How did the special assumptions of vacant possession affect your valuation and advice to the client?
The value with VP did increase the value as comparables had vacant possession and were more of them.
Selling a property with VP = wider market
Advice to client = selling a property with VP will create higher sale price and to serve notice to the tenant
Were there any other assumptions?
Title deed no onerous conditions
Information that has been provided is accurate
How did you adjust the comparable evidence?
Compared the subject property with recently sold properties.
Hierarchy of evidence
- Direct transaction
- General market data
- Indirect data
Was it straight forward to find the comps?
Yes i was able to find similar properties which had sold recently and similar parcels of permanent pasture grazing land
Before taking on this instruction, what due diligence did you do?
COI check
What did you include within the Terms of Engagement
Valuation
Agency
Which VPS refers to Terms of Engagement
VPS2
Talk me through what you were looking for at the site inspection?
- Land and characteristics
- Main building and residential structure
- Outbuildings and agricultural buildings
- Services and environmental factors
- Legal and planning constraints
- Development potential
What did you include within the valuation report
- Identification and status of the responsible valuer
- Identification of the client
- Purpose of the valuation
- Identification of the asset
- Basis of value adopted
- Valuation date
- Extent of investigation
- Nature and sources of information relied upon, including sources of key data
- Assumptions and special assumptions
- restrictions on use, distribution and publication of the report
- Confirmation that the report has undertaken in accordance with IVS and RICS Red Book Global Standards
- Valuation approach and reasoning
- Amount of the valuation
- Date of the valuation report
15.
Commentary on any material valuation uncertainty - A statement setting out any limitations on liability
- ESG factors used and considered
How did you ensure your client could make an informed decision?
Providing an evidence based valuation
What method of communication did you use with different stakeholders
Client - Meeting, telephone, email
Purchasers - telephone, email
Solicitors - email
Was your method of communication effective?
Yes
You advised your client to serve a Section 21 notice on the AST tenant. With the changing legislation, how would you advice differ.
With the upcoming changes in the Renters Right Act 2025, Section 21 notices are being abolished. Section 8 notices (seeking possession) are being reformed.
Ground 1A could be used as the landlords are intending to sell the property.
What impact would the Renters Rights Act have on the rest of the project?
If my client had chosen to retain the asset the new guidance would have had to be applied.
What is the process of serving a Section 21 notice?
A form 6A
- Signed by either the landlord or the agent
- Date tenant must leave property
Serve notice - In post or in person
Keep records
What legal paperwork did you prepare pre-sale?
MOS
How did you ensure good client care when the sale fell through
maintained regular contact with the client via telephone call.
Immediately reviewed other options
What additional client care steps did you take?
I ensured that i recorded all information available in order to best advise my client on the next steps.
I reviewed the data i had including what i had recorded from property viewings, to establish who may still be interested in the property
Did you receive any complex enquiries from interested parties?
The lands current use was designated as Agricultural, an interested party assumed that the use was equestrian.
I gathered information from my client as well as available documents on the planning portal to clarify the use was agricultural
How did you deal with complex enquiries?
- Gather documents early
- Try to identify potential problems
- Be transparent with information to maintain buyer confidence
What legislation did you advise your client of?
Estate Agents Act 1979
- providing transparent ToB
- declaring personal interest
- promptly passing all offers on
- avoid false or misleading information
The Property Misdescriptions Act 1991
- offence for misdescription
- due diligence
- material information
How did you ensure that they fully understood how this implicated them and the property?
How did you ensure all interested parties were treated fairly?
- Prompt communication
- No discrimination or bias
- Inform all interested parties of offers made
- Transparent marketing and information
- Keep written records
You mentioned the purchaser viewing the property only a few days before as a risk. Were there any other risks that could have been mitigated?
Conducting enhanced due diligence checks on interested parties before viewings. i.e. collecting proof of funds, might have helped quicken the sale
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Valuation38
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Property Management54
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Case Study37
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Stakeholder Management12
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Housing Maintenance, repairs and improvements14
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Landlord and Tenant41
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Valuation Level 123
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Hot topics 202668
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