Generic property valuation checklist Prior to site visit □ Obtain report on title (if available) □ Obtain leases, sublease, licences to alter and any other legal documents TIP: This is to help establish if there are any tenants’ improvements. □ Obtain floor plans and site plans TIPS: If there are no plans available, check the lease for lease plans – Check the plans thoroughly, so that it is possible to spot any tenants’ improvements while out on site. □ Arrange inspection (notify occupiers/tenants) TIPS: Keep a list of contact numbers to take out on site in case of a breakdown in communication – Be clear as to what information the client wishes to divulge to occupiers – Try to obtain clear and concise directions. The following websites may help: www.streetmap.co.uk, www.multimap.co.uk. □ Take all necessary equipment TIP: Dictaphone, pad, tape, laser measure, camera, scale ruler to suit plan, plans, maps and coloured pens. □ Be aware of available and similar properties in the locality for comparable purposes TIPS: Obtain a list of comparables by searching databases such as those provided by Egi or Focus, to enable you to compare them on site – Obtain agents’ details for the subject property (if under instructions to let or to sell) and comparables – Be aware of comparable properties already valued or managed by your company. □ □ Check if you need to visit the local authority in person If you have valued the property before, take a copy of the old report with you as a reference On site External site considerations □ Note the exterior condition of the building/site; take photographs of the building, surrounding area and comparable buildings/sites TIPS: Note such things as roof condition and rainwater goods – Is the building/site generally well-maintained or unkempt? □ Make notes on the situation of the building TIPS: Walk the perimeter of the building/site – Check and amend location plans and office records – Note your impressions of the site and its location – Consider whether there are any factors that currently affect the property, or will do so in the future – for example, building works – Consider the car-parking ratio and car-parking provision in surrounding areas – Note public transport provisions – Note all forms of physical and electronic communications – check road, rail and air links; weight and height restrictions on access; provision of broadband internet access; and so on. □ Consider comparable evidence TIPS: Note any boards of other agents – Check the specification and situation of the comparables you have already sourced off databases – Photograph the comparable buildings/site. □ □ □ □ □ □ Note whether the property is in an established office/commercial/industrial location as applicable Note the provisions for the turning space of vehicles Make a note of the accessibility and motorway/transport links TIP: Is the vehicular access suitable for the use of the premises? Note the uses in the surrounding areas TIPS: Note whether the site is suitable for existing use. – Is it, for example, an isolated industrial estate surrounded by residential property? Environmental issues □ Note possible environmental issues © isurv.com TIPS: Is the land wet? – Are there any potential contamination issues visible, including from adjoining properties? – Are there any hazardous or deleterious materials visible? Are chemicals or dangerous substances stored on-site? – Are there any highvoltage cables or substations in the vicinity of the property? – Are there any radio masts in the area? – Consider possible impact of EU directive on the energy performance of dwellings and commercial buildings. – Are there any asset value implications of a low energy rating? □ Note other occupiers and nearby uses that may pose environmental issues □ Note age/current use/evidence of previous use of the building TIP: The age of the building may be an indicator for use of deleterious materials in construction. □ Note abnormal ground conditions TIPS: Note any coastal erosion. – Note any mine workings/quarry works/underground works. – Is radon gas a factor? □ Use environmental websites to gain information TIPS: Such websites include www.environment-agency.gov.uk and www.homecheck.co.uk, and could indicate flood risks. □ Use the checklists in the RICS guidance note Contamination, the environment and sustainability: Implications for chartered surveyors and their clients to obtain information Internal site considerations □ Note the building condition TIPS: Note poor decoration, rot, age, walls out of alignment, evidence of structural movement. – Take photographs to record this. □ Take general site notes TIPS: Note dates of construction, extension and refurbishment, if known. – Note number of floors and use of each floor. – Note approximate configuration and change in levels. – Note type of construction. □ Note specific details for each floor TIPS: If scaling from plans, ensure sufficient check measurements are taken to verify scale. – Sketch plans if no plans are available (ensure that they are neat, in case they need to be used by colleagues). – Make specific notes on the general condition of each floor. – Note fit-out and specification of the landlord and/or the tenants. □ Note services to the building TIPS: Ask questions of the facilities manager, plant engineer, and/or caretaker with regard to any issues concerning the services and running of the building. This should include such things as heating systems, air-conditioning units, lifts (size and type) and escalators. – In addition, note any public utilities. □ Note whether industrial/commercial premises provide functional clear space with adequate headroom for forklift trucks, etc. □ Make a note of any tenants’ improvements TIP: These may come out through discussion with site representatives. □ □ Note any accessibility issues Consider the WC provisions – note these for each floor Measurements □ Make sure the plan is marked up in a clear way TIP: It needs to be legible for future reference. – Use different coloured pens for drawings and referencing. – Take a pocket tape to measure short distances, pillars, etc. – Use ceiling tiles to establish alignment of walls. □ □ □ □ □ □ Measure the height of the eaves Measure width and height of loading doors TIPS: Make a note of how many loading doors/dock levellers there are. – Can vehicles access the loading doors easily? Confirm tenants’ improvements and fit-out (if applicable), as these will be disregarded TIPS: This includes tenants’ non-structural partitioning. – The office/facillities manager is likely to have a reasonable knowledge of the building. – You may also refer to the lease plans. Confirm the boundary © 2 isurv.com □ Count car-parking spaces Desk-based data-gathering □ Obtain planning/highways information TIP: Use local authority websites. The local authority can also provide general environmental information. □ It is also useful to obtain copies of the planning consents TIP: these can be supplied by the client or by the local authority. If supplied by the local authority, there is usually a cost implication. Statutory enquiries □ Source rateable values and the UBR (uniform business rate) TIP: The following website may be useful: www.voa.gov.uk □ Check stamp duty land tax exemptions, either by ward or by postcode Visit www.hmrc.gov.uk Comparable information □ □ □ Check your firm’s internal resources Follow up the boards/information sourced from site Follow up information obtained from databases such as Egi or Focus □ Speak to the agents locally and nationally TIPS: keep a list of whom you have spoken to; you can then call them back if necessary. – Have a look at the agents’ websites for available space in the vicinity. – Check local authority web pages for schedules of vacant properties in the area. □ Use property web pages to search for comparable evidence Try www.propertyauctions.com and www.propertynews.com □ Check/read leases © 3 isurv.com