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Valuation Guidance Notes

Residential & Buy-to-Let Lending

September 2019 V2.7

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Contents

1. Version Control ....................................................................................................... 4

2. General ................................................................................................................... 6

2.1. Method of Delivery .................................................................................................. 6

2.2. Retentions .............................................................................................................. 6

2.3. Expected Rent ........................................................................................................ 6

2.4. Letting Criteria ........................................................................................................ 6

2.5. Suitable Condition to Occupy / Let .......................................................................... 7

2.6. Site Exposure ......................................................................................................... 7

2.7. Source of Deposit ................................................................................................... 7

3. Property .................................................................................................................. 7

3.1. General ................................................................................................................... 7

3.2. Location .................................................................................................................. 7

3.3. Tenure .................................................................................................................... 8

3.4. Structural Reports ................................................................................................... 8

3.5. Specialist Reports ................................................................................................... 8

3.6. Flying Freehold ....................................................................................................... 8

3.7. Flats / Apartments / Maisonettes ............................................................................. 8

3.8. New Builds / Conversions ....................................................................................... 9

3.9. UK Finance Disclosure of Incentives Form ............................................................. 9

3.10. Green Deal ........................................................................................................... 10

3.11. Social Housing ...................................................................................................... 10

3.12. Planning / Occupancy Restrictions ........................................................................ 10

3.13. Unacceptable Property Types ............................................................................... 10

3.14. Modern Methods of Construction (MMC) .............................................................. 11

3.15. Japanese Knotweed ............................................................................................. 11

3.16. Houses in Multiple Occupation (HMO) .................................................................. 12

3.17. Multi-Unit Properties ............................................................................................. 13

3.18. Holiday Lets .......................................................................................................... 13

3.19. Combustible Cladding & Balconies ....................................................................... 14

4. Completing the Form ............................................................................................ 16

4.1. Floor Area ............................................................................................................. 16

4.2. Wall & Roof Construction ...................................................................................... 16

4.3. Floors in Block ...................................................................................................... 16

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4.4. Businesses in Block .............................................................................................. 16

4.5. Property Condition ................................................................................................ 16

4.6. HMO ..................................................................................................................... 16

4.7. Immediate Occupation .......................................................................................... 16

4.8. Defective Housing Act 1985 / 1987 Housing (Scotland) Act .................................. 16

4.9. Structural Engineers ............................................................................................. 17

4.10. Timber & Damp ..................................................................................................... 17

4.11. Electrical ............................................................................................................... 17

4.12. Trees .................................................................................................................... 17

4.13. Cavity Wall Tie ...................................................................................................... 17

4.14. Mining ................................................................................................................... 17

4.15. Other .................................................................................................................... 17

4.16. Current Market Value ............................................................................................ 17

4.17. Comparables ........................................................................................................ 18

4.18. Local Demand....................................................................................................... 18

4.19. Local Supply ......................................................................................................... 18

4.20. Condition of Surrounding Property ........................................................................ 18

4.21. Has the Property been Marketed Recently ............................................................ 18

4.22. Details of Surrounding Area .................................................................................. 18

4.23. Additional Comments ............................................................................................ 18

4.24. Photographs ......................................................................................................... 18

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1. Version Control

Version Updated on By whom Signed off Changes made to section(s)

1.0 01/02/2016 Connells

Precise

2.0 27/06/2016 Connells

Precise

Local Demand, Local Supply,

Condition of Surrounding Property,

Lending criteria, Suitable condition to

occupy/let, Structural reports.

