Valuations

The majority of reports that we provide are completed under the RICS “Red Book”
guidance by Registered Valuers. This means that they are presented in a formal
manner and suitable for use by fellow professional advisers (such as accountants and
solicitors). They can be submitted to HMRC, or other such bodies to support tax
claims, etc.

It is a requirement of the Red Book that advice is given in writing

Where we are instructed to provide a report as Single Joint Expert (or Expert Witness)
our duty is to the Court, not to any individual party.

We are allowed, under RICS guidance to provide advice in respect of sales, purchase,
or lettings of property (market appraisals) that does not comply with the RICS Red
Book. Such advice is not suitable for Court purposes and con only be provided in
limited circumstances.

Yes. We aim to inspect all parts of a property, although do not generally need to
inspect attics. If any part is inaccessible, we will need to make an assumption about
accommodation/condition.

We may, by agreement, inspect large properties (e.g. estates or portfolios) by sample.

Yes. If any part of your property is let you will need to provide us with details of lease
and tenancies, ideally full copies. The value of the property will be based on the lease,
e.g. rent, term, repairing obligations, so it is important that we are told everything.

We do not provide a development appraisal within our valuation reports, but will
comment on the likelihood of development, based on the local plan and any other
information which may be available to us. If there is a report from a planning consultant
we will consider this.

We can make a Special Assumption about development potential, if instructions require
us to do so.

Whilst our professional indemnity insurance (PII) covers us for bank lending valuations,
we prefer not to do these. In any event, banks generally prefer to issue their own
specific instructions (such as including a limited marketing period) and do not accept
reports that were written for other purposes.

All our reports are written for the agreed purpose and cannot be used for other matters.

Yes. We spend much time researching appropriate comparables and will include details
in our reports. We also include a methodology that explains how we have used the
evidence available to us. In general evidence much be recent (ideally within the last 12
months), geographically close and similar in terms of property type. As we often get to
deal with unusual properties, the valuer may include a greater range of comparables,
but that is at their discretion.

At Oakwood we only provide valuations, not surveys. Some surveyors offer RICS
accredited surveys (Condition Reports. Home Buyers Surveys, etc.), but that service is
not offered by Oakwood. Our valuation reports include comments on the general
condition of properties in so far as a value is affected. We may occasionally
recommend that a survey be undertaken.

The most common figure is the Market Value. Additionally, we are often asked to
provide the Market Rent, most commonly for commercial properties. If instructed we
can provide values subject to agreed Assumptions and Special Assumptions, these
may include assumptions on planning consent or leases being granted or limited
marketing periods. There is no reference in RICS guidance to a Forced Sale valuation.