A residential valuation report, audited by WriteUp. Click any finding to see why it was raised.
Found 15 issues
14 Harcourt Terrace, London
Fixed checks against the Red Book's minimum report contents (VPS 6). They assume a full Red Book valuation, so check your terms of engagement: if this report was instructed on a different basis, some items may not apply.
(a) Identification and status of the responsible valuer
Found in the report, and the quoted wording was located in your text.
From your report
J. Mitchell, MRICS
Section 21.0 SIGNATURE OF VALUER
What the standard says
The report must include the signature of the individual responsible for the valuation assignment.
Found in the report, and the quoted wording was located in your text.
From your report
J. Mitchell, MRICS
Section 21.0 SIGNATURE OF VALUER
What the standard says
In all cases the signatory's professional designation (for example MRICS) must be made clear.
Found in the report, and the quoted wording was located in your text.
From your report
Our Valuer will act with independence, integrity and objectivity in undertaking the valuation.
Appendix D Section 1.2
We would confirm the surveyor has the required knowledge, skills and understanding to undertake the valuation competently.
Section 1.6 BASIS OF INSTRUCTIONS
What the standard says
A statement confirming that the valuer is in a position to provide an objective and unbiased valuation, and is competent to undertake the valuation assignment.
Found in the report, and the quoted wording was located in your text.
From your report
We confirm we have no financial or other conflicting interest in this transaction and that we have had no dealings with this property within the last twelve months.
Section 1.7 BASIS OF INSTRUCTIONS
What the standard says
Where there has not been any other material involvement, a statement to that effect must be made in the valuation report.
Found in the report, and the quoted wording was located in your text.
From your report
in respect of the particular type of property, has sufficient current local, national and international (as appropriate) knowledge of the particular market and the skills and understanding necessary to undertake the valuation competently;
Appendix D Section 1.1(a)
What the standard says
A statement should be made that the valuer and/or the valuer's firm has sufficient current local, national and international (as appropriate) knowledge of the particular market, and the skills and understanding to undertake the valuation competently.
(b) Identification of the client and any other intended users
Found in the report, and the quoted wording was located in your text.
From your report
UNDERTAKEN ON BEHALF OF:
Northbank Lending Limited
Level 20
The Broadgate Tower
London
EC2A 2EW
Title Page
What the standard says
The report must be addressed to the client. The source of the instructions and the identity of the client must be stated, if different from the addressee. Other known users of the report are to be named.
(c) Purpose of the valuation
Found in the report, and the quoted wording was located in your text.
From your report
We understand that this valuation is required for the purposes of assisting you in considering the suitability of these properties in respect of a provision of loan, mortgage or other finance, and is thus for secured lending purposes.
Section 1.3 BASIS OF INSTRUCTIONS
What the standard says
The purpose of the valuation assignment must be clearly stated.
(d) Identification of the asset(s) or liability(ies) valued
Found in the report, and the quoted wording was located in your text.
From your report
SUBJECT PROPERTY:
14 Harcourt Terrace
North London
London
N7 8ZZ
Title Page
of the freehold interest in the subject premises, as at the date of inspection in the light of current market conditions.
Section 1.2 BASIS OF INSTRUCTIONS
What the standard says
The asset or liability must be clearly identified, distinguishing the asset itself from the interest or right of use in it. The legal interest should be stated.
(e) Basis(es) of value adopted
Found in the report, and the quoted wording was located in your text.
From your report
Market Value
Section 16.1 BASIS OF VALUATION
Market Value – the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
Section 16.1 BASIS OF VALUATION
What the standard says
The basis of value, together with its definition, must be stated in full in the report.
(f) Valuation date
Found in the report, and the quoted wording was located in your text.
From your report
The valuation date is the inspection date previously stated in this report.
Section 18.2 VALUATION
What the standard says
The valuation date must be stated.
Found in the report, and the quoted wording was located in your text.
From your report
The valuation date is the inspection date previously stated in this report.
Section 18.2 VALUATION
Inspection Date: 6th November 2025
Title Page
Report Date: 13th November 2025
Title Page
What the standard says
Where the valuation date, the date of inspection and the date of the report differ, these dates must be clearly distinguished in the report.
(g) Extent of investigation
Found in the report, and the quoted wording was located in your text.
From your report
Our Valuer will undertake a visual inspection of so much of the exterior and interior of the property as is accessible with safety and without undue difficulty as can be seen whilst standing at ground level within the boundaries of the site and adjacent public/communal areas and whilst standing at the various floor levels, which our Valuer considers reasonably necessary to provide the Service, having regard to its purpose.
