Market Valuation for Private Bank

Valuation of a substantial detached house in Berkshire for secured lending purposes

Instructions were received from a private bank to provide a red book complaint valuation report for loan security purposes.

The subject property comprised a substantial 5 bedroom detached modern house planned over 3 storeys with an internal floor area of 6,500sqft with benefits including a double integral garage, gated driveway providing  parking for several cars and landscaped gardens. The property was located close to central Ascot.

Internally, the property was presented in very good order having originally been built around 2008 to a high standard and specification with features including gymnasium, cinema room, under-floor heating and air conditioning.

However, from the external inspection some signs of movement were noted and this was evidenced internally by some deflection and non-alignment to floors and openings to a section of the house.  The firm strongly recommended that the client commission a full building survey prior to making a legal commitment to purchase, in order to further investigate the defect.

A body of comparable evidence was obtained which was assisted by a number of recently sold and current sale transactions in the local area. The sale prices were confirmed by the various marketing agents and Land Registry sales data. The compiled evidence was then later analysed with comparative adjustments made such as the level of finish, the differing floor areas, the amenities within each plot, the plot size and the configuration of the accommodation. A commentary was also provided on the local market, which had shown some buoyancy despite a challenging economic and political climate.

We were provided with a copy of the full buildings survey and in the light of its finding and recommendations and the sales evidence collated, the valuation report was competed with our opinion of Market Value at £2,275,000.