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Terms of Engagement

 

WBC Valuations Ltd

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Identification and Status of the Responsible Valuer

The valuation will be the responsibility of: WBC Valuations Ltd
- Name and qualifications: Chris Freeman MRICS
- Registered valuer status: Registered
- Experience and expertise: 25+ years of surveying practice
- Internal / external status: Internal
- Previous involvement with the property or parties to the case: N/A
- Declaration of independence, objectivity and competency: We are a fully independent surveyors without any outside interest in the valued property, we are RICS registered valuers and are sufficiently experienced and competent to carryout the valuation requested by the client.

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Identification of the Client(s)

The client is the person accepting the quotation provided and is listed at the side a base of the quotation. All references in this document to the client relates to that person or persons.

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Identification of Any Other Intended Users

The client shall make WBC Valuations Ltd aware of any additional users of the should this not be provided pre quotation the report and valuation may only be relied upon by the client.

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Identification of the Asset(s) or Liability(ies) Being Valued

The client shall provide WBC valuations the following information prior to valuation and survey

- Address of the property:
- Interest to be valued:
- Tenancies, if any:

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Valuation (Financial) Currency

Pounds Sterling (£),

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Purpose of the Valuation

The client shall provide WBC Valuations with the end use of the report and valuation.

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Basis(es) of Value Adopted

The following definitions of Basis of Value will be used (from International Valuation Standards or UK Legislation):
- Market Value
- Market Rent
- Statutory definition of Market Value (Capital Gains Tax, Inheritance Tax and Stamp Duty Land Tax)

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Valuation Date

This is defined as ‘date of report’

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Nature and Extent of the Valuer’s Work and Limitations

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We are not aware of any conflict of interest that would preclude us from providing the valuation advice requested. The Valuer shall inspect the property to be valued by visual inspection only. The property will not be fully measured.

The Valuer will inspect the property for the purpose of providing an opinion of Market Value as instructed. The Valuer will undertake a visual inspection of some of the exterior and interior of the property as is accessible safely and without undue difficulty. The inspection will be carried out whilst standing at ground level within the boundaries of the site and adjacent public/communal areas and whilst standing at the various floor levels.

 

We Will Not Do:

Go up onto the roof or use a ladder, to examine roof coverings closely. Test or report on all minor repairs, soft window sills, loose mastic pointing, leaking gutters, loose or missing slates etc., normally occurring in older type property. Floor coverings and heavy furniture will not be moved to gain access and no under floor inspection will be made. Other items not tested include: boundary walls, fences, drains, electrical, gas, heating and water services which are therefore assumed to be in satisfactory condition. In the case on Tenement or Flatted property, no attempt will be made to gain access to communal roof spaces or other mutual parts within the common block.

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For valuation purposes, these parts will be assumed to be in good condition. Where defects are listed, the cost of which cannot be quantified with further investigation, we will value the property as though the defects did not exist and reserve the right to revise our valuation in light of detailed estimates as and when they become available. A prospective purchaser is advised therefore to seek accurate estimates and costings from appropriate Contractors or Specialists before proceeding with the purchase.

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We confirm that we have not carried out a Building Survey nor have we inspected woodwork or other parts of the structure which are covered, unexposed or inaccessible and we are therefore unable to report that any such part of the property is free from defect. The Surveyor/Valuer has not been instructed to carry out a survey of the property, structural or otherwise. You must not assume that, if defects are not mentioned in the report, all parts of the structure are free from defects. Where your attention is drawn to some defects, it does not mean that other defects may not exist. Moreover, services have not been tested. If you are proposing to purchase the property and you wish to be satisfied as to the condition of it, you must have a surveyor’s detailed inspection and Report of your own before deciding whether to enter into a contract.

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We can offer a range of Survey types which any member of our staff can provide details of and may be more appropriate where items of defect are noted or are of concern. If the property is of architectural or historical interest, or Listed as such, or is in a Conservation Area or of unusual construction, appropriate specialist advice from an architect or Building Surveyor with appropriate knowledge should be sought before carrying out works.

 

Nature and Source(s) of Information Upon Which the Valuer Will Rely and Related Assumptions

Client information, public records, professional sources and comparible tools such as right move, databases and websites relating to registered property sales, marketing history and other relevant information as well as the office records of the Surveyor/Valuer’s’ Firm We will apply professional scepticism. Assuming reliability where no contrary evidence exists.

