Simply choose the size of the building, complete the required fields and we will process as soon as possible to produce your Reinstatement Insurance Valuation.
Identification and status of the Valuer
Name: The Valuation will be carried out by either Jason Ratcliffe or Peter Ellicock.
Qualifications: Jason Ratcliffe MSc, BA (hons), AssocRICS Registered valuer status: Jason Ratcliffe is an RICS Registered Valuer.
Qualifications: Peter Ellicock, BA (hons), AssocRICS Registered valuer status: Peter Ellicock is an RICS Registered Valuer.
Experience and expertise: The Valuers are experience of valuing commercial properties and has adequate knowledge and skills as defined in the RICS Red Book. Internal / external status:
The Valuer is acting as an independent valuer and is able to carry out the valuation with independence and objectivity in accordance with RICS Red Book Global standards and RICS professional standards and guidance, UK Reinstatement cost assessment of buildings. Previous involvement with the property or parties to the case: Should an online application be received and conflict of interest in this case on instruction arise a full refund and explanation of such a conflict will given and disclosed
Declaration of independence and objectivity:
We are not aware of any conflict of interest that would prevent Steren Surveyors UK Limited as a firm, or our valuation surveyor personally, from acting with independence, integrity and objectivity as set out in RICS Red Book.
Furthermore, we will check that Steren Surveyors UK Limited nor our Valuer have had any material involvement with the property to be valued in any capacity that would preclude us from providing an unbiased report and valuation.
Where the firm establishes after enquiry that it has had a previous involvement with the property or one of the parties (other than the client) giving rise to conflict of interest, the instructions will be declined. Where previous involvement may give rise only to a perceived conflict of interest limited disclosure will be made to the client and a mutual decision is made as to whether to proceed.
Client and any other users
The valuation report will be provided for the sole use of the client who processes the application.
The calculations will be supplied utilising Pound Sterling.
Purpose of Valuation
Our advice will be provided in connection with the proposed ‘Bricks and Mortar’ insurance policy for the property. Note: The report and advice is NOT to be used for lending or raising finance.
Basis of Value
We will be utilizing the BCIS Reinstatement Database and RICS professional standards and guidance, UK Reinstatement cost assessment of buildings to determine our valuation.
As at the date of the instruction.
a) The information provided to undertake our valuation is accurate and up to date.
b) Any photographs or itemized lists are accurate and up to date.
c) All relevant Planning Permissions, Building Regulations and Rights of Use are in place for the running of the business premises.
d) Site access is not restricted for contractors.
Assumptions And extent of investigations and any limitations on the scope of work
Unless otherwise expressly agreed we will, in arriving at our valuation of the property, make the following assumptions under the various sub headings which we will be under no duty to verify:
We have not had sight of the Land Registry Certificate or Land Registry Plan.
The property will be valued on the assumption that it can be offered Freehold (or virtual Freehold) with vacant possession available upon completion;
That the property is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings and that good title can be shown;
That the property and its value are unaffected by any matters which would be revealed by a Local Search and replies to the usual enquiries, or by a Statutory Notice and that neither the property, nor its condition, its use, or its intended use, is or will be unlawful. It is assumed that the information that we have relied on is correct and complete, and that there are no other encumbrances or onerous or unusual easements, restrictions or conditions attached to the subject premises of which we are not aware.
That where the dwelling is leasehold and because the Valuer has no further and better knowledge or information: a) the unexpired term of the lease is no less than 85 years, and no action is being taken by any eligible party with a view to acquiring the freehold or to extending the lease term;
b) there are no covenants exceptionally onerous upon the leaseholder;
c) the lease cannot be determined except in the grounds of serious breach of covenant in the existing lease agreement;
d) if there are no separate freeholders, head and/or other sub-head leaseholders, the terms and conditions of all the leases are in the same form and contain the same terms and conditions;
e) the lease terms are mutually enforceable against all parties concerned;
f) there are no breaches of covenants or disputes between various interests concerned;
g) the leases of all the properties in the building/development are materially the same;
h) the ground rent stated or assumed is not subject to review and is payable throughout the unexpired lease term;
i) in the case of blocks of flats or maisonettes of over six dwellings, the freeholder manages the property directly or it is managed by a professional, properly bonded managing agent;
j) where the subject property forms part of a mixed residential or commercially used block or development, there will be no significant changes in the existing pattern therein;
k) where the property forms part of a development containing separate blocks of dwellings, the lease terms of the subject property apply only to the subject block and there will be no requirement to contribute towards costs, relating to other parts of the development, other than in respect of common roads, paths, communal grounds and services;
l) where the property forms part of a larger development the ownership of which has since been divided, all necessary rights and reservations have been reserved;
m) there are no unusual restrictions to assignment or subletting of the subject property for residential purposes;
n) that there are no outstanding claims or litigation concerning the lease of the subject property or any others within the same development;
o) where the subject property benefits from additional facilities within the development, the lease makes adequate provision for the lessee to continue to enjoy them without exceptional restriction, and for the facilities to be maintained adequately and that there are no charges over and above the service charge for such use and maintenance and;
p) in respect of insurance:
i) the property can be insured under all risks cover, which includes subsidence, landslip and heave, for the current reinstatement cost,
ii) the cover assumed is available on normal terms,
iii) there are no outstanding claims or disputes;
iv) where individuals in a block make separate insurance arrangements, the leases make
v) provision for mutual enforceability of insurance and repairing obligations and;
vi) any landlord responsible for insurance is required to rebuild the property with such alterations as may be necessary to comply with then current building regulations and planning requirements. Condition of Buildings We will NOT carry out a Home or Building Survey (AKA structural survey) of any of the building.
