RICS Homebuyer Survey and Valuation

The last section of the Report contains the Surveyor's opinion
both of the Market Value of the Property and of the
Reinstatement Cost, as defined below.

"Market Value" is 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. In
arriving at the opinion of the Market Value, the surveyor also
makes various standard assumptions covering, for example:
vacant possession; tenure and other legal considerations;
contamination and hazardous materials; the condition of
uninspected parts; the right to use mains services; and
the exclusion of curtains, carpets, etc., form the valuation.
(if required, details are available from the Surveyor.) Any
additional assumption, or any found not to apply,
is reported.

"Reinstatement Cost" is an estimate for insurance
purposes of the current cost of rebuilding the Property
in its present form, unless otherwise stated. This
includes the cost of rebuilding the garage and
permanent outbuildings, site clearance and
professional fees, but excludes VAT (except on fees).