We shall provide a written report and valuation in PDF format.

 

Special Assumptions to Be Made

Discussed and agreed on an individual basis, such as Vacant Possession

 

Format of the Report

RICS standard reporting for homebuyers reports and ultimately inline with VPS 6 para 2 or other applicable standards. Delivered in PDF format digitally.

 

Restrictions on Use, Distribution and Publication of the Report

This report is not to be relied upon, distributed to or communicated with any third party without express written consent.

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Confirmation of Compliance with IVS and/or RICS Red Book Global Standards

Prepared in accordance with current RICS Valuation – Global Standards effective 31 January 2025.

 

Basis on Which the Fee Will Be Calculated

The fee will be calculated and adjusted to suit, once accepted termination or cancellation of the report prior to the valuer attending the property will result in a 10% +VAT of total invoice being charged as an administration fee.

Termination or cancellation post survey will incur a 95% +VAT total fee charge.

 

Complaints Handling Procedure

The firm operates a Complaints Handling Procedure in accordance with RICS guidelines. A copy is available on request. Which is inline with WBC Group policy.

 

RICS Monitoring

The firm and valuer are registered with RICS Valuer Registration. Files may be subject to RICS monitoring.

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Limitations on Liability

Liability is limited to £1,000,000 for a claim arising from the report or 100X the cost of the report, whichever is smaller.

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Neither party will be liable for any loss of profit (other than in respect of our fees, costs or charges), loss of business or goodwill, or for any special, indirect or consequential loss or damage suffered by the other (including as a result of an action brought by a third party), save that nothing in these Terms of Engagement will exclude or restrict any liability which either party may have for death or personal injury arising out of negligence; fraudulent misrepresentation or any other liability which cannot be restricted or excluded by law.

We will not be liable for any loss which may occur as a result of your reliance on a subsequent valuation in, among other things, any discharge of any loan or advance of further funds. We will not be liable for any loss as a result of your receipt of any information, data or communications supplied or sent by us electronically, where through no fault of our own the relevant information, data or communication has been corrupted or otherwise modified as a result of it being supplied or sent electronically. You will be responsible for ensuring that any materials you provide or send us by any electronic medium and/or by computer disk are, and remain, virus free.

Subject to the above, our total liability in contract, including negligence or breach statutory duty, misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of this appointment or otherwise under the Terms of Engagement, unless otherwise agreed in writing.

 

Without prejudice to any other exclusion or limitation of liability, damages, loss, expense or costs our liability if any for any loss or damage (‘the loss and damage’) under this Appointment shall not exceed such sum as it would be just and equitable for us to pay having regard to the extent of our responsibility for the loss or damage and on the assumptions that: • all other consultants, contractors, sub-contractors, project managers and advisers engaged in connection with the transaction have provided contractual undertakings on terms no less onerous than those set out here; • there are no exclusions of or limitations of liability nor joint insurance or coinsurance provisions between you and any other party referred to in this clause and any such other party who is responsible to any extent for the loss and damage is contractually liable to you for the loss and damage; and • all the parties referred to in this clause have paid you such proportion of the loss and damage which it would be just and equitable for them to pay having regard to the extent of their responsibility for the loss and damage. Claims shall be brought only against the firm of WBC Valuations Ltd and no liability shall rest with any individual partner, employee or agent of WBC Valuations Ltd.

 

Consideration of ESG Factors

We will consider significant ESG factors during inspection but this report is not an ESG risk assessment or rating.

 

Terms of Business

The payment for this service is due on acceptance of the quotation. There is a term of 14 days for payment however, no report or valuation shall be released until such time that he reports are paid for in full.

If your payment is not received by us within the 14 days we may:

charge interest on any balance outstanding at the rate of 8% percentage points per year above Bank of England base rate. We will email you to let you know if we intend to do this;

suspend the provision of the services until such time as the amount outstanding has been paid in full. Any period of suspension will entitle us to any reasonable costs we incur as well as an extension of time for completion of the services; or Terminate this contract.

 

Regulated Firm

WBC Valuations Ltd is registered with RICS for the provision of surveying services. We uphold RICS Rules of Conduct, we are not currently RICS regulated. WBC Group the parent company is a regulated firm.

