Terms of Engagement

Insurance Documents

Subject to express agreement to the contrary, the terms on which the Valuer will undertake the Valuation are set out below.

  1. The report will be undertaken by a Valuer who is an RICS Registered Valuer registered with the Valuation Faculty of the RICS and who possesses sufficient knowledge, skills and understanding and who has experience of valuing this type of property in this locality.
  2. The Valuer will be acting as an External (independent) Valuer as defined by the Royal Institution of Chartered Surveyors.
  3. The Valuation will be prepared in accordance with Valuation Statements and Guidance Notes issued by the Royal Institution of Chartered Surveyors and accordance with the RICS Valuation – Professional Standards (Red Book) 8th Edition – May 2012.
  4. Any special assumptions made by the Valuer or any departures from the Valuation Standards will be made clear by the Valuer and stated within the report.
  5. The floor areas will be taken and expressed in metric measurement and the imperial equivalent floor areas will be given as converted figures.
  6. Subject to Points 7 and 8 below, the Valuer will undertake such inspections and investigations as are, in the Valuer’s reasonable professional judgement, appropriate and possible in the particular circumstances.
  7. The Valuer will rely upon information by the Client and/or Client's legal representative or other professional advisers relating to tenure, tenancies, rights of way, restrictive covenants and other relevant matters. The Valuer will not inspect the title deeds and will assume that the property and its value are unaffected by any matters that will be revealed by a local search and replies to the usual enquiries or by any statutory notice.
  8. The Valuer will have regard to the apparent state of repair and condition of the property but will not carry out a building or condition survey and the Valuer will not inspect those parts of the property which are covered, unexposed or inaccessible. Such parts will be assumed to be in good repair and condition. The Valuer will not be under a duty to arrange for the testing of electrical, heating, plant or other services. Where requested an indication of reinstatement cost for insurance purposes will be provided. The assessment will be undertaken on reinstatement basis and is for guidance purposes only. The assessment will include architects and quantity surveyors fees, an allowance for debris clearance but be exclusive of VAT and ignoring inflation. An indication of costs for insurance purposes falls outside of the RICS Valuation Standards and does not represent a valuation for market or any other purposes.
  9. In reporting the Value, the Valuer will meet the relevant requirements of the RICS Valuation – Professional Standards, 8th Edition, March 2012, and will make the following assumptions which he/she will be under no duty to verify.
    1. That no high alumina cement concrete or calcium chloride additive composite panels or any other potential deleterious or hazardous materials or techniques have been used in the construction of the property or have since been incorporated.
    2. That unless otherwise advised or an inspection reveals matters to the contrary, an assumption is made that no contamination or potentially contaminative use is, or has been, carried out at the property. Unless specifically instructed we will not take any investigation into the past or present uses of either the property or any adjoining or nearby land to establish whether there is the potential for contamination from these uses and an assumption will be made that none exists.

      However, should it be established subsequently that contamination exists at the property or on any neighbouring land or that the premises have been or are being put to any contaminative use this might reduce the values reported.
    3. That vacant possession is provided (unless valued as an investment and subject to an occupational lease).
    4. That good title can be shown to the property and it is not subject to any unusual or especially restrictive onerous restrictions, encumbrances or outgoings.
    5. That inspection of those parts which have not been inspected would not reveal material defects or cause the valuer to alter the Valuation materially.
    6. That sewers, main services and roads giving access to the property have been adopted and that any lease provides rights of access and egress over all communal estate roadways, paths, corridors, stairways, communal grounds, parking areas and other facilities.
    7. In the case of a new property where construction which has not been completed, that construction will be satisfactorily completed.
    8. That in the case of newly constructed residential property it has been built under the NHBC Buildmark Scheme, Zurich Municipal New Build and Rebuild Scheme, Housing Association Property Mutual Scheme, Premier Guarantee or for private and completed housing or equivalent, under the supervision of a professional consultant and that an appropriate certificate of satisfactory completion has been issued.
    9. We will not make any written enquiries of the Planning Authority and therefore will make the assumption that there are no known contraventions of planning law and that all buildings and structures which require planning consent and Building Regulation approval have the appropriate statutory consents.
    10. We will not make any enquiries of the Health and Safety Executive and will not make any statement that the property conforms to the necessary and legal requirements of this authority and or to the requirements of any legal enactment and we will assume that there are no contraventions that may affect the valuations.
    11. We will not make any enquiries to obtain a mining report and will assume, unless there is compelling visual evidence, that there is no potential subsidence which would affect the property.

Limitation of liability to parties other than the client

The report is provided for the sole use of the party to whom it is addressed and will remain confidential to that party and their professional advisers. No responsibility is accepted to any third party for the whole or part of the contents. The report is prepared on the basis that full disclosure of all information and facts which may affect the valuation have been made to the Valuer by the parties concerned and the Valuer will accept no responsibility or liability in any event unless such full disclosure has been made.

Restrictions on publication

Neither the whole, nor any part of the report, nor any reference to it may be included in any published document, circular or statement nor published in any way without the Valuer’s written consent as to the form, content and context in which it may appear.

Fees and Charges

The fee will be as stated.

The Client will pay the agreed fee together with any VAT which is applicable and any disbursements or additional fees required for the appropriate preparation of the report and agreed prior to the release of the report.

We reserve the right to charge additional fees based on our current hourly charging rate for professional services and should the nature of the instruction evolve beyond the original instruction where possible we will seek to agree this departure in advance of the release of the report.

Fees and costs are subject to Value Added Tax at the prevailing rate and will be payable upon presentation of an invoice.

Under the Late Payment of Commercial Debts Interest Act 1998 we are entitled to claim interest at the rate of Bank Rate plus 8% from the date the monies become due.

Cancellation

The Client will be entitled to cancel this contract by notifying the surveyors’ office at any time before the date of the inspection, in which case any monies paid by the Client for the service will be refunded except for any expenses reasonably incurred up to the date.

If the Client wishes to cancel the instructions the Client should notify us immediately of the intention. If cancellation occurs after the surveyor has undertaken an inspection, but before the provision of the final report, a charge of 50% of the agreed fee will be made.

Complaints

Bramleys LLP operates an RICS approved complaints handling procedure and a copy of the Complaints Handling Procedure is available upon written request.

Compliance with the Valuation Standards of RICS may be subject to monitoring under the institutions conduct and disciplinary regulations.

Rotation Policy

In the case of regulated purpose valuations it is company policy to rotate the Valuer at intervals of not more than five years. However, where this is not feasible the report will be checked and countersigned by an associate Valuer.

Commercial and Industrial Sales, Acquisitions or Valuations

Looking to buy, sell, rent or lease office or industrial space?

With a wide range of expertise, let us help you make the right decision.

Contact us on 01484 530361 or browse our branches to find out which is most convenient for you to get in touch.

Alternatively, e-mail us commercial@bramleys1.co.uk