Market Valuations

• A formal opinion of the value for which a property would have sold between willing buyer and willing seller.
• The valuation assumes the property has already been marketed and the sale agreed to complete at the date of the valuation.
• Not to be confused with an estate agency asking price assessment.
• The Surveyor will make a brief general inspection of the property size, scale and condition, but this is not a detailed survey or warranty of condition.
• Formal valuations may be required for taxation, including probate, marital disputes or other settlements.

---

Mortgage Valuation

• An assessment of value for the specific purposes of a mortgage security.
• Copies may be issued to the prospective purchaser but they should not solely rely on these valuations as the scope may be limited and restricted.
• Most mortgage valuation forms are little more than a tick box sheet intended to advise the lender, not the purchaser.
• Some restricted forms of mortgage valuation may not even have been based on an internal insepction of the property.
• Where an inspection is made, only the most serious of "deal stopper" type issues may be commented upon, leaving many matters which might not affect the value potentially unreported.
• Curchod & Co are recognised as valuers by a number of mortgage lenders, who would normally instruct us direct.

---

Reconstruction Cost (Insurance)

• An assessment of the amount for which a building should be insured against total destruction and rebuilding under an insured peril such as fire or flood.
• The value will not usually correlate with market or sale values for a property.
• A brief inspection of the property is required so as to understand it's form, size, and standards.
• Costs allow for the building including built in fixtures such as kitchens, but exclude contents such as carpets.
• Reference is made to Rebuilding Cost Information Service House or Flat Rebuilding Costs, as used by the Association of British Insurers, and adjusted based on our professional expertise to reflect the property.
• We recommend property be reassessed every few years as index linking may not reflect improvements to properties or all market conditions.

---

Leasehold Enfranchisement & Extension

• Assesments of the premium required to extend the duration of a long leasehold interest in a residential property.
• Premiums payable will be higher where the current lease has a shorter unexpired duration.
• An unexpired term of less than 60 years is considered significant, especially for the purposes of a mortgage.
• Residents of a block of flats may wish to enfranchise by purchasing the block's freehold.
• Legislation including the Leasehold Reform, Housing & Urban Development Act 1993 and the Commonhold and Leasehold Reform Act 2002 provides a framework for the assessment of premiums for extension or enfranchisement.
• A brief inspection of the property is required so as to understand it's form, size, and standards.
• Curchod & Co can undertake valuations for either leaseholder or freeholder and assist in any subsequent negotiations.