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Valuation Certificate
We would draw your attention to paragraph (b) of the above definition
of open market value. Given market conditions as at the valuation date,
a period of three to six months can be considered a reasonable time in
which to effect a sale of any individual property. Our valuation does,
however, assume that any sale would be as part of an orderly disposal
of such assets and that the market would not be adversely affected by
an attempt to dispose of a significant holding over a short period. Surveys and enquiries upon which all of our valuations are based are carried out by general practice surveyors making appropriate investigations having regard to the purpose of the valuation. Our reports and valuations are prepared in accordance with the current edition of the RICS Appraisal and Valuation Manual (the new Red Book) . The valuers responsible for the work are qualified asset valuers as defined in the Red Book. Our work is on the basis set out below, unless specifically varied by our report: Condition and pollution hazards Unless specifically instructed to carry out a structural survey, test of service installations, site investigation or environmental survey, our valuations assume: i
- That no materials have been used in the construction of the buildings
which are deleterious, hazardous or likely to give rise to structural defects.
ii - That all relevant statutory requirements have been complied with. iii - That the site is physically capable of development or redevelopment, when appropriate, and that no special or unusual costs will be incurred in providing foundations and infrastructure. iv - That the property is not adversely affected by any form of pollution. v - That there are no archaeological remains on or under the land which could adversely impact on value. vi - That any building services which incorporate electronic devices necessary for their proper functioning, and the software which operates such devices, are Millennium compliant, or can be rendered so compliant at no significant cost. We do however reflect the general condition of the premises evident from our inspection and any defects of which we are made aware as summarised in our report. Tenure and tenancies We rely upon information supplied as to the property, tenure, tenancies, permitted uses and related matters. We assume such information to be accurate, up-to-date and complete. We assume that your solicitors are able to confirm the accuracy of these details as set out in our report, and that the interest being valued is in all respects good and marketable. We would welcome the opportunity to consider your solicitor's report on title and to advise whether or not this affects our valuation. We do not examine the title documents and, therefore, assume that apart from any matters mentioned in our report, the interest is not subject to any onerous restrictions, to the payment of any unusual outgoings or to any charges, easements or rights of way. We assume that any outstanding requirements of repairing covenants will be met. Planning and highway enquiries We make only oral enquiries of the local planning and highway authorities and the information obtained is assumed to be correct. No formal searches are instigated. Except where stated to the contrary, we are informed that there are no local authority planning or highway proposals that might involve the use of compulsory purchase powers or otherwise directly affect the property. Floor areas All measurements are in accordance with the Royal Institution of Chartered Surveyors Code of Measuring Practice. The floor areas given are derived from measurements taken on site or have been scaled from the drawings supplied and checked by sample measurements on site. Tenant status Although we reflect our general understanding of a tenant's status in our valuation, we make no enquiries about the financial status of tenants, and rely upon you to advise us if tenants are in default of rental payments, or where there appear grounds for concern. We assume that appropriate enquiries were made when leases were originally exchanged, or when consent was granted to tenants to assign or underlet. Plant and machinery We include in our valuations those items of plant and machinery normally considered to be part of the building service installations and which would pass with the property on a sale or letting. We exclude all items of process plant and machinery and equipment, together with their special foundations and supports, furniture and furnishings, vehicles, stock and loose tools, and tenants fixtures and fittings. Development properties For properties in course of development, we reflect the stage reached in construction and the costs already incurred and those remaining to be spent at the date of valuation. We have regard to the contractual liabilities of the parties involved in the development and any cost estimates which have been prepared by the professional advisers to the project. For recently completed developments we take no account of any retentions, nor do we make allowance for any outstanding development costs, fees, or other expenditure for which there may be a liability. Valuation date Property values may change substantially over a relatively short period. If you wish to dispose of this property or part thereof, or to accept a charge over it as security for a loan after the valuation date, we strongly advise a further consultation with us. Costs of realisation No allowance is made in our valuations for the costs of realisation, any liability for tax which might arise in the event of disposal or for any mortgage or similar financial encumbrance over the property. Our valuations exclude VAT. This valuation is provided for the stated purposes and is for the use only of those to whom it is addressed. No responsibility is accepted to any other party. No part of this certificate may be reproduced, or reference made to it, without our prior written approval. Furthermore, no reference may be made to the certificate in any other publication without our written approval. Yours faithfully  ATIS REAL Weatheralls Limited Norfolk House 31 St. James's Square London SW1Y 4JR 30 April 2003
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