Appendix D Section 2.1
Inspection Date: 6th November 2025
Title Page
We were unable to gain access to the loft space.
Section 2.4 DETAILS OF INSPECTION
What the standard says
The report must record the date and extent of any inspection, including reference to any part of the property to which access was not possible.
(h) Nature and source(s) of the information relied upon, including sources of key data and inputs used
Found in the report, and the quoted wording was located in your text.
From your report
In preparing this valuation we have relied upon the passing rental information provided by the property owner.
Section 1.5 BASIS OF INSTRUCTIONS
Our Valuer shall, unless otherwise expressly agreed, rely upon information provided by the Lender and/or the Clients legal or other professional advisers relating to tenure, leases and all other relevant matters.
Appendix D Section 1.19
What the standard says
The nature and source of the information relied on and the extent of any steps taken to verify that information must be disclosed.
Found in the report, and the quoted wording was located in your text.
From your report
The comparable evidence has been sourced from a range of locations across London, due to limited recent sales directly comparable to the subject property. Of the comparables provided, 89 Parkside Road is the most aligned in terms of location, size, and layout. It comprises a similar number of bedsits (7–8 rooms) arranged in a comparable format and provides the most direct insight into market value. This property sold on 20 June 2024, potentially in a slightly stronger market, and accordingly, significant weight has been given to this comparable.
Section 13.4 MARKET TRENDS AND VALUATION COMMENTARY
What the standard says
The rationale for the valuer's opinion of the general reliability and quality of the important data, inputs, modifications and assumptions must be documented in the report.
(i) Assumptions and special assumptions
Found in the report, and the quoted wording was located in your text.
From your report
In preparing the report, unless otherwise stated by our Valuer, the following assumptions will be made which our Valuer shall be under no duty to verify:-
Appendix D Section 1.23
We will discuss and agree with you in writing any Special Assumptions prior to commencing the valuation process, other than the marketing constraints defined in your instructions.
Appendix D Section 9.3
What the standard says
All assumptions and any special assumptions must be set out in the report in full, together with any reservations, and a statement that they have been agreed with the client.
Found in the report, and the quoted wording was located in your text.
From your report
£1,550,000
| (One Million Five Hundred and Fifty Thousand Pounds)
| Market Value with the special assumption of a 180 day marketing period
Section 18.1 VALUATION
£1,400,000
| (One Million Four Hundred Thousand Pounds)
| Market Value with the special assumption of a 90 day marketing period
Section 18.1 VALUATION
£1,550,000
| (One Million Five Hundred and Fifty Thousand Pounds)
| Market Value subject to, and with the benefit of, any existing leases, given a sale period not exceeding 180 days
Section 18.1 VALUATION
£1,400,000
| (One Million Four Hundred Thousand Pounds)
| Market Value subject to, and with the benefit of, any existing leases, given a sale period not exceeding 90 days
Section 18.1 VALUATION
What the standard says
Both the valuation conclusion and the executive summary (if provided) should explicitly set out all special assumptions.
(j) Restrictions on use, distribution and publication of the report
Found in the report, and the quoted wording was located in your text.
From your report
This valuation is prepared solely for the use of the addressee and no responsibility is accepted to any other party for the whole or any part of its contents.
Section 20.1 LIMITATION AND PUBLICATION
What the standard says
The valuer must state the permitted use, distribution and publication of the valuation.
(k) Confirmation that the valuation has been undertaken in accordance with IVS and/or RICS Red Book Global Standards
Found in the report, and the quoted wording was located in your text.
From your report
Our valuation has been prepared in accordance with the RICS Valuation – Global Standards (Red Book), as amended.
Appendix D Section 9.4
What the standard says
The valuer should provide confirmation that the valuation has been undertaken in accordance with IVS and/or the RICS Valuation – Global Standards, which incorporate IVS, and (where applicable) the relevant RICS national or jurisdictional supplement. (RICS words this one as 'should', not 'must' — but its absence is a defect on any lender panel, so it is treated as required here.)
(l) Valuation approach and reasoning, including any valuation method(s) and complex or proprietary model(s) used
Found in the report, and the quoted wording was located in your text.
From your report
For the purposes of this valuation, we have adopted a hybrid approach, applying both the comparable and investment methods as appropriate. The basement flat (14A Harcourt Terrace) has been valued using the comparable method, with reference to recent sales of similar three-bedroom flats within the locality.