2.1 27/09/2016 Precise

Expected Rent,

Flats/Apartments/Maisonettes, New

Builds/Conversions, Social Housing,

Unacceptable Property Types &

Current Market Value

2.2 17/10/2016 Precise General updates

2.3 29/08/2017 Connells Precise

Section 2.4 student let removed /

Section 2.5 appliance condition / 3.7

owner occupied criteria / 3.13

freehold flats / 3.14 added MMC

section / 3.8 added Aedis warranty

Ltd, added new build PMV / 3.16

added HMO guidance

2.4 16/08/2018 Connells

Precise

3.8 added The Q Policy warranty,

removed CRL / 3.14 added Carla

Homes / 3.15 Japanese Knotweed

guidance revised / 3.17 added

guidance for multi-unit properties /

3.18 added guidance for holiday lets

/ 4.16 added guidance for new build

reporting / 4.1 added floor area/IPMS

/

2.5 25/10/2018 Connells

Precise

2.2 added guidance for after

improvements values / 3.13 added

guidance for concrete, timber, steel

framed and clay lump construction,

coach houses

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2.6 07/03/2019 Connells

Precise

2.4 removed DSS supported tenants

as unacceptable / 3.7 amended Ex

LA flats guidance / 3.13 added

requirement to confirm masonry skin

for timber framed property, amended

clay lump to local earth construction

2.7 12/09/2019 Connells

Precise

3.16 added Article 4 / Established

area and Non Article 4 / Emerging

area HMO guidance / 3.19 added

Combustible Cladding & Balconies

3.8 added Build Assure warranty &

clarified that retrospective warranties

are unacceptable

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2. General

2.1. Method of Delivery

All reports are to be sent to the lender electronically, a paper copy is not required.

2.2. Retentions

Retentions are not acceptable and ‘after improvements’ boxes should not be completed unless reporting an incomplete new build or where a specialist report is required prior to confirming Market Value. You must advise of the current Market Value of the property reflecting condition / necessary repairs and the property should represent suitable security for mortgage purposes at the time of inspection.

2.3. Expected Rent

All properties are to be assessed on an unfurnished basis with the exception of HMOs which should be assessed on a furnished basis. If the property is not currently in a suitable condition to let, please advise of the details in the Additional Comments section. For Residential applications enter a “0” in the Current Market Rent field so the report can be signed off.

2.4. Letting Criteria

In England & Wales, the property must be let under a single Assured Shorthold Tenancy or a contractual / common law tenancy. In Scotland, the property must be let under a single Short Assured Tenancy. The fixed term must be no longer than 36 months and letting to a family member is not acceptable. The property must be let as a single dwelling unit, i.e. a maximum of one tenancy agreement must be in place for ALL occupants. Whilst there is no limit to the maximum number of tenants, the property must be occupied as a family unit (i.e. shared living accommodation/kitchen/bathroom etc). Tenancy agreements for tenants in the following categories are not acceptable:

Tenants who have the benefit of diplomatic immunity.

Asylum seekers. The exceptions to this are HMOs (section 3.16), Multi-Unit Properties (section 3.17) and Holiday Lets (section 3.18)

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2.5. Suitable Condition to Occupy / Let

The answer to this question should be based on the scheme being applied for, i.e. for Residential applications consider if the property is in a condition to occupy, whereas for BTL consider whether the property is in a condition to be let. To clarify, a property is deemed to be in a suitable condition to occupy / let if the majority of large appliances appear to be in working order and the property is habitable. If an appliance is obviously broken or damaged and the valuer deems this fact to negatively affect the valuation, an explanation should be provided. Required cosmetic works such as re-decoration or upgrading of fixtures/fittings should be reflected in the capital and/or rental value quoted and details provided in the Additional Comments section. If the property is not in a suitable condition to occupy or let details should also be provided in the Additional Comments section.

2.6. Site Exposure

The lender wishes to limit exposure on individual sites/developments. It is therefore necessary to provide comments if you are aware that you have valued other properties in the same development for the lender and you believe that the exposure on a site may exceed 20%.

2.7. Source of Deposit

Any details regarding the source of the customer’s deposit that are made available to you are to be provided in the Additional Comments section of the report. Full details are also to be provided with regard to any incentives that are being offered as a part of the transaction.

3. Property

3.1. General

In general all property must comprise a single residential dwelling unit, i.e. shared living accommodation / kitchen / bathroom etc. Taking a single mortgage over a property converted into more than one unit is unacceptable, unless the security is a Multi-Unit Property (section 3.17).

3.2. Location

Lending is only allowable in England, Wales and mainland Scotland. For clarification, the following locations are therefore unacceptable:

Northern Ireland

Scottish Islands

Channel Islands

Isle of Man

Isle of Wight

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3.3. Tenure

Freehold – acceptable for houses only

Leasehold – acceptable subject to there being a minimum of 70 years unexpired on the lease at the start of the mortgage term. Please advise us of the remaining term of the lease in the Additional Comments section; if this is unknown, as per RICS guidance, assume 85 years are remaining and base your valuation on this assumption.

