Preface |
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ix | |
Notes on the text |
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xi | |
Acknowledgements |
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xii | |
1 Introduction |
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1 | (5) |
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1 | (2) |
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1.2 Objectives of the book |
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3 | (1) |
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3 | (1) |
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4 | (1) |
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1.5 The philosophy of the book |
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4 | (1) |
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5 | (1) |
2 Overview of the valuation of residential property |
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6 | (10) |
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6 | (1) |
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6 | (7) |
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6 | (4) |
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2.2.2 The elements of value |
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10 | (2) |
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2.2.3 An interpretation of the extent and nature of the interest |
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12 | (1) |
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13 | (3) |
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2.3.1 Valuation equipment |
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14 | (1) |
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2.3.2 Additional equipment for a more detailed inspection |
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14 | (1) |
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2.3.3 Equipment for simple 'opening up' |
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14 | (1) |
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2.3.4 Health and safety equipment |
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15 | (1) |
3 The economics of property valuation |
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16 | (6) |
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16 | (1) |
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16 | (6) |
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3.2.1 Brief historical analysis of the residential property market |
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18 | (2) |
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3.2.2 Government and other interventions in the market |
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20 | (1) |
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3.2.3 Microeconomics and macroeconomics |
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21 | (1) |
4 Law for valuers: an overview |
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22 | (10) |
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22 | (1) |
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23 | (2) |
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23 | (1) |
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4.2.2 Legislative process |
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24 | (1) |
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4.2.3 Delegated legislation |
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24 | (1) |
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25 | (1) |
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25 | (4) |
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4.3.1 Courts and tribunals |
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25 | (2) |
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4.3.2 Alternative Dispute Resolution (ADR) |
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27 | (1) |
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4.3.3 Particular situations |
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28 | (1) |
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29 | (3) |
5 Law for valuers: land, contract and tort |
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32 | (22) |
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32 | (11) |
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5.1.1 'land of any tenure' |
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32 | (3) |
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5.1.2 Other interests in land |
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35 | (3) |
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38 | (2) |
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5.1.4 Restrictive covenants |
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40 | (1) |
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41 | (1) |
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41 | (1) |
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42 | (1) |
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5.1.8 Adverse possession (squatters' rights) |
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43 | (1) |
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43 | (5) |
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43 | (2) |
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45 | (1) |
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5.2.3 Estate agency and surveying practices |
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45 | (1) |
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5.2.4 Off premises contracts |
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46 | (1) |
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47 | (1) |
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5.2.6 Business-to-business contracts |
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47 | (1) |
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47 | (1) |
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48 | (6) |
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48 | (1) |
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5.3.2 Is a duty of care owed for purely financial loss? |
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48 | (1) |
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5.3.3 To whom is a duty of care owed? |
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49 | (1) |
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5.3.4 Breach of duty of care |
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50 | (1) |
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51 | (1) |
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52 | (2) |
6 The mortgage valuation |
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54 | (3) |
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54 | (2) |
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54 | (1) |
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6.1.2 The purchaser's view |
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55 | (1) |
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56 | (1) |
7 The RICS Red Book and Regulation |
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57 | (6) |
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57 | (6) |
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7.1.1 Bases of value for mortgage valuations (VPS 4 and UK VPGA 11.2) |
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58 | (1) |
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7.1.2 Assumptions and Special Assumptions (VPS4, UK VPGA 11.3) |
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59 | (1) |
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7.1.3 Valuer Registration (VR) |
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60 | (1) |
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7.1.4 Insurance and valuations |
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61 | (2) |
8 The valuation process |
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63 | (43) |
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8.1 The valuation appraisal process: overview |
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63 | (3) |
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8.1.1 Pre-inspection research |
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63 | (1) |
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8.1.2 Purpose of valuation |
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64 | (1) |
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8.1.3 Express requirements |
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64 | (1) |
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64 | (1) |
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8.1.5 Terms of engagement |
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64 | (1) |
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8.1.6 Conflicts of interest |
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65 | (1) |
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65 | (1) |
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8.2 Pre-inspection investigations |
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66 | (3) |
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66 | (1) |
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67 | (1) |
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68 | (1) |
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68 | (1) |
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8.2.5 Property details - legal issues |
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69 | (1) |
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69 | (1) |
