Valuation Report Template

23/03/09

Valuation Report on

Description and Address of Property

Prepared on behalf of

Name and Address of Client

Campbell D Ferguson F.R.I.C.S.
On behalf of Survey Spain

General Photo of Property

Date

Client and Address

Dear Sir,
Address of property and Description of Work

We are pleased to report on the property resulting from our visit on date. We understand that you require the Valuation and Report client's reason for instruction.

The conditions under which this report is provided are given below.
As part of this report, we provide a General Background that explains in more detail the extent of the survey, limitations and other general comments and advice.
This report is laid out in 'bullet point' form to emphasise the items of relevance.
We have restricted our comment on location and the area in general. We shall be pleased to provide any further information required.
We carried out a valuation, but did not carry out a building or structural survey.
We have reported on any items noted that we are of the opinion detract from the value.
The property was inspected on a description of weather on the day and generally over the past week or so
At the time of our inspection the property was occupied/unoccupied and empty/fully furnished.
For the purposes of this report the front door to the house is assumed to face xxxx
We shall be pleased to provide more detail of any item mentioned or comment upon any matter causing concern.

The report continues

Location, Description, Construction and Accommodation

Location:

Costa del Sol access/immediate road access/convenience for local and wider services and facilities/view/'tone' of the immediate area

Description:

Shape, gradient and orientation of plot and buildings/association to surrounding land, buildings and roads/special features/access features

Construction:

The property was first registered in
The structure is the conventional reinforced concrete foundations, pillars and floors.
Floors covering/walls/roof/windows/doors/int. and ext. decoration

Accommodation: Reception, Lounge, Dining Area, Kitchen, Double Bedrooms, Bathrooms/Shower rooms.

Entrance - orientation facing - approached off
List of rooms with orientation. Bathroom list fittings e.g. bath, shower, washbasin, w.c. and bidet.

Exterior

List of garage, stores, pool, etc

Papers Provided

Sale Leaflet/
Nota Simple Not provided (compare size with measured size)
Catastral Description

Catastral Plan

Measurement by Survey Spain
IBI Receipt (Local taxes) Not provided (Compare description with actual property)
Building and other licences Not provided (Compare description with actual property)
Anything else provided by client/lawyer/agent/whoever
We have not seen any other documents. In particular we stress that you should ensure that your lawyer confirms that he has seen all the appropriate building, completion and occupation licences required to be issued by the local town hall and confirmed by higher authorities or organisations. We also draw your attention to relevant items in our 'General Background' document.
We also draw your attention to the guarantee obligations of builders and developers. In the first year, commencing on the date of the architect's completion certificate, NOT the licence of first occupation, the builder is responsible for all defects excluding those created by the occupants use. In the next 2 years they are responsible for major defects such as water penetration, wiring failure, major drainage problems, etc. The developer is also obliged to have in place a 10 year 'decenial' insurance policy to cover failures to the structure of the building. We strongly recommend that owners should have their property inspected shortly before the end of these periods so that the appropriate parties can be notified of any defects found. Also note the relevant items in our 'General Background' document and especially those relating to 'Vicios Ocultos'.

Web Search

As part of our investigations, we always search the Internet for items relevant to the property being surveyed. We cannot guarantee that we have found or viewed all or even the majority of pages that may make reference to the property.
The Urbanisation featured on a substantial number of web sites that gave general information, but none was found of particular relevance to this individual property.
Website address if the actual property is found during comparison searches

