Apartment 51 Main Street Cityham CY1 2AV

Transcription

1 27a Clifton Road Rugby Warwickshire CV21 3PY t: f: e: w: EQUITY LOAN VALUATION RELATING TO Apartment 51 Main Street Cityham CY1 2AV CLIENT: Miss C Lient Inspected on 28 th January 2015 by Steve Smith B.Sc. (Hons) MRICS MNAVA Ernest Hawk Chartered Surveyors Is the trading name of Ernest Hawk LLP Partnership No: OC Registered office: 27a Clifton Road, Rugby Warwickshire CV21 3PY Office also at: Regulated by RICS Suite 6 Pressworks Berry Street Adam Hunt B.Sc. (Hons) MRICS Steve Smith B.Sc. (Hons) MRICS MNAVA Wolverhampton WV1 1HA RICS Registered Valuer RICS Registered Valuer

2 THE CLIENT INSTRUCTION RECEIVED FROM Miss C Lient Oldville Countyshire OV5 6OH As above THE PROPERTY APARTMENT 51, MAIN STREET, CITYHAM CY1 2AV COUNCIL TAX BAND Assessed to Council Tax Band A CLIENT S BRIEF DESCRIPTION OF THE PROPERTY AND THE NATURE OF THE INTEREST TO BE VALUED PURPOSE OF VALUATION PURCHASE PRICE Market Value, Leasehold with Vacant Possession. Market Value is defined as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm s-length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. (RICS Valuation - Professional Standards 2014). In connection with ending a shared ownership agreement under the Homebuy Direct Scheme Not advised DATE OF INSTRUCTION 23 rd January 2015 DATE OF INSPECTION 26 th January 2015 WEATHER CONDITIONS Cold and bright VALUATION DATE 26 th January 2015 CONFLICT OF INTEREST AND VERIFICATION THE SURVEYOR AND THE REPORT LIMITATIONS We can claim no conflict of interest as we have no financial stake or involvement in the property to be valued, the Client, the Customer or other named Third Parties, the owner of the property (if different). We have not valued this property previously within the last 10 years. The Surveyor inspecting this property is Steve Smith B.Sc. (Hons) MRICS MNAVA and he is suitably qualified and experienced to inspect this type of property in accordance with The Red Book. He has a total of 10 years of experience in Valuing property of this and similar types, and with 10 of those years in Practice in the Local Region, which we define as being within a 30 mile radius of our Head Office and subsidiary offices. Save for any departures previously stated and agreed, we confirm that this Report complies with the RICS Valuation - Professional Standards January The extent of our inspection will, unless otherwise stated, include a visual inspection of those parts of the building reasonably visible and accessible to us. We have not tested services, nor have we lifted carpets, moved furniture, nor have we accessed roof spaces or external components of the Building using ladders. We are not obliged to test walls for moisture using an electronic moisture meter but where the Surveyor has considered it helpful and sensible to do so, this will have been done and the findings recorded within the Condition sections. We assume that a detailed survey ERNEST HAWK LLP

