What is the purpose of inspection?
Drives info to be collected:
- Agency - determine price and marketing.
- Rent review - rent review clause terms.
- L&T - Dilapidation
- Prop Man - ToE, condition surveys
How is the extend of inspection defined?
Depends on ToE and extent to produce a professionally adequate valuation.
It will vary according to purpose.
Method of inspection
1) Prelims (desktop)
2) Inspect local area - comps
3) External
4) Internal
Tools to inspect
Camera, tape measure, files, plans, PPE, paper, pen, Inspection checklist (VPGA8)
Talk me through an inspection
- Type
- Address
- Purpose
- Construction
- Age
- Issues
- Note taking
How to exhibit L3 Inspection
L3:
- Impact on value
- Need for specialist survey
- Action on asbestos
- H&S
Explain value significant factors to note
1) Location
2) Dimensions
3) Access
4) Site coverage
5) Construction
6) Age
7) Accommodation - inc parking
8) Quality
9) Repair
10) Use
What denotes a grade A office
- New or comprehensive refurb.
- Good location.
- Good access.
- Air con.
- Floor boxes.
- 2 Lifts.
- Cat A lighting
H&S RICS GN Surveying Safely - Feb 2019
- H&S at work Act 1974
- Lone worker policy
- PPE
- Risk assessment.
- Safe person concept (responsible for self, colleagues and other affected.
H&S RICS GN Surveying Safely - Feb 2019 - Main pruposes
a) Personal responsibilities and corporate responsibilities for RICS firms.
b) Relevance to RICS professional groups.
c) Assessing hazards and risks.
d) RICS members’ places of work.
e) Occupational hygiene and health.
f) Visiting premises or sites.
g) Fire safety.
h) Residential property surveying.
h) General procurement and contractor management.
What regulation covers Asbestos?
Control of Asbestos Regulations 2012
What is asbestos?
- Asbestosis - Fatal.
- Disturbed fibres.
- Regulated removal creates costs.
- Blue - insulator - most harmful.
- Brown.
- White - cement - least harmful.
- Commercial property MUST HAVE management plan.
- Asbestos register
How to remedy Asbestos?
Removal or encapsulation.
What are the contaminants detailed in RICS GN Evironmental risks and global real estate Contamination?
- Knotweed - zigzag stems, flat based leaf, lush green, purple speckled stem, regular nodes, Rhizome crown at base.
- Heavy metals - Mercury.
- Oil/Chemicals.
- Polluter pays prinicpal - Environmental Protection Act 1990
- Pollution exclusion in standard PI
Name a specialist who can help in these situations:
1) Defects
2) Contamination
3) Asbestos
1) Chartered Building Surveyor.
2) Chartered Environmental Surveyor.
3) Asbestos Consultant.
RICS Valuation - Global Standards 2020 VPS 2,
VPGA 8 - The valuation of real estate
- Valuer needs to investigate material features.
- Mentions extent of inspection.
Valuer responsible to alert client of asbestos. - EPCs etc.
What is deleterious material?
Degrade with age causing structural problems (and may be harmful to health)
How to check age of property?
- Architect plans
- Historic Maps
- Plaque on building
- Lease
- Planning history
- Locals
Where would you look in RICS Valuation - Global standards for inspection?
VPS2
What is most important thing to do prior an inspection?
H&S risk assessment
What is a latent defect?
Something that could not have been discovered by a reasonably thorough inspection.
What is the RICS guidance on contamination?
RICS GN environmental risks and global real estate 1st edi Nov 2018
What is the Georgian period?
1714-1830
What is the Victorian period?
1837-1901