Responsible Principal: Chris Freeman MRICS , Western House 2 Rush Hill Bath BA2 2QH 01225 789307

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Consumer Contracts

If you are a consumer you have a right to cancel your contract with us under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations

2013 (“Regulations”) if your contract with us is an off-premises or distance contract. Please read this information carefully.

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You have the right to cancel an off-premises or distance contract with us without giving any reason. The cancellation period will expire at the end of 14 days after the day on which you receive these terms and conditions. To exercise the right to cancel, you must inform us of your decision to cancel this contract by a clear statement

(e.g. a letter sent by post, fax or e-mail to us at the address on the letter enclosing these terms). To meet the cancellation deadline, it is sufficient for you to send your communication concerning your exercise of the right to cancel before the cancellation period has expired.

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If you exercise your right to cancel, we will reimburse to you all payments received from you pursuant to this letter of engagement less the abortive 10% administration fee above.

We will make the reimbursemen without undue delay, and not later than 14 days after the day on which we are informed about your decision to cancel the contract. We will make the reimbursement using the same means of payment as you used to make the payment to us, unless you have expressly agreed otherwise. In any event, you will not incur any additional fees as a result of the reimbursement.

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If you requested us to begin the performance of services during the cancellation period (see below), you are liable to pay us an amount which is in proportion to what has been performed until you have communicated to us your cancellation of this contract, in comparison with the full coverage of the contract.

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In terms of the Regulations, we cannot start to provide services to you under this letter of engagement during the cancellation period unless you expressly request us to do so. If you ask us to supply services during the cancellation period you will lose your right to cancel your contract with us if, having made the request, the services are fully performed during the cancellation period; and if you exercise your right to cancel during the cancellation period, and the services have been partly performed,

you will have to pay us an amount which is in proportion to what has been performed until you have communicated to us your cancellation of this contract, incomparison with the full coverage of the contract.

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If you do not understand any of this contract and want to talk to us about it, please speak with our representative

or contact us by:

• Email: hello@wbc.group Monday to Friday: 9am to 4pm

• Telephone the administration team on 01225 789307 Monday to Friday: 9am to 4pm.

 

Data Protection

In the course of providing services to you, we may collect or receive personal data or sensitive personal data relating to you and (where the client is a company) your employees, officers, and shareholders or (where the client is an individual) members of your family. We will use such personal information for the purpose of providing services to you in accordance with our Appointment. We will also use personal information for related purposes, such as updating our client records, carrying out identity checks in accordance with money laundering requirements (as further set out below) and carrying out credit checks. We may use third party data processors to carry out such activities on our behalf. Data processors may be located in any part of the world. We will ensure that data processors take adequate steps to protect your personal information. If you provide personal information to us relating to another person, you must ensure that you are permitted to pass such information to us and that the individual concerned is aware that you are passing their personal information to us.

If you instruct us to transmit or store any of your information via or on a file sharing service or site (including cloud computing), we will not be responsible for its security or maintaining confidentiality. There are a number of risks which currently exist with file sharing services and sites such as: they do not guarantee confidentiality; we have no control over any changes they may make to their software; and we have no control over the service provided or their security and access policies. You therefore accept the risks that exist with such types of service and sites.

 

Title, Tenure & Tenancies

It is assumed that there are no encumbrances or unduly onerous restrictions, easements, servitudes, outgoings, conditions or other burdens that would have an adverse effect upon the value of the property and that a good and marketable title is held. Any information recorded in this report represents our understanding of any relevant documents provided. We should emphasise that the interpretation of the documents of title (including relevant deeds, leases and planning consents), is the responsibility of your legal advisor. Unless otherwise stated and in the absence of any information to the contrary, we have assumed that the property has full vacant possession and:-

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A) That no formal environmental assessment or investigation of the site/property has been undertaken and the property had been valued on the assumption that there is no land contamination;

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B) That no deleterious or hazardous materials or techniques have been used in the construction or alteration of the property (including but not restricted to asbestos, flammable insulation or cladding materials) and that it is impracticable to comment on the state of any wall ties;

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C) That the house/flat is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings and that good title can be shown;

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D) That the house/flat and its value are unaffected by any matters which would be revealed by a Search and replies to the Usual Enquiries, or by a Statutory Notice, and that neither the property, nor its condition, nor its use, nor its intended use, is or will be unlawful;

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E) That inspection of those parts which have not been inspected would neither reveal material defects nor cause us to alter the valuation materially;