3 would not reveal any material defects that would affect the value. THE PROPERTY BRIEF DESCRIPTION INCLUDING CONSTRUCTION ACCOMMODATION: (NOTE: FLOOR AREA CALCULATIONS INCLUDED WITHIN THE APPENDED SPREADSHEET WHERE APPROPRIATE) The property comprises a purpose built two bedroom flat located on the fifth floor of a six storey block. The building was constructed around 2008 and is thought to be of steel framed construction. Internally the property is well presented, with a gas fired central heating system, double glazed windows and modern kitchen and bathroom fitments. We further understand that there is one allocated parking space included with the property. The premises are laid out on one level and comprise: Ground Floor: Communal Reception Hall Fifth Floor: Reception Hall, Kitchen, Living Room, Bedroom 1 with ensuite shower room, Bedroom 2, Bathroom. Outside: We understand there is one allocated parking space. METHOD OF MEASUREMENT EMPLOYED IN THIS CASE SERVICES INCLUDING METHOD OF HEATING Gross Internal Area (GIA) We confirm that the property has been measured (where appropriate) in accordance with the RICS Code of Measuring Practice. We understand all mains services are connected, but these have not been tested. The electrics are protected by a modern consumer unit, as would be expected given the age of the property. Heating at the property is a gas fired central heating system with radiators. We assume that there are rights to use all connected services without unusual restrictions or associated costs and that all services are in good working order unless otherwise referred to. TENURE (ASSUMED WHERE NOT EXPRESSLY STATED OR CONFIRMED IN INSTRUCTIONS AND BEING THE BASIS UPON WHICH THE PROPERTY IS VALUED.) Leasehold. We understand the property is held Leasehold with around 139 years unexpired. The service charge varies, but is currently around 120 per calendar month with a ground rent of 50 per half annum. Assumed to be free from restrictive covenants and other encumbrances and that good legal title can be shown. ENVIRONMENTAL FACTORS LOCATIONAL FACTORS The flat is located within a fairly recent development known as Tower Buildings. Tower Buildings is located within close proximity to the south of Cityham City Centre and there is nearby access to a wide array of retail services and facilities. There are also good transport links in the vicinity, with bus routes along High Road and Bigcity Mainway (A4567) which also forms part of the Inner Ring Road. ERNEST HAWK LLP

4 CONTAMINATION LANDFILL RADON HIGH VOLTAGE ELECTRICITY On the basis of a desktop study and our site inspection we have no reason to believe that there are contamination issues relating to the subject property in terms of past land use. If there is any doubt about possible contamination issues then we would recommend commissioning an Enviroscreen Report or similar along with any further investigation recommended in the report. Source of information - Environment Agency website, site inspection. We are not aware of any land uses within the vicinity which would give rise to landfill gas, but our comments in the section headed Contamination above apply here also. Source of information - Environment Agency website The property is in an area where 1% of properties have had Radon discovered at or above the Action Levels. Radon is present sporadically throughout the Midlands depending on the nature of the substrata. It is not possible in the course of inspection/survey to determine whether radon gas is present in any given building as the gas is colourless and odourless. Tests can be carried out to assess the level of radon in a building, these are available by post from the National Radiological Protection Board and other approved laboratories. The minimum testing period is three months. The NRPB strongly advises against using shorter-term tests as they can give misleading results. If tests have not been carried out it is recommended that they are. Where radon is discovered, it has been the experience of the NRPB that it is not expensive, in proportion to the value of the property, to effect the recommended remedial measures. Source of information - Radon Atlas, England and Wales (National Radiological Protection Board). No such apparatus appears to affect the site. MINING FLOODING TREES ASBESTOS We are not aware of mining having affected the locality, although your Solicitor will have a directory of affected areas and will therefore be able to advise whether a search is prudent. Source of information - Coal Authority website and local knowledge. From a search of the Environment Agency website, the response regarding Flood Risk for the area occupied by the subject property is as follows: We do not have an assessment of flood risk for the area which you have selected. This may be because the area selected is outside the floodplain. It could also be because we have been unable to assess the likelihood of flooding for this area because we did not have sufficient information (this applies to fewer than 1% of the properties in England and Wales in the flood outline) The property is not considered to be at risk from Flooding from Reservoirs. There are no trees considered to be within influencing distance of the property. Given the age of the property we would not expect to find any asbestos containing materials (ACMs) used within its construction. PLANNING EXISTING USE AND HISTORY OF USES We assume there are no outstanding planning, building control, or other statutory restrictions. No formal investigations will be made in this regard. ERNEST HAWK LLP

