WEX150307
16th June 2015
Mr John Atkinson
42 College Green
Summerhill.
Wexford Town.
Re:
Castlesow, Wexford - William Patrick Atkinson
Dear Mr Atkinson
In accordance with your recent instructions we have inspected the above property for the purposes
of estimating the market value for probate purposes as at 01/03/2015, the date of death of the
above named deceased.
Valuation Issue
The national Road Authority have created a preferred Route Corridor some 300 m wide that will
be the planned location of a rerouted N25 from Dublin to Rosslare. The commencement of this
project has been deferred indefinitely and is currently depending on funding becoming available.
This indefinite deferral has created a Planning Blight situation.
We now understand that the proposed Route Corridor for the N11 appears to involve all of the
subject property. In our view, this has impacted the value of the property in very real terms.
The valuation issue revolves around the extent to which this road proposal affects the valuation of
the subject property.
Planning Blight
Planning blight may be defined as “the harmful effects of uncertainty about likely restrictions on
the types and extent of future development in a particular area on the quality of life of its
inhabitants and the normal growth of its business and community enterprises”
In this case the uncertainty surrounding the road proposal creates a “planning blight” that in my
view impacts on the value of the property.
A hypothetical purchaser of this house does not know…
 If the property will be acquired for a new road or
 Whether a new road will be built at all. The authorities are not confirming whether the
proposal has been abandoned or is to proceed.
I do not believe that there is any question that the value of the property is adversely impacted.
The only question that remains is the extent of this impact on the value.
To this end, I have gone to considerable lengths to find evidence of the impact on the value of the
road proposal on the property.
There are other examples of properties in the vicinity where sales had been agreed and where the
sales that were agreed were frustrated by the original suggested road lines .Prospective purchasers
did not proceed with their plans to purchase property that they saw as being affected. This did not
mean the property in question was without value entirely, it just meant that it was no longer the
agreed value in the purchaser’s eyes.
There was a similar case where a property was adversely affected by a legislative change that had
a defined effect on values. We agreed the sale of a bungalow with a lane access off Redshire road.
Under a new conveyancing act, all the owners of the lane had to grant consent to the right of way,
and several of the owners could not be traced. To conclude the sale, a discount of some 30% was
agreed to affect completion despite the inherent flaws in the title.
The difference in this case was it just related to the access and a purchaser’s ability to raise
finance.
In the subject property the problem goes to the very root of a purchaser’s enjoyment of the
property itself. It is a much more dramatic issue for a prospective occupant. It is my view, as a
qualified valuer, that the value of the property is currently impacted by the uncertainty
surrounding the road proposal so as to reduce its unaffected value by a factor of 30%.
Having carefully considered the matter, bearing in mind the nature and condition of the house and
the location generally, we are of the opinion that the following assessment of value in respect
thereof is fair and reasonable.
We believe the property would be worth €195,000 (One Hundred and Ninety Five Thousand
Euro) if unaffected by the road proposal and reduced to €136,500 (One Hundred and Thirty Six
Thousand Five Hundred Euro) as it is affected by the road proposal at the date of this valuation.
In accordance with our standard practice, we should state that this letter is intended for the
attention of the party to whom it is addressed and no responsibility exists to any third party for the
whole or any part of the contents.
We trust this brief letter will suffice for your immediate requirements and if a more detailed report
is required at a later date we would be pleased to provide one.
If we can be of any further assistance in the matter kindly let us hear from you.
Yours sincerely
___________________
Adrian Haythornthwaite
Principal
Sherry FitzGerald
QUALIFICATIONS
1.
Interpretation
Unless stated to the contrary in our report the following standard qualification clauses apply
in full. Any stated amendment or variation contained in the report shall take precedence
over the relevant standard clause.
2.
Title
It has been assumed that title is good and marketable and free from rights of way or
easements, restrictive covenants, disputes or onerous or unusual outgoings. We have
assumed that the property is free from mortgages, charges or other encumbrances.
3.
Condition of Structure and Services
Our valuation work has not extended to undertaking a survey of the structure or plant and
equipment in the building or a survey of soil and substrata conditions. We have not
inspected those parts of the property, which are covered, unexposed or inaccessible.
Unless stated to the contrary we have assumed that:3.1
inspection of those parts, which have not been inspected, would reveal neither
material defects nor cause the valuer to alter the valuation materially.
3.2
the land and buildings comprising the property are free from rot, infestation and
structural or design defects.
3.3
the services to the property are adequately maintained and functioning properly; and
3.4
there are no adverse soil or ground conditions and that the load bearing qualities of the
site of the property are sufficient to support the buildings constructed (or to be
constructed) thereon.
Our valuation will take account of the general condition of the property as observed
from a valuation inspection.
4.
Deleterious Materials
Unless specifically stated to the contrary, we have assumed that neither high alumina
cement concrete, calcium chloride additives, blue or other fibrous asbestos, nor any other
harmful or hazardous materials have been used in the construction and / or subsequent
alteration of any building.
5.
Environmental Matters
We have assumed that no environmental audit or other environmental investigation or soil
survey has been carried out on the property, which may draw attention to any contamination
or the possibility of any such contamination. In undertaking our work, we have also
assumed that no contaminative or potentially contaminative uses have ever been carried out
on the property. We have not carried out any investigation into past or present uses either of
the property or of any neighbouring land to establish whether there is any potential for
contamination from these uses or sites to the subject property and will therefore assume that
none exists.
Should it, however, be established that contamination exists at the property or on any
neighbouring land or that the premises have been or are being put to a contaminated use,
this might reduce the value reported.
6.
Floor Areas
Floor area figures prepared by us either from inspection notes or drawings have been
calculated in accordance with The Society of Chartered Surveyors Measuring Practice
Guidance Notes. Where figures have been provided, we have assumed that they have been
prepared in accordance with the said Guidance Notes unless stated to the contrary.
7.
Statutory Requirements
Unless stated to the contrary, it has been assumed that the property valued complies with all
necessary statutory requirements including building and fire regulations and that there are
no outstanding statutory notices.
8.
Planning
We have relied on any information regarding town planning provided by the client. Unless
stated to the contrary we have not carried out a planning search.
9.
Supply of Information
It has been assumed that the information provided by the client, or their professional
advisers, in respect of the property valued is both full and correct. Accordingly, we have
assumed that details of all matters relevant to value within their collective knowledge, such
as prospective lettings, rent reviews, breaches of covenant, outstanding requirements under
legislation, outstanding disputes or costs and planning decisions have been made available
to us, and that such information is up to date.
10.
Legal Issues
Legal issues, and in particular the interpretation of matters relating to title and leases, may
have a significant bearing on the value of an interest in the property. Where our report
expresses an opinion upon legal issues affecting the valuation, either voluntarily or at the
specific request of the client, then such opinion should be subject to verification by the
client with a suitably qualified lawyer. No responsibility or liability is accepted for the true
interpretation of the legal position of the client or other parties in respect of the valuation of
the property.
11.
Realisation Costs and Taxation
No allowance has been made for the vendors sale costs nor for any tax liabilities which may
arise upon the disposal of the property.
12.
Disclosure
The contents of this report are confidential to the named client, for the specific purpose to
which the report refers and is for their use only. Consequently, and in accordance with
current practice, no responsibility is accepted to any other party in respect of the whole or
any part of its contents.
Before the summary valuation or letter or any part of it is reproduced or referred to in any
document, circular or statement, and before its contents or the contents of any part of it are
disclosed orally to a third party, our written approval as to the form and context of such
publication or disclosure must first be obtained. Such publication or disclosure will not be
permitted unless, where relevant, it incorporates the special assumptions we have made.