Section 16.6 BASIS OF VALUATION
What the standard says
The report must make reference to the approach(es) adopted, the method(s) and model(s) applied, key inputs used and the principal reasons for the conclusions reached.
(m) Amount of the valuation or valuations
Found in the report, and the quoted wording was located in your text.
From your report
£1,715,000
| (One Million Seven Hundred and Fifteen Thousand Pounds)
| Market Value with Vacant Possession
Section 18.1 VALUATION
£1,550,000
| (One Million Five Hundred and Fifty Thousand Pounds)
| Market Value with the special assumption of a 180 day marketing period
Section 18.1 VALUATION
£1,400,000
| (One Million Four Hundred Thousand Pounds)
| Market Value with the special assumption of a 90 day marketing period
Section 18.1 VALUATION
£1,715,000
| (One Million Seven Hundred and Fifteen Thousand Pounds)
| Market Value subject to, and with the benefit of, any existing leases
Section 18.1 VALUATION
£1,550,000
| (One Million Five Hundred and Fifty Thousand Pounds)
| Market Value subject to, and with the benefit of, any existing leases, given a sale period not exceeding 180 days
Section 18.1 VALUATION
£1,400,000
| (One Million Four Hundred Thousand Pounds)
| Market Value subject to, and with the benefit of, any existing leases, given a sale period not exceeding 90 days
Section 18.1 VALUATION
£118,200 per annum
| (One Hundred and Eighteen Thousand Two Hundred Pounds)
| Market Rent
Section 18.1 VALUATION
What the standard says
In the main body of the report, the opinion of value must be provided in words, as well as in figures.
(n) Date of the valuation report
Found in the report, and the quoted wording was located in your text.
From your report
Report Date: 13th November 2025
Title Page
What the standard says
The date on which the report is issued must be included.
(o) Commentary on any material valuation uncertainty (MVU) in relation to the valuation where it is essential to ensure clarity on the part of the valuation user
Does not apply to this report.
The report does not report the valuation as subject to material uncertainty.
What the standard says
Where the degree of uncertainty in a valuation falls outside any parameters that might normally be expected and accepted, it must be expressly signalled in the report, with proportionate commentary on the circumstances as at the valuation date. A standard general caveat is not sufficient, and stating a range of values is not an acceptable way of disclosing material uncertainty.
(p) A statement setting out any limitations on liability that have been agreed
Found in the report, and the quoted wording was located in your text.
From your report
This valuation is prepared solely for the use of the addressee and no responsibility is accepted to any other party for the whole or any part of its contents.
Section 20.1 LIMITATION AND PUBLICATION
What the standard says
A statement setting out any limitations on liability that have been agreed.
(q) Significant environmental, social and governance (ESG) factors used and considered
Found in the report, and the quoted wording was located in your text.
From your report
14 Harcourt Terrace – It appears there is no EPC certificate against this property. There is a certificate under “14 Harcourt Terrace” however this doesn’t correctly correspond to the layout of the house as multiple bedsits and is being disregarded. This incorrect EPC expires on the 24th Nov 2025. Solicitors to check validity of current tenancies.
Section 8.6 CONDITION
14a Harcourt Terrace – This property has an EPC rating of B expiring 8 Aug 2026.
Section 8.6 CONDITION
Our investigations have led me to conclude that the property does not have an above average risk of flooding from river or sea flooding.
Section 10.6 GROUND CONDITIONS AND ENVIRONMENTAL RISKS
What the standard says
Valuers must identify, report and document the consideration of significant ESG factors and any impact on the valuation conclusion and/or rationale.
Terminology (VPS 6 s1.8)
The report uses wording the Red Book bars. This is a required item.
From your report
Neither the whole nor any part of this valuation certificate nor any reference thereto may be included in any published document, circular or statement nor published in any way without our approval of the form and context in which it may appear.
Section 20.2 LIMITATION AND PUBLICATION
The report uses "valuation certificate", which VPS 6 s1.8 says should not be used. It often appears in standard publication-restriction wording rather than the body of the report.
What the standard says
The terms 'certificate of value', 'valuation certificate' and 'statement of value' should not be used.
Critical•Consistency•S.8.0 CONDITION
Current
14a Harcourt Road is currently well managed and is modern throughout.
Suggested
14a Harcourt Terrace is currently well managed and is modern throughout.