For properties with lease terms that fall between 70 and 85 years unexpired, these will be acceptable for lending, but the Present Condition Value provided by the Valuer will need to reflect the implications associated with the lease term, but a full ‘‘Enfranchisement Valuation’’ will not be required.

Valuers should rationalise their assumptions and give consideration to appropriate comparable evidence, relevant relativity graphs and as to whether the agreed purchase price reflects the remaining terms of the lease.

Commonhold – unacceptable

Heritable – acceptable for flats in Scotland

3.4. Structural Reports

For all products, the Current Market Value should be withheld where there is suspected ongoing structural movement and where further investigation by a structural engineer is required Any property where the structural movement is ongoing or monitoring is required is not acceptable security. A Structural Engineers Report is required in all instances where the structural movement is not historic / longstanding or where there is risk of further movement. The report will be referred to you for comment. Reports from the following bodies are acceptable:

The Institution of Structural Engineers (www.IStructE.org.uk)

Institution of Civil Engineers (www.ice.org.uk)

3.5. Specialist Reports

Reports regarding Timber & Damp, Electrical, Trees, Cavity Wall Tie and Mining should be prepared by a reputable and suitably qualified firm. Where appropriate the report may be referred to you for comment.

3.6. Flying Freehold

Flying freeholds can be considered provided the percentage thereof does not exceed 10% of the total area. Please confirm in the Additional Comments section if a flying freehold exists and confirm the total percentage.

3.7. Flats / Apartments / Maisonettes

Must be self-contained with private facilities and have direct access to the highway via common parts.

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Properties situated above commercial premises are acceptable on an exception basis subject to Valuers recommendation. Ex-Local Authority flats / maisonettes are acceptable, however, the block must be predominantly owner / privately occupied and the security deemed to be of an acceptable quality. Flats or apartments in blocks exceeding 20 storeys are unacceptable. Studio flats are acceptable subject to a minimum floor area of 30m2

3.8. New Builds / Conversions

New Builds / conversions / converted properties are acceptable security. Properties aged up to ten years must benefit from one of the following:

N.H.B.C. guarantee

Zurich Municipal “New build”

Premier Guarantee Scheme (including Local Authority Building Control)

Professional Consultants Certificate

Building Life Plans

Castle 10

Buildzone

International Construction Warranties (ICW)

Advantage HCI

Protek

Aedis Warranties Ltd

The Q Policy

Build Assure

Retrospective warranties are unacceptable. A Projected Market Value is not required for an incomplete new property.

3.9. UK Finance Disclosure of Incentives Form

At inspection you should, where available, obtain a copy of the UK Finance DIF form and retain a copy for inclusion with the site notes. If the UK Finance DIF is not available then you must assume that the lender will obtain the form prior to completion of the mortgage application and report using the following paragraph: “UK Finance Disclosure of Incentives Form not available. No sales incentives have been disclosed on this sale and my valuation assumes this to be correct. If it is later disclosed that sales incentives are to be included in this sale, these must be referred to me as my valuation will have to be reviewed and this may affect your mortgage offer”

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3.10. Green Deal

If you are aware that a Green Deal Plan applies to the property being inspected an appropriate comment should be included with the Additional Comments section

3.11. Social Housing

In general, any property being purchased under a social housing scheme (e.g. Shared Ownership, Key Worker, etc.) is not acceptable. The exception to this is Right to Buy, which is deemed to be acceptable for house purchases in England only. However, any property purchased under any social housing scheme, and now being remortgaged, where the original vendor retains any interest or where any pre-emption clause remains is not acceptable.

3.12. Planning / Occupancy Restrictions

Properties that are subject to any planning or occupancy restrictions are acceptable on an exception basis. If any such restrictions are known, please add appropriate notes in the Additional Comments section.

3.13. Unacceptable Property Types

Property designated defective under Part XVI Housing Act 1985 or Pre-Cast Reinforced Concrete (PRC) property (irrespective of whether repaired under a licensed repair scheme).

Properties constructed in concrete including Laing Easiform and Wimpey No Fines.

Properties constructed with high-alumina cement.

Timber framed property with no brick skin (including period timber frame). For acceptable timber framed properties, masonry outer skin must be confirmed in Additional Comments.

Steel framed houses (flats acceptable subject to Valuer recommendation).

Local earth construction. For example, clay lump and cob construction.

