1. The purpose of the valuation is ...(eg. probate, inheritance tax, etc).
2. The freehold/leasehold of the property is to be valued, excluding removable fixtures and fittings.
3. The basis of valuation will be Market Value as defined by The Royal Institution of Chartered Surveyors.
4. Subject to paragraphs 6 and 7 below, the Valuer shall carry out such inspections and investigations as are, in the Valuer’s professional judgement, appropriate and possible in the particular circumstances.
5. The Valuer shall rely on information provided by the Client and/or the Client’s legal or other professional advisers relating to tenure, tenancies and other relevant matters.
6. The Valuer will have regard to the apparent state of repair and condition of the property but will not carry out a building survey nor inspect those parts of the property which are covered, unexposed or inaccessible. Such parts will be assumed to be in good repair and condition.
7. In reporting, the Valuer will meet the relevant requirements of the RICS Appraisal and Valuation Manual and will make the following assumptions, which he/she will be under no duty to verify:
(a) that no harmful or hazardous material has been used in the construction of the property or has since been incorporated, and that there is no contamination in or from the ground, and it is not landfilled ground;
(b)that good title can be shown and that the property is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings;
c) That the property and its value are unaffected by any matters which would be revealed by a local search and replies to the usual enquiries, or by any statutory notice, and that neither the property, nor its condition, nor its use, nor its intended use , is or will be unlawful;
(d) That inspection of those parts which have not been inspected would neither reveal material defects nor cause the Valuer to alter the valuation materially; and
(e) That no radon gas is present at the property.
8. The report will be provided for the stated purpose(s) and for the sole use of the named Client. It will be confidential to the Client and the Client’s professional advisers. The Valuer accepts responsibility to the Client alone that the report will be prepared with the skill, care and diligence reasonably to be expected of a competent chartered surveyor, but accepts no responsibility whatsoever to any parties other than the Client. Any such parties rely on the report at their own risk. Neither the whole or 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 approval of the form and context in which it may appear.
9. The Client will pay to the Valuer the fee agreed and the amount of any Value Added Tax on the fee. In addition, if similarly agreed, the Client will reimburse the Valuer the cost of all reasonable out-of-pocket expenses which may be incurred, and any VAT thereon.