Critical•Consistency•S.13.0 MARKET TRENDS AND VALUATION COMMENTARY
Current
We estimate gross annual rental income at £7,200 per room, equating to £86,400 per annum.
Suggested
We estimate gross annual rental income at £10,800 per room, equating to £86,400 per annum.
Critical•Consistency•S.11.0 TENURE AND OCCUPATIONAL LEASES
Current
We assume the current passing rent to be in the region of £5,647 pcm.
Suggested
We assume the current passing rent to be in the region of £7,197 pcm.
Critical•Consistency•S.14.0 MARKET RENT
Current
£124,800 per annum.
Suggested
£118,200 per annum.
Critical•Consistency•S.13.0 MARKET TRENDS AND VALUATION COMMENTARY
Current
Capitalising this income at a yield of 7.55% results in a valuation of £1,140,000 for the property.
Suggested
Capitalising this income at a yield of 7.55% results in a valuation of £1,090,000 for the property.
Critical•Consistency•S.18.0 VALUATION
Current
14a Harcourt Terrace £ 625,000
Suggested
14a Harcourt Terrace £ 627,000
Critical•Consistency•S.6.0 MEASUREMENT RECORD
Current
Total 177.0 2,987
Suggested
Total 277.5 2,987
Critical•Legal•S.17.0 SPECIAL REQUESTS AND OTHER INFORMATION
Current
To confirm the Sui Generis HMO planning permission is in place.
Suggested
To confirm the Sui Generis HMO planning permission is in place.
To confirm the terms and status of the tenancies in place since c. 1985, specifically whether they are protected tenancies under the Rent Act 1977.
Warning•Legal•S.19.0 SECURITY AND RECOMMENDATIONS
Current
Subject to the above comments, the property is considered to provide suitable security for an advance by the mortgage lender on typical market parameters for an asset of this type and age.
Suggested
Subject to the above comments and confirmation of a valid HMO licence and Sui Generis planning permission, the property is considered to provide suitable security for an advance by the mortgage lender on typical market parameters for an asset of this type and age.
Warning•Compliance•S.8.0 CONDITION
Current
14 Harcourt Terrace – It appears there is no EPC certificate against this property. There is a certificate under “14 Harcourt Terrace” however this doesn’t correctly correspond to the layout of the house as multiple bedsits and is being disregarded. This incorrect EPC expires on the 24th Nov 2025. Solicitors to check validity of current tenancies.
Suggested
14 Harcourt Terrace – It appears there is no EPC certificate against this property. There is a certificate under “14 Harcourt Terrace” however this doesn’t correctly correspond to the layout of the house as multiple bedsits and is being disregarded. This incorrect EPC expires on the 24th Nov 2025. Solicitors to check validity of current tenancies. A valid EPC must be commissioned before any marketing of the property takes place.
Warning•Clarity•S.14.0 MARKET RENT
Current
Parkside, N7– A small bedsit comprising an en-suite bathroom and a compact kitchenette. The internal specification is superior to that of the subject property. The unit is available for £1,100 per calendar month.
Northgate, N7– A small bedsit with elevated specification and views over a local park. The internal condition is significantly better than the subject. The property is marketed at £1,300 per calendar month.
Northside, N7– A compact bedsit featuring an en-suite bathroom and a small kitchenette. The overall specification is much improved in comparison to the subject property. The asking rent is £1,300 per calendar month.
Suggested
No wording change
Suggestion•Compliance•S.16.0 BASIS OF VALUATION
Current
We have formulated our valuation based on comparative and investment methodology.
Suggested
We have formulated our valuation based on the comparable and investment methods of valuation.
Suggestion•Grammar•S.8.0 CONDITION
Current
In it’s current state the property will appeal to tenants who may present both management and operational challenges.
Suggested
In its current state the property will appeal to tenants who may present both management and operational challenges.
Suggestion•Writing preferences•S.13.0 MARKET TRENDS AND VALUATION COMMENTARY
Current
The comparable evidence supports a rate of circa £221 psf for the basement flat (£660,000 over 2,987 sq ft).
Suggested
The comparable evidence supports a rate of circa £221 per sq ft for the basement flat (£660,000 over 2,987 sq ft).
Suggestion•Writing preferences•S.11.0 TENURE AND OCCUPATIONAL LEASES
Current
Bedroom 2 - £900 pcm (bills paid in addition to rent)
Suggested
Bedroom 2 - £900 per calendar month (bills paid in addition to rent)