Furthermore, we will not inspect the building and our valuation is solely based upon information that is provided by you the client.
Services & Highways That the property is connected to and there is the right to use the reported main services on normal terms;
That sewers, mains services and the roads giving access to the property have been adopted, and that any lease provides rights of access and egress over all communal estate roadways, pathways, corridors, stairways and to use communal grounds, parking areas and other facilities.
That all required, valid planning permissions and statutory approvals for the buildings and for their use, including any extension or alterations, have been obtained and complied with. Contamination and hazardous or deleterious materials
That no damaging or hazardous materials or techniques have been used, that there is no contamination in or from the ground, and it is not land filled ground.
It assumed there are no issues affecting the property relating to mining/quarrying.
No checks or investigations will be carried out on this issue.
We will carry out an initial general check on the Environment Agency Website to see if the property is in a flood risk area but unless otherwise stated it is assumed there is no risk of flooding in the immediate locality that may affect the property.
Source of information
No specific enquiries have been made to the local authority. Information and photographs provided by the client prior to instruction.
Restrictions on publication
Neither the whole nor any part of the report, nor any reference to it, may be included in any published document, circular or statement or published in any way without prior written approval of the form and context in which it may appear.
Third party liability
Any party, other than the client, who may have an interest in the valuation or its outcome if previously agreed in writing.
RICS Valuation Standards (and departures from those standards)
The Valuation and Report will be prepared in accordance with the RICS Valuation – Global Standards 2020 and RICS professional standards and guidance, UK Reinstatement cost assessment of buildings.
Description of report
The report will comply with the requirement for minimum content of VPS 3.2.
Our report will be provided in writing as soon as reasonably possible after completing our inspection and investigations.
The report will be made available via email. Any verbal comments given to the Client prior to receipt of the full written report are given in good faith but, in order to avoid any possible misinterpretation or misunderstanding, the Client should not act upon these verbal comments until the full written report has been received and studied.
The Client will pay to Steren Surveyors UK Limited the agreed fee of as highlighted on our website for the property in respect of this advice or the invoice produced dependent on if a desk top valuation, or multiple property calculations are required or should a site visit be required.
In addition the Client will pay the amount of any Value Added Tax on the fee at the appropriate prevailing rate. The fee is payable upon instruction.
Your fees will not be protected by the RICS Clients’ Money Protection Scheme.
Your rights under the Consumer Rights Act 2015 have been waived to allow for the timescales required for this instruction.
Fixed fees as stated on the website are for desktop valuations only. if a site visit is required a formal quotation will be provided.
The firm operates a Complaints Handling Procedure in accordance with RICS guidelines. A copy is available upon request.
Compliance by Steren Surveyors UK Limited with regulations laid down by RICS requires regular monitoring under the Institution’s conduct and disciplinary regulations.
Please be aware that our file and report may be inspected by an official appointed by RICS.
Limitations on liability
1. The client may only rely upon the Surveyor’s advice and Report for purposes described in the particulars (namely the Contract Letter and Terms and Conditions of Engagement herein) or communicated to the Surveyor in writing prior to the agreement of the fee and if the client wishes to rely upon such advice and report for any other purpose he or she may only do so with the written consent of the Surveyor. Steren Surveyors UK Limited accept no liability whatsoever to any other person or body.
2. Liability for error, omission, advice or action rests solely with Steren Surveyors UK Limited. Individual members of staff do not accept liability in respect of any matter.
3. Our valuation is provided for your benefit alone and solely for the purposes of the instruction to which it relates. Our valuation may not, without our written consent, be used or relied upon by any third party, even if that third party pays all or part of our fees, or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such third party is deemed to have accepted the terms of our engagement.
4. Our contract with you for the provision of this valuation is subject to English law. Any dispute in relation to this contract, or any aspect of the valuation, shall be subject to the exclusive jurisdiction of the Courts of England and Wales, and shall be determined by the application of English law, regardless of who initiates proceedings in relation to the valuation.
5. The Royal Institution of Chartered Surveyors (RICS) recommends the use of liability caps to members as a way in which to manage the risk in valuation work. Our aggregate liability arising out of, or in connection with this valuation, whether arising from negligence, breach of contract, or any other cause whatsoever, shall in no event exceed £5,000. This clause shall not exclude or limit our liability for actual fraud, and shall not limit our liability for death or personal injury caused by our negligence.
Steren Surveyors UK Limited is registered for regulation by RICS. As a result we hold professional indemnity insurance on a per claim basis is available in respect of valuations carried out by Steren Surveyors UK Limited.
Details of insurance are available on request.
Terms of Business
Unless otherwise agreed, payment of all invoices is due upon instruction. Payment can be made by card payment.
Desk top reinstatements must be approved by your insurer and you the client holds all liability for the information provided should you become under insured.
Steren Surveyors UK Limited
RICS Regulated Firm Registration Number: 853022 Steren Surveyors are a trading style of Steren Surveyors UK Limited. Registered Company: 13796952 Registered Address: Redruth House, Cornwall Business Park West, Scorrier, TR16 5EZ
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