Property where material environmental hazards are present.

Any property containing Mundic concrete.

Property where commercial usage exceeds 20%. The commercial element should not extend to light engineering, manufacturing, livestock, rearing or caring for domestic animals. “Home” office usage is acceptable however; such use should not include circumstances where clients are seen on the premises on a regular basis (e.g. dental surgery would not be acceptable).

Live/works units.

Any property deemed unsuitable security by the valuer.

Any property where there is on-going movement / monitoring is required.

Freehold flats / maisonettes (except Multi-Unit Properties)

Coach houses (irrespective of tenure)

Flats / maisonettes in blocks exceeding 20 storeys.

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Mobile homes & houseboats.

Grade I (England & Wales) / Grade A or Grade B (Scotland) listed buildings.

Property whose saleability may be adversely affected by local planning or by an unsatisfactory mining search.

3.14. Modern Methods of Construction (MMC)

Properties can be considered where there are elements of MMC, but the following criteria apply:

Property must have been constructed by one of the following companies:

Barratt Developments

Taylor Wimpey

Persimmon

Berkeley

Bellway

Redrow

Galliford Try

Bloor Homes

Bovis Homes

Crest Nicholson

Cala Homes

It is critical that – if less than 10 years old – an acceptable new build structural warranty is available.

Valuer must be satisfied that the property represents suitable security.

3.15. Japanese Knotweed

Valuers are expected to follow the guidance issued by the RICS and endorsed by UK Finance when reporting on Japanese Knotweed. Category 4 Japanese Knotweed is within 7 metres of a habitable space, conservatory and/or garage, either within the boundaries of this property or in a neighbouring property or space; and/or Japanese Knotweed is causing serious damage to outbuildings, associated structures, drains, paths, boundary walls and fences and so on. Further investigations by an appropriately qualified and/or experienced person are required. Category 3 Although Japanese Knotweed is present within the boundaries of the property, it is more than 7 metres from a habitable space, conservatory, and/or garage. If there is damage to outbuildings, associated structures, paths and boundary walls and fences, it is minor. Further investigations by an appropriately qualified and/or experienced person are required.

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Category 2 Japanese Knotweed was not seen within the boundaries of this property, but it was seen on a neighbouring property or land. Here, it was within 7 metres of the boundary, but more than 7 metres away from habitable spaces, conservatory and/or garage of the subject property. Category 1 Japanese Knotweed was not seen on this property, but it can be seen on a neighbouring property or land where it was more than 7 metres away from the boundary. Properties that fall within category 4 are not considered acceptable and the PCV and VAI must be withheld. Properties that fall within category 3 are not considered acceptable, the PCV must be withheld but a VAI should be provided. Properties falling into categories 1 and 2 are considered acceptable. In all instances reference must be made to the existence of Japanese Knotweed in the Additional Comments section, to include the distance of the plant from the proposed security. The lender does not lend where Japanese Knotweed is identified within the boundary of the proposed security and will individually review applications where the plant is identified in the vicinity. To be acceptable to the Lender, where a specialist report is required, it must be from a Property Care Association (PCA) registered company or a suitably qualified professional and backed by a 5 year bonded warranty.

3.16. Houses in Multiple Occupation (HMO)

A House in Multiple Occupation (HMO) is defined as any property where both of the following

conditions are met:

There are at least 3 tenants in occupation who form more than one household

The tenants share toilet, bathroom or kitchen facilities

For clarification, any property meeting the criteria above is deemed to be a HMO for lending

purposes; this is regardless of the number of tenancy agreements in place or the type of tenant.

A HMO is acceptable security up to a maximum of 8 lettable rooms. HMOs subject to the requirement for a mandatory or additional/selective licence are also acceptable; whilst Valuers are not required to check that a licence is needed, if it is known then reference to this should be made in the Additional Comments section. The Market Value (capital value) is to be assessed on a comparative basis. The rental assessment is to be provided on a comparative basis, but must reflect the fact that the property will be let on multiple ASTs. Article 4 / Established HMO Areas Comparables sourced will be HMOs from the same Article 4 / established HMO area and the valuation will therefore contain any HMO planning premium. Given the enhanced value that can be achieved through operating the property as an HMO the property is unlikely to have appeal to an owner occupier and demand for the property is likely to be limited to BTL investors.

