By P. Parnham
Residential estate Appraisal is a guide not just for college students learning surverying but additionally for surveyors and others thinking about the appraisal of residential estate for lending reasons. It specializes in the unique specialist abilities required via personal loan Valuations and residential dealers Surveys and Valuations, settling on and advising the reader at the volume and barriers in their actions. Generously illustrated, supported by way of real-life case stories and drawing at the most recent study, expert and criminal advancements.
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Again these are extremes and the normal situation is more likely. • Value – This is the surveyor’s interpretation of all the features put together when compared with similar properties. The reason for the valuation may dictate how this value is recorded (see the definition of value and worth earlier in the chapter). The courts have indicated that there are varying degrees of tolerance that are acceptable. Beaumont v. Humberts (1990) was a case involving a negligent reinstatement valuation. Staughton LJ accepted that: a surveyor or valuer may be wrong by a margin of 10% either way without being negligent.
The selling price – available at that time. The valuation – based on the comparable information and as prescribed by the customer. More information will be recorded either on the report or in the site notes but this should give the surveyor a benchmark upon which to assess the value by comparison to other property. It will also act as a filter and should the case prove to be complex, more detailed research can be undertaken. The experienced practitioner will take all these features for the subject property and consider whether individually they are better or worse than the best comparables (those most similar).
Kelly, R. (1998). ‘Designer housing scares off customers’. 98, London. Mackmin, D. (1994). Valuation and Sale of Residential Property. Routledge, London. Rees, W. H. (1992). Valuations Principles into Practice, 4th edn. Estates Gazette, London. RICS (1995). Appraisal and Valuation Manual. RICS, London. RICS (1997). CSM def. of investment. Roberts v. Hampson (1989). 2 All ER 504. Smith v. Bush (1990). 1 AC 831. South Australia Asset Management Corporation v. York Montague Ltd (1996). 2 EGLR 93 Which 1997.