5 We further assume that there are no unusual or onerous restrictions relating to the use of the property. RIGHTS OF WAY, EASEMENTS ETC We assume that there is legal pedestrian and vehicular access to and from the property, and that roads, footpaths, drains and sewers are properly connected and adopted. CONDITION ESSENTIAL REPAIRS TO PRESERVE THE FABRIC OF THE BUILDING GENERAL AND OTHER RECOMMENDED REPAIRS None The property is well maintained and well presented, with no obvious significant need of repair being required. COMPARABLES METHODOLOGY, COMPARABLES, VALUATION OVERVIEW AND OTHER COMMENTS This property has been valued based on comparable evidence gathered from the immediate vicinity and surrounding areas. In arriving at our opinion of value we have taken into account the property s condition and location as well as current market forces prevailing. APARTMENT 51, MAIN STREET, CITYHAM CY1 2AV COMPARABLES WITH SOURCE(S) Apartment 11, Main Street, Cityham - A very similar two bedroom flat, being a comparable size and on the same floor as the subject, but having one less bathroom than the subject. This property sold for 152,000 on 23rd April Apartment 51, Main Street, Cityham - A similarly sized two bedroom flat, but again with one less bathroom, that it is thought was sold at 150,000 at some point in November Apartment 23, Main Street, Cityham - A two bedroom flat somewhat larger than the subject and with comparable accommodation, sold on 6th May 2014 for 175,250. COMPARABLE ANALYSIS INFORMATION PROVIDED BY The three comparables above are all for flats in the subject block. The subject is very similar to comparables 1 and 2, albeit the subject has one more bathroom than these. Appropriate allowances have been made for the fact the subject has an extra bathroom, which will likely make it slightly more valuable than these two sales. The final sale of apartment 11 is for a property around 15% larger than the subject, and again an appropriate deduction has been made. On balance, we feel the Market Value lies somewhere in the region of 157,000. Selling Agent VALUATION MARKET VALUE (SEE DEFINITION BELOW) We consider that the Market Value (100%) of the property in its present condition at the time of inspection to be reflected in the sum of 157,000 (One Hundred and Fifty Seven Thousand Pounds). Any valuation figures quoted, whether capital or rental, expressly exclude VAT unless otherwise stated. ERNEST HAWK LLP

6 ESTIMATED SELLING PERIOD TO ACHIEVE MARKET VALUE 6 months CAVEATS AND CONFIRMATIONS NAME AND ADDRESS OF INSPECTING FIRM RESTRICTIONS ON PUBLICATION PROFESSIONAL INDEMNITY COVER HELD In arriving at our Valuation we have assumed (save where specifically commented upon within the report): That any interest from a Special Purchaser is disregarded. That goodwill attaching to any business trading from the premises is to be ignored, as is the fact of a particular occupier being in occupation of the premises. That the searches would not reveal any unusual restrictions, encumbrances or outgoings. We accept that a Duty of Care exists in relation to the Client in the preparation of this report. Ernest Hawk LLP Central Administration 27a Clifton Road RUGBY CV21 3PY We understand that this firm must not disclose either the whole report or extracts thereof to any third party without the prior written consent of the Client. Neither the whole nor any part of this Valuation Report nor any reference thereto may be included in any published document, circular or statement, or published in any way, without the Valuer s written approval of the form and context in which it may appear. Any other publication or any unauthorised text alterations of all or any part or parts of the report, for transmission to other Third Parties is expressly forbidden without the prior written consent of this Firm, and should this Firm be made aware that such misuse has taken place, then it reserves the right to take whatever action it deems necessary under English Law. We confirm that the inspecting Firm holds valid, current Professional Indemnity Cover to the level of 1,500,000 and such policy is in full accordance with the requirements of the Royal Institution of Chartered Surveyors. ERNEST HAWK LLP

7 INSPECTION AND REPORT UNDERTAKEN BY Steve Smith B.Sc. (Hons) MRICS MNAVA RICS Registered Valuer Ernest Hawk Chartered Surveyors 27A Clifton Road Rugby, CV21 3PY Signed Dated this 28 th January 2015 Telephone (01788) Facsimile (01788) Mobile (07975) Our Reference: SS/AJR/12345 ERNEST HAWK LLP