Newlon Home Ownership
Newlon Housing Trust
Newlon House
4, Daneland Walk
HaleVillage
London,
N17 9FE.
2015
Our ref:
Dear Sirs
Ref :
In accordance with your instructions dated we have inspected the above-mentioned property and set out hereunder our report which has been prepared in accordance with the R.I.C.S. Appraisal and Valuation Standards Manual.
Basis of Valuation
The tenant wishes to purchase a Leasehold interest in the property under the Right to Acquire Scheme and we are instructed to provide our opinion of the market value of the property, as at August 2015, on a vacant possession basis and excluding any added-value attributable to improvements carried out by the tenant.
Inspection
Our inspection was undertaken on the early afternoon of and weather conditions werecloudy, bright, mild and dry.
Location
Description
Services
The property is connected to mains gas, mains electricity, mains water and mains drainage. A “Vaillant ecoTEC Pro 24” gas fired combination boiler is wall-mounted in the kitchen and provides hot water and central heating to radiators throughout the flat.
Accommodation
State of Repair
We have not carried out a structural survey or tested the standard or mechanical services. The property has not been surveyed to ascertain the presence of rising or penetrating dampness or the presence or absence of woodworm, dry rot, or any other timber defect or infestation.
We have not inspected those parts of the property which are covered, unexposed or inaccessible and such parts have been assumed to be in good repair and condition. We cannot express an opinion about, or advise upon, the condition of uninspected parts and this Report should not be taken as making any implied representation or statement about such parts.
We have not arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous material has been used in the construction of this property or has since been incorporated and we are therefore unable to report that the property is free from risk in this respect. For the purposes of this valuation we have assumed that such investigation would not disclose the presence of any such material in any adverse conditions.
State of Repair (continued)
No allowance has been made for any rights, obligations or liabilities arising from the Defective Premises Act 1972.
However, during our inspection, it was noted that the interior of the flat is quite poorly decorated and we suspect that the existing kitchen cupboards and bathroom suite are those fitted some 17 years ago and, whilst still being fit for purpose, they are of a fairly basic quality by current standards.
It was noticed that there is some hairline cracking to the wall plaster in the reception room, kitchen and in both bedrooms which the tenant stated as having got worse in recent years. We are not aware of any investigation having been carried out into the cause or nature of these hairline cracks which, for the purpose of this valuation report, we have considered to be not indicative of any structural problem. However we have included this observation in our report as the property is, we believe, located in close proximity to an underground section of the Channel Tunnel Rail Link running beneath Buxhall Crescenton route to Stratford International Station.
Environmental Issues
Our enquiries have not revealed any contamination affecting the property or neighbouring property which would affect our valuation. However, should it be established subsequently that contamination exists at the property or on any neighbouring land or that the premises have been or are being put to contaminative use, this might reduce the values now being reported.
Council Tax Assessment
London Borough of Hackney - Band C
Control of Asbestos Regulations
The common parts of blocks of flats are covered by The Control of Asbestos Regulations 2006. Your conveyancer should confirm the Duty Holder under these regulations, the availability of an Asbestos Register and the existence and management of any asbestos containing material.
Town Planning
For the purpose of this report we have assumedthat all necessary permissions were obtained for the construction and use of the property and our opinion of value reported herein is based upon this assumption.
Tenant’s Improvements
The tenant has not carried out any improvements to the property which we would consider as having had any significant effect on the value.
Tenure
We have not had access to the Title Deeds and our valuation is made on the assumption that the interest to be valued is Leasehold for a term of 125 years at a peppercorn rent.
We have assumed that the Deeds do not contain any unusual or unusually onerous covenants or other encumbrances which would affect the value.
Valuation
Our opinion of value as reported herein is based upon the assumption that both parties have complied with their respective repairing obligations.
Subject to the contents of this report we are of the opinion that the market value of the proposed Leasehold interest in the property as at 25th August 2015, on a vacant possession basis and excluding any added-value attributable to improvements carried out by the tenant, may be fairly represented in the sum of
Market Value
The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
VAT, Taxation and Costs of Acquisition or Realisation
No allowance has been made in this valuation for liability for taxation which may arise on disposal, whether actual or notional, e.g. V.A.T. and Capital Gains Tax, neither has any allowance been made to reflect the costs of acquisition or realisation.
Non-Publication
Neither the whole nor any part of this report, nor any reference thereto, may be included in any published document, circular or statement, nor published in any way without our written approval of the form and context in which it may appear.
Liability to Third Parties
This Report is provided for the stated purpose(s) only and for the sole use of the named clients. It is confidential to the clients and their professional advisers and we accept no responsibility whatsoever to any other person, body or organisation.
We trust that this report is satisfactory for your purposes.
Yours faithfully,
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