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Non Article 4 Area / Emerging HMO Areas Comparables sourced will be HMOs and private dwelling houses from the same non-Article 4 /

emerging HMO area. In the absence of a HMO planning premium it is less likely that there will be

any evidence of HMOs transacting above their private dwelling counterparts and therefore, the

comparables utilised must not include HMOs transacting at a significant premium or converted

beyond what would reasonably appeal to an owner occupier.

3.17. Multi-Unit Properties

A Multi-Unit Property is defined as a single structure that contains up to a maximum of 6 separate self-contained units or flats that are not subject to individual leases and therefore the property remains on one freehold title. The capital and rental values for each unit/flat should be assessed on a comparable basis with the assumption that the unit/flat will be unfurnished and let on a single 6 month AST. The capital and rental values for the property as a whole should reflect the sum of the individual units/flats. Long leases should be assumed. The following restrictions apply:

No new build properties;

Each unit/flat must have a minimum floor area of 30m2;

Multiple houses held on a single freehold title are not acceptable, equally a combination of houses and flats is also unacceptable;

The units must be readily saleable and readily mortgageable as individual units;

The units must be physically self-contained including services. It can be assumed that there are no adverse planning restrictions in place that could prevent leases being created; this will be confirmed by the conveyancer.

3.18. Holiday Lets

Properties that are existing Holiday Lets are considered acceptable security for Buy-to-Let lending purposes. The capital and rental values should be assessed on a comparable basis with the assumption that the property will be unfurnished and let on a single 6 month AST. Holiday Let properties are not acceptable if located on a Holiday Park / Village and/or share communal facilities with other properties. In addition, there must be no adverse planning / occupancy restrictions in place.

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3.19. Combustible Cladding & Balconies

Combustible Cladding The following reporting procedure must be followed for all cladding types (not just ACM) which may contain potentially combustible material on buildings over 18m.:

1. All mortgage valuation reports should contain the following statement as an essential repair:

England and Wales “The building incorporates a cladding system which may contain combustible material. The Building Owner and/or its agent, as the 'responsible person' under the Regulatory Reform (Fire Safety ) Order 2005, must produce a written statement, prepared by a suitably qualified independent professional advisor who is a member of one of the professional body approved by the Ministry of Housing, Communities and Local Government (MHCLG) in Information Note 1 (or any subsequent approved list), confirming that the subject property meets the requirements of the current guidance from MHCLG. In the event that the professional advisor identifies the presence of any aluminium composite material, we require the Building Owner and/or agent to produce written evidence that the external wall system complies with the testing regime described in BS8414 and with the BR135 classification.” Scotland “The building incorporates a cladding system which may contain combustible material. We require the building owner and/or its agent, as a person having duties under section 53 or 54 of the Fire (Scotland) Act 2005, to produce a written statement, prepared by a suitably qualified independent professional advisor who is a member of one of the professional bodies approved by the Ministry of Housing, Communities and Local Government (MHCLG) in Information Note 1, (or any subsequent approved list), to confirm that the subject property meets the requirements of the current Guidance from MHCLG. In the event the report identifies the presence of any aluminium composite material, we require the Building Owner and/or agent to produce written evidence the external wall system complies with the testing regime described in BS8414 and with the BR135 classification.” 2. The present value should be withheld (£0 PCV). 3. No “after works” value should be provided.

Once the relevant statement of confirmation has been provided a value for the property can be provided. However, great care must be exercised to ensure that the valuation reflects the current market for flats in tall buildings. Buildings under 18 metres in height should be considered on their merits, as these are not covered by MHCLG guidance. If there is a significant concern over the combustibility of the cladding system likely to materially affect value or saleability then the process outlined above should be followed.

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Balconies Constructed Using Combustible Materials

The following procedure must be followed for blocks of flats of all heights, including those below 18 metres, in respect of balconies constructed of combustible material:

1. All mortgage valuation reports should contain the following statement as an essential repair: England and Wales The building incorporates balconies which may contain combustible material. The Building Owner and/or its agent, as the 'responsible person' under the Regulatory Reform (Fire Safety ) Order 2005, must produce a written statement, prepared by a suitably qualified independent professional advisor who is a member of one of the professional body approved by the Ministry of Housing, Communities and Local Government (MHCLG) in Information Note 1 (or any subsequent approved list), confirming that the subject property meets the requirements of the current guidance from MHCLG dated 24 June 2019. Scotland: The building incorporates balconies which may contain combustible material. The Building Owner and/or its agent, as a person duties under section 53 or 54 of the Fire (Scotland) Act 2005, must produce a written statement, prepared by a suitably qualified independent professional advisor who is a member of one of the professional body approved by the Ministry of Housing, Communities and Local Government (MHCLG) in Information Note 1 (or any subsequent approved list), confirming that the subject property meets the requirements of the current guidance from MHCLG dated 24 June 2019. 2. The present value should be withheld (£0 PCV).