Photographs of Property and Defects

Items that have influenced value

(Specific to the property)
As with many other world markets, the property market on the Costa del Sol is severely depressed, with a substantial number of new and resale properties available for sale, but relatively few buyers are available with the finance to permit immediate acquisition.
The exchange rate loss in value of the pound against the euro in the last year effectively increased prices to the major UK market by almost 20%, though this has come back slightly in recent weeks. It should be noted that there are many Northern European and euro-zone buyers relatively unaffected by exchange rate fluctuations.
However, there are many individuals and groups intending to purchase property who are currently waiting for the market prices to reach their lowest point, at which time they intend to acquire suitable properties at historically low prices.
From economic reports and analysis this low point is unlikely to be reached until sometime late in 2009 at soonest. However, should buyers wait too long, they are likely to see prices for the most popular properties rise quite quickly from the lowest level, although thereafter prices are likely to plateau and only rise gradually as general economic and financial liquidity circumstances permit a more normal market to re-establish itself.
Accordingly, some buyers will acquire now, but only if they can achieve a substantial reduction in the price for the property, significantly below its value a short time ago.
We are confident that living in Costa del Sol will continue to attract individuals and families from elsewhere in Spain and, principally, Northern Europe. It has a growing business base in addition to the attractions of climate, culture and geography.
The property was valued on the comparable basis, whereby it was compared with properties being offered for sale of similar style size and location as far as practically possible in the time available.
- Due to the prevalence of extra-contractual payments and incomplete property descriptions, accurate, reliable sales information is not available in Spain, unless one is directly involved with the final stages of any particular transaction. Unfortunately, this means that the official registries statistics and analysis based upon them does not reflect the true market values being paid.
- As a result, the most accurate method available is to analyze from experience the asking prices for comparable properties. Evidence from transactions of which the valuer has accurate information is then applied to the asking prices to provide a general level of discount/appreciation to be applied. In addition, a number of variables can be applied, as appropriate, relating to the unique features of any particular property, it's suitability for any particular use, the probability of any special purchasers, the likelihood of a significant 'marriage value', etc.
The property cannot be valued in isolation as purchasers must be assumed to be prudent and to have alternative investment opportunities. Accordingly, the comparative purchase costs, returns, risks and final sale opportunities must all be taking into account.
The valuers within Survey Spain have considerable experience of property sales and values within Andalucia, and this experience was applied to the information obtained and analysis in order to decide upon a final opinion of value.
Unless stated otherwise, all our market values will be calculated subject to the following RICS mandatory definition - '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.'

Valuation

General Impression/Opinion of Property

After careful consideration of all the information possessed by us, we are of the opinion that the current comparative market value of the above property is in the region of Figures € euros (Words)

This value is based on the property as found when visited on the date stated above. We have/not valued this property before. (Details)

The principal valuer was Campbell D Ferguson, F.R.I.C.S. of the Royal Institution of Chartered Surveyors, UK, Diploma Number 0046559. He is a Director of Ferguson Eley S.L., trading as 'Survey Spain', based in San Pedro de Alcántara, Marbella, MÁLAGA, Spain.

The valuer confirms that he is an External Valuer as defined in the RICS Red Book and that he has/no known prior connection to the seller or the property. (Details)

Caveats and Cautions

This report has been prepared specifically for the party to whom it is addressed and no liability can be accepted to any third party.
It may not be reproduced in any form without the written approval of the author and Survey Spain.
The copyright of this report remains the property of Survey Spain.
We have carried out limited tests in use of the services, installations or equipment where practical. However, we cannot guarantee that they are functioning, will function the next time they are switched on and/or are free from defect. However, all defects found have been noted above.
We have only seen the documents listed above relating to the property and therefore this report must not be taken as confirmation that the property described is within the legal title or owners/occupiers are or are not responsible for any particular matter. In particular, unless otherwise indicated, we have assumed that all extensions, etc., have all the appropriate permissions and licences and are recorded on the escritura along with an accurate description and floor area, as it existed at the date of our inspection.
We are unaware of any government planning or other such matters that might affect the property other than any already mentioned. However, as no specific enquiries have been made we cannot confirm that the property is unaffected.
We have carried out a visual inspection only and cannot comment on internal, inaccessible or hidden construction details or defects in the property or its surroundings. Any absence of comment on a particular part of the property must not be assumed to mean that part of the property is without defect. Surveys cannot be a guarantee that a property is sound or that all defects have been found.
We cannot advise on the existence of contamination, asbestos or other deleterious material within the buildings or on the site. Similarly, we have not checked for any environmental matter within the building or its surrounds that may have an unacceptable effect upon the property or its occupiers. This includes the possibility of future problems as a result of Climate Change, although we will comment where we feel that there is an exceptional history or likelihood of flooding.
As all the work is carried out in Spain and Survey Spain is based here, all legal matters will be judged according to Spanish Law except those relating to the professional governance of the Royal Institution of Chartered Surveyors.

END OF REPORT

We are very pleased to have been able to assist you by providing this report. Should you have any questions or wish further information, please contact us immediately.

Yours sincerely,

>> back to the Survey Spain information page