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69 | (9) |
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69 | (1) |
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70 | (2) |
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72 | (2) |
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8.3.4 Setting the scene with the occupier |
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74 | (1) |
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8.3.5 Inspection procedure |
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75 | (1) |
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8.3.6 Inspecting flats and maisonettes |
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76 | (1) |
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76 | (1) |
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8.3.8 How long should it take to do a valuation? |
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77 | (1) |
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77 | (1) |
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8.4 Post-inspection comparables and reporting |
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78 | (28) |
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8.4.1 Research comparables |
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78 | (1) |
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8.4.2 Analysis of comparables |
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79 | (1) |
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8.4.3 How to use the information |
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80 | (1) |
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81 | (2) |
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8.4.5 Calculations of price, worth and value |
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83 | (1) |
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8.4.6 Comparing transactions |
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83 | (9) |
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8.4.7 Comparing condition |
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92 | (1) |
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8.4.8 Comments on the comparable spreadsheet - a rationale |
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93 | (10) |
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8.4.9 A review of factors that affect value |
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103 | (1) |
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8.4.10 Home improvements and value |
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103 | (3) |
9 Reporting on condition and value for a residential mortgage |
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106 | (7) |
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106 | (7) |
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9.1.1 General remarks in reports |
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106 | (2) |
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9.1.2 Reporting on condition |
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108 | (1) |
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9.1.3 Distinction between lender and purchaser |
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109 | (4) |
10 Alternative valuation methods and approaches |
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113 | (29) |
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113 | (1) |
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10.2 The Residual approach |
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113 | (3) |
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10.2.1 Key factors in undertaking a Residual valuation |
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115 | (1) |
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10.3 The Investment approach to valuation |
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116 | (7) |
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10.3.1 Residential investment as buy-to-let categories |
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120 | (1) |
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10.3.2 Receipt of instruction |
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121 | (1) |
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10.3.3 Valuation of single-family occupancy properties |
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121 | (1) |
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10.3.4 Valuation of Homes in Multiple Occupation (HMOs) |
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121 | (2) |
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10.3.5 Alternative income approach valuation methods |
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123 | (1) |
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10.4 Leasehold properties |
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123 | (3) |
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10.5 New build property valuation |
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126 | (9) |
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10.5.1 Drivers of value in new build houses |
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127 | (1) |
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10.5.2 Inspection of new build properties |
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128 | (1) |
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10.5.3 Comparable evidence |
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129 | (1) |
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129 | (2) |
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10.5.5 Valuation considerations |
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131 | (1) |
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10.5.6 Permitted development rights |
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131 | (3) |
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10.5.7 Development potential |
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134 | (1) |
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10.5.8 The influence of buy-to-let on new build values |
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135 | (1) |
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10.6 Specialist valuations |
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135 | (1) |
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10.7 Valuing in periods of uncertainty |
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136 | (1) |
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10.8 Technology and valuation |
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137 | (2) |
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137 | (1) |
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10.8.2 Recording of information |
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138 | (1) |
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10.8.3 Desk-top reviews and research |
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138 | (1) |
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10.8.4 Desk-top valuations |
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138 | (1) |
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139 | (3) |
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140 | (1) |
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141 | (1) |
11 Additional legal matters |
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142 | (10) |
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142 | (2) |
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142 | (1) |
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143 | (1) |
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144 | (4) |
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144 | (1) |
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145 | (1) |
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146 | (1) |
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147 | (1) |
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148 | (1) |
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148 | (1) |
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148 | (1) |
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148 | (1) |
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11.3.3 Limited liability partnership |
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149 | (1) |
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11.3.4 Other business forms |
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149 | (1) |
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11.4 General Data Protection Regulation ( GDPR) |
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149 | (1) |
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150 | (2) |
12 Valuing in the UK: the future and conclusion |
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152 | (6) |
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152 | (1) |
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12.2 The influence of the courts, fraudsters and mortgages |
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152 | (1) |
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12.3 The future - technology, risk and information |
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153 | (1) |
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12.4 The example of flats |
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154 | (4) |
References |
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158 | (6) |
Index |
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164 | |