is given a condition rating for easy reference:

Condition Rating 1 (green) – No repair is currently needed. The property must be maintained in the normal way.

Condition Rating 2 (amber) – Defects that need repairing or replacing but are not considered to be either serious or urgent. The property must be maintained in the normal way.

Condition Rating 3 (red) – Defects that are serious and/or need to be repaired, replaced or investigated urgently.

The report is quite lengthy, usually in the region of 25 pages, it is divided into easily readable and logical sections as follows:-

1. Introduction to the report
2. About the inspection
3. Overall opinion and summary of the condition ratings
4. About the property
5. Outside the property
6. Inside the property
7. Services
8. Grounds (including shared areas for flats)
9. Issues for your legal advisers
10. Risks
11. Valuation
12. Surveyor’s declaration

Property related risks such as movement, dampness and timber defects are also given their own section. In addition the report contains both a current market value and the cost of re-instatement for insurance purposes.

Building Survey reports

This is suitable for all residential properties and provides a full picture of their construction and condition, including the roofs, chimneys, walls, floors, ceilings, doors and windows. It is more comprehensive than a Homebuyers Report and does not follow a fixed format. It is likely to be needed if the property is, for example, of unusual construction, dilapidated, has been altered or where a major renovation or conversion is planned.

A Building Survey will provide advice on existing or potential problems, identify suitable remedial work and provide an estimation of costs. The surveyor will agree to comment on particular areas of concern, provided they fall within the surveyor’s terms and conditions and within the guidelines laid down by the Royal Institute of Chartered Surveyors (RICS). The surveyor can only comment on visible areas where access is obtainable.
If the surveyor on any valuation has any major concerns, they can ask or recommend for a more in-depth report. The customer will need to arrange and pay for these reports. Most lenders will not lend on the property if these are not carried out. Here are the 4 main ones: –

• TIMBER AND DAMP REPORT: If the surveyor sees signs of damp, they can suggest a Damp and Timber report to be carried out by a specialist.  If any work needed and subsequently carried out, a guarantee for at least 5 years is normally issued.
• DRAINAGE REPORT: A Report to establish the condition of the drainage system. This could include a CCTV inspection. This is often asked for if there are trees in the garden near the property as the roots can get into and damage the drains.
• TREE SURGEON REPORT: They may also ask for a tree surgeon report in the case of very large trees in close proximity to the property.
• STRUCTURAL ENGINEERS REPORT: – A professional structural engineer should be instructed by the customer to investigate cracking. The cracking could be long-standing/historic or ongoing/progressive, which will affect the security and may warrant further information.

Nationwide surveyors have a long extensive knowledge in carrying out building surveys. we can also recommend professionals if any of the above reports are required.

Lease Extension and Enfranchisement Valuation

If you are a Lease holder you must remember that those leases below 80 years can affect the value of the property as well as a potential buyer’s ability to secure a mortgage.

Most Lenders will not consider a property as a suitable security for mortgages purposes if the lease remaining is less than 80 years.

The cost of extending the lease can substantially increase once the remaining term is less than 80 years. The process of extending the lease should begin when the lease still has 82 years to run so that all matters can be concluded well before the 80 year cut off point.

The 1993 Leasehold Reform Act allows most leaseholders to extend their leases by up to 90 years, to potentially improve the value of the property. The conditions being:

• You must have owned the property for at least two years
• There must have been at least 21 years on the original lease

A compensation or a premium is paid to the landlord, to compensate for what they have lost by granting extra terms plus 50% of the marriage value.

The lessee would usually cover the landlords reasonable legal and Surveyors costs.

It is often possible to achieve negotiated agreements without resorting to the prescribed notice process, as this can be expensive. In the event that the terms fail to be agreed the legal notice process is still available.

A leasehold can be extended at any time, whether or not the property is being sold. If you’re a home owner and want to extend the lease but still live in the property, the process is straightforward. You will need to instruct a surveyor to carry out a leasehold valuation. The surveyor will establish the likely cost of extending the lease and then commission a solicitor to serve the appropriate notice on the freeholder.

Under the same legislation leaseholders can opt for the collective purchase of the freehold of the block which is known as Enfranchisement. This can be particularly useful if leaseholders are unhappy with the freeholder’s maintenance and management arrangements for the block.

Lease Extension and Enfranchisement (freehold purchase) Valuations are a specialist subject and should only be undertaken by Surveyors with relevant expertise.

Nationwide surveyors frequently undertakes such valuations and can assist with:

• Calculate the premium required to extend the term of the lease of a flat by an addition 90 years. (Lease Extension)
• Carrying out valuations to ascertain the freehold value.
• Negotiating with the Freeholder to purchase the freeholds of houses or collective purchase of the freehold of block of flats.
• Present the case at the Valuation Leasehold Tribunal if required.

We will provide guidance on how best to proceed with the options available and advise you through the complex process of freehold negotiations or lease extension.

Our services are tailored for each and every individual circumstance.

Energy Performance Certificates

Government legislation now requires all residential properties; being sold, built or rented, to make available an energy performance certificate to prospective purchasers or tenants. This will enable people to make more informed decisions relating to the energy efficiency of a property and the ongoing costs of fuel.

Planning application drawings for alteration, lofts and extensions

We offer a competitively priced service to provide all detailed building plan drawings with building regulation details and notes. Plans are required for various projects such as lease plans, extensions, loft conversions, alterations, renovations and refurbishments.

Planning and Building regulation applications can be submitted on your behalf. This service can be tailored to your precise requirements from design drawings through to full planning permission applications.

Schedule of Condition
Schedules of Condition are an essential benchmark at the time of taking up a lease on a commercial property, due to the maintenance responsibilities which are commonly placed on a tenant. Under the terms of a lease the tenant will be required to return the building to the landlord in no worse condition than when the lease was taken. The tenant is responsible for repairs, maintenance and even replacing parts of the building, fixtures or fittings.

Sometimes the tenant is required to improve the condition of the property during the course of the lease. A Schedule of Condition details the condition of the building and is always accompanied by a set of photographs.

Schedules of Condition may also be required before extensive building work which may cause damage to neighbouring premises, or as part of an Award document made under the provisions of the Party Wall Etc Act 1996.

At Nationwide our surveyors can provide a Schedule of Condition both at the start and at the termination of the lease. The report will provide an accurate summary of the condition of the property together with any defects prior to occupation.
Preparation of plans for leases

We work with agents, solicitors, freeholders and leaseholders to prepare Land Registry compliant lease plans for residential and commercial properties. We provide a speedy turnaround and charge competitive fees. We operate within Greater London and the Home Counties but will go further a field by arrangement.
Condition Audit report.

This is report mainly used by managing agents or leaseholders of freehold blocks with two or more units.

This is a concise condition report of the building. A visual ground level inspection is carried out of the communal areas. This includes the external front ,rear and side elevation and communal entrance halls. A condition report is produced   giving the client, a schedule of works required, schedule of photographs, and an estimated cost of works required.

This report can form the basis of the request of funds for the repairs required from the leaseholds to proceed forward with the works.

Compulsory Purchase Order – Compensation valuations & Negotiations

To be added.