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F) That the common parts of blocks of flats are covered by The Control of Asbestos Regulations 2006 and your legal adviser should confirm with the Duty Holder the availability of an Asbestos Register and the existence of any asbestos containing material;

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G) That if it is the intention to let out the property, further advice should be obtained prior to purchase regarding the required standards of repair, fire safety and all other statutory requirements and, if applicable, the terms of legislation covering the licensing of houses in multiple occupancy;

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H) That we cannot be held liable for damage caused to properties affect by flash flooding, flooding caused by blocked/poorly maintained ditches/drains, ineffective floor/coastal defences or abnormal weather conditions;

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I) That, unless otherwise stated within our Report, the property is not within a Conservation Area nor is a Listed Building nor located within an area of flood risk as identified by the SEPA website. Any other assumptions made in arriving at our valuation and conclusions within this Report will be stated in general remarks.

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J) That there is no Japanese Knotweed or other invasive plant species within the boundaries of the property or in neighbouring properties. We have not carried out an inspection for Japanese Knotweed or other invasive plant species.

Where structural alterations have been carried out to the property, it is assumed in arriving at the valuation reported that all required Local Authority permissions are available. It is further assumed that all required permissions are available in respect of private fuel stores, drainage arrangements and private energy sources such as wind turbines, solar/photovoltaic panels etc. We have assumed there are no EPC, asbestos, Radon gas, Japanese Knotweed, invasive species or flooding issues that would affect value.

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We reserve the right to amend our valuations on sight of any further information with regard to any of these items as noted herein and above. No tests have been carried out to determine whether or not any deleterious or hazardous building materials including (but not limited to) asbestos, composite panelling and flammable insulation have been incorporated in the construction or subsequent alterations to the property. We have, unless otherwise stated, assumed that there are no deleterious or hazardous materials within the property which might adversely affect the current or future occupation, development or value of the property. Specifically the Valuer has not carried out an Asbestos Inspection and has not acted as an Asbestos Inspector in completing the valuation inspection of the property. REINSTATEMENT COST ASSESSMENT Any reinstatement figure indicated within this report is provided for guidance purposes only, as a formal estimate for insurance purposes can only be given by a Quantity Surveyor or other person with sufficient current experience of replacement costs.

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Unless otherwise stated, the calculation is based upon the building in its present form including the cost of demolition, site clearance and professional fees but excluding: a. VAT b. Loss of rent or turnover c. Cost of alternative accommodation for the reinstatement period. d. Any other consequential loss. Should any of the assumptions or any additional stated assumptions prove to be incorrect (or inappropriate), we reserve the right to revise our opinion(s) of value accordingly. The foregoing Instruction Acknowledgement and Conditions of Engagement sets out the basis upon which we are to prepare our report and valuation of the property at the Property To Be Valued noted herein. Please check that these incorporate your instructions and advise us immediately should these Terms & Conditions not meet with your approval. If appropriate, please pass a copy of this Instruction Acknowledgement and Conditions of Engagement to your client.

 

Terms specifically relating to surveys of level 2 or 3

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The reports identified above are prepared solely for the confidential use of you alone and, if agreedany relevant third parties for specific purposes. They may not be relied upon by you or, if relevant, the third party for any other purpose whatsoever. The reports must not be recited or referred to in whole or in part in any other document. We neither owe nor accept any duty to any other party and shall not be liable for any loss, damage or expense of whatsoever nature which is caused by their reliance on the reports.

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Upon arrival at the property, if the surveyor determines a defect is of a type or nature of which they have insufficient specialist knowledge, we reserve the right to cancel the arranged appointment and send a replacement specialist surveyor to the property onan alternative date at no further cost to you; or Terminate the contract, reimburse any monies paid less out of pocket expenses and recommend a separate course of action.

In making the report, and unless expressly agreed with us, the following assumptions will be made by thesurveyor (and these are therefore matters for which no responsibility can be accepted by the surveyor):

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That no high alumina cement concrete or calcium chloride additive was used in the construction ofthe property or has since been incorporated. The property (if for sale) is offered with vacant possession, that it is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings and that good title can be shown. Access to the property is as of right based on terms both known and acceptable to you. The property is connected to mains services with appropriate rights on a basis that is both known and acceptable to you.

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That the property and its value are unaffected by any matters which would be revealed by a local search or replies to the usual enquiries, or by any statutory notice and that neither the property nor its condition, nor its use, nor its intended use is, or will be, unlawful or contrary to planning and building regulations.