3. No “after works” value should be provided.

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4. Completing the Form

4.1. Floor Area International Property Measuring Standards (IPMS) is not considered practical in relation to the Bank’s/Society’s mortgage valuation format and includes information that is not required, such as the method of measurement. The floor area required is the approximate gross external habitable floor area in square metres, rounded to the nearest square metre. No further comment is required in most circumstances.

4.2. Wall & Roof Construction The report can only accommodate one answer to each of these questions. If multiple options are required answer “Other” and use the Additional Comments section to provide details. Any property upon which we do not wish to lend should be designated “Unsuitable Security” in your report and the construction type indicated in the Additional Comments section.

4.3. Floors in Block The floor on which the flat is situated should be given. If it is on the ground or the basement floor, this should be “0” as the field will not accept the letter “G” or the letter “B”. If a maisonette, give the lowest floor.

4.4. Businesses in Block If not “0”, please give details of the type of business in the Additional Comments section.

4.5. Property Condition If answered “Poor”, please provide an explanation in the Additional Comments section.

4.6. HMO If answered “Yes”, please provide an explanation in the Additional Comments section.

4.7. Immediate Occupation If answered “No”, please give details in the Additional Comments section.

4.8. Defective Housing Act 1985 / 1987 Housing (Scotland) Act Any property designated defective by the Housing Act 1985 or the 1987 Housing (Scotland) Act is not acceptable. If this is the case please indicate by answering “Yes” to this question and provide details in the Additional Comments section.

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4.9. Structural Engineers If answered “Yes”, please provide a brief explanation in the Additional Comments section.

4.10. Timber & Damp If answered “Yes”, no explanation is required unless there is a significant problem, i.e. dry rot.

4.11. Electrical If answered “Yes”, no explanation is required.

4.12. Trees If answered “Yes”, no explanation is required. Tree reports are only required where there is actual damage (in which case an engineer’s report is also required) or a serious risk of damage.

4.13. Cavity Wall Tie If answered “Yes”, no explanation is required.

4.14. Mining If answered “Yes”, a brief explanation and the type of report is required in the Additional Comments section.

4.15. Other If answered “Yes”, the required report should be stated in the Additional Comments section. This field is not to indicate there are other matters to draw to the lender’s attention.

4.16. Current Market Value Where the reported value is less than the instructed value, an explanation is required in the Additional Comments section. When valuing properties under the Help to Buy Scheme it is important that if you are prepared to adopt the purchase price as value then you report the exact figure. Please do not round it up or down as this causes issues with the Help to Buy process. For an incomplete new build, a zero Current Market Value should be provided together with a Market Value after improvements.

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4.17. Comparables The lender requires details of up to 3 comparable properties that have been sold in the 6 months immediately prior to your inspection. Comments should be made in the Additional Comments section if this information is not available.

4.18. Local Demand The “Comments” section should provide additional commentary and is only required if demand is falling.

4.19. Local Supply The “Comments” section should provide additional commentary and is only required if there is an oversupply.

4.20. Condition of Surrounding Property The “Comments” section should provide additional commentary and is only required if the condition is “Poor”.

4.21. Has the Property been Marketed Recently The “Details” section should provide information of any marketing activity for the property where it is available.

4.22. Details of Surrounding Area This section should contain commentary regarding any positive or negative factors that may affect future saleability, i.e. proximity of shops, transport links, industrial/commercial premises, electricity pylons, etc. This section must be populated in all instances.

4.23. Additional Comments To be used as indicated or where something of importance needs to be highlighted. There is no need to re-iterate standard assumptions contained within the RICS Valuation Standards current edition.

4.24. Photographs As a minimum a photograph is required of both the front and rear elevations of the subject property.