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That inspection of those parts that have not been inspected would neither reveal material defects nor cause the surveyor to alter the valuation materially if a valuation has been undertaken. With flats, we assume there is a ‘duty holder’ (as defined in the regulations), an asbestos register and an effective management plan all in place and none of these presents a significant risk to health or need any immediate payment. We do not consult the duty holder.

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We make no enquiries about contamination or other environmental dangers. If we suspect aproblem, we will recommend further investigations.

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We will assume that no other harmful, dangerous or other deleterious materials have been used in the construction, and we do not have a duty to justify making thisassumption. However, if the inspection shows that these materials have been used, we must reportthis and ask you for further instructions.

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We do not carry out an asbestos inspection or act as an asbestos inspector when inspecting properties that may fall within the Control of Asbestos Regulations 2012. We will note the presence of lead water supply pipes and give general advice if these materials can be seen. However, you must appreciate that materials are often concealed within the constructionof the building. If we are concerned about lead pipes we can see, we may recommend a specialist inspection and report.

We will advise if the property is in an area where, based on public information published by Health Protection Agencies, there is a risk of radon, flooding or other such local risks, such as previous coal mining activities. In such cases, we will advise further regarding tests or further reports.

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We will advise if there are transformer stations or overhead power lines that we can see during the normal course of the inspection. If present, we cannot assess any possible effect on health.

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For obvious reasons, we cannot report on any.

We will not inspect previous drawings and/or specifications unless you specifically ask.The surveyor will provide their opinion of the state of repair and condition of the property specified. The surveyor will not provide a market valuation of the property unless instructred to do so. The surveyor will not be responsible for arranging the testing of services. The surveyor will not provide indicative repair costs unless requested and only within a level 3 report.

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It is possible that the report may suggest further investigation works to be carried out by a specialist firm,e.g. structural engineer, timber specialist, damp proofing specialist. On no account will liability be accepted if a purchaser proceeds to purchase without obtaining and acting upon the relevant further advice and/or recommendations.

The report will not purport to express an opinion about or to advise upon the condition of un-inspected parts of the property and should not be taken as making any implied representation or statements about such parts.

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The surveyor will carry out such work with the skill, care and diligence reasonably to be expected of a competent surveyor, bearing in mind the limitations of the inspection. Fitted or fixed carpets will not be lifted nor cupboards emptied or heavy furniture moved.

The surveyor will inspect as much of the surface area as is practicable and will lift obviously loose floorboards and trap doors where accessible, but they will be under no obligation to raise fixed floorboards or to inspect those areas of the property that are covered, unexposed or are not readilyaccessible. Inspection will therefore exclude the roof space, if there is no reasonably accessible roof hatch and boarding, and the outer surfaces of the roof if they cannot be readily seen. Similarly, inaccessible flatroofs over 3 metres (10 feet) above ground will not be inspected.

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Except where the contrary is stated, parts of the structure and the woodwork that are covered,unexposed or inaccessible will not be inspected. Within roof spaces where access is possible, the surveyor will be under no obligation to report on the condition of roof and ceiling timbers that are covered by insulation or similar materials or when stored household effects significantly obstruct inspection.

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Without specific written instructions, the surveyor will not report on the condition of leisure buildings, swimming pools, ponds, water courses and special apparatus.

The report shall provide information as to the overall condition of the property in relation to the qualityof the structure and not as an inventory of every single defect that might insignificantly affect the ultimate value.

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Prior to your receipt of the written report any verbal information given by the surveyor shall neither be construed as a representation nor warranty and should not be acted upon.

Where the defect being inspected is in a flat or part of a larger building, the inspection will be restricted to that flat or part. Other parts of the building will only be inspected at the surveyor's discretion and where they are freely accessible.

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Your legal adviser may contact us to discuss any aspect of the report, we will only discuss the report with them if you have provided your consent for us to do so. Discussion with your legal adviser is included in the Fees, however, should the discussions become lengthier than anticipated we reserve the right to charge additional fees for the time taken. Such charges will be charged at our standard hourly rates.

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Reports are published as soon as reasonably practicable and usually within 5 to 7 Business Days. In the event the report is likely to be delayed we will promptly inform you of this.

The report will be published via email. A paper copy can be provided but we reserve the right to charge a fee of £10 to cover printing and postage costs.