Executor Solutions Property Valuation Appraisal

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Property Valuation Appraisal Expert and responsible advice you can trust For the Attention of: Michael Alan Date: DD/MM/YYYY Property: Essex Road, Rochester, ME2 1AX Estate of: Mrs Enid Alan Date of Death: 13-09-2019

Introduction

Your Property Valuation Appraisal We are pleased to present this report which provides an accurate, honest and realistic opinion of the likely sale value of the probate property detailed on the cover page and explains how the conclusions within were reached.

Advice You Can Trust Produced by a senior staff member with many years of practical valuation experience, this Appraisal documents all the information and advice that was taken into consideration to determine the proposed valuation.

Every factor that we believe could affect the valuation has been diligently researched, including a detailed investigation of the local market, consultation with local Estate Agents and a comprehensive comparison of similar homes for sale or recently sold in the immediate area, using online house selling sites and Land Registry data.

This report is compliant with section 160 of the Inheritance Tax Act 1984 and Taxation of Chargeable Gains Act 1992.

Report compiled by: Darren Parfitt Client Relationship Manager 01787 221079

Pg.2 89a Essex Road, Rochester, ME2 1AX

Recommendations & Opinions Date of Death

Date of Death Probate Value £250,000

13-09-2019 Positive Factors

Negative Factors

Good order internally and externally

Small block paved rear garden

Garage and driveway

Electric pylons opposite

Gas central heating

Over looked by older style property

Replacement double glazed windows

New builds available in the area

Conservatory Recommended 8 Week Asking Price

Achievable Value

Minimum Expected Price

Agent 1

£250,000

£240,000

£220,000

Agent 2

£250,000

£245,000

£240,000

Agent 3

£250,000

£245,000

£240,000

AVERAGES

£250,000

£245,000

£236,666

Valuing Agent

Note: Please refer to Estate Agents’ Performance Levels.

Our Recommendations Recommended Competitive Asking Price

£249,950

Achievable Target Price

£245,000

Minimum Expected Sale Price

£240,000

Recommended Rental Price - per calendar month

£1,200 - £1,500 PCM

Our Opinion This property has been available for sale since May 2019, Agent 3 at £265,000. The received interest has been poor with only 8 viewings and 0 offers with an average sold STC rate of 66% within a 3 mile radius for similar type properties, we feel the present marketing figure will hinder the sale, as demonstrated.

Note: The recommended asking, achievable and minimum expected prices are provided in good faith, after extensive research of data available at the time of this report’s preparation. Market conditions can vary quickly, and property values can increase and decrease. We enjoy superior accuracy as far as our valuation advice is concerned as supported by our extensive key performance indicators, but we cannot be held responsible should a final sale figure differ from our advice, as the reasons can be considerable and variable.

89a Essex Road, Rochester, ME2 1AX Pg.3

Photographs & Description

Address

89a Essex Road, Rochester, ME2 1AX

Property Type

4 bedrooms, 2 reception rooms, detached house

Accommodation

Lounge, dining room, kitchen, conservatory, 4 bedrooms, en suite to master bedroom, family bathroom

Front

Lounge

Dining Room

Kitchen

Conservatory

Bedroom

Outside

Pg.4 89a Essex Road, Rochester, ME2 1AX

Property Overview

Construction

Standard construction

Tenure (and lease details if applicable)

Freehold

Listed

No

Extensions/major improvements

None advised

Parking

Garage and driveway

Windows

Replacement double glazed

Heating type

Gas central heating

Gardens

Front and rear

Internal condition

Good

External condition

Good

Decorative finish

Poor

Location opinion

Popular residential area

Original date of purchase & price paid

1980 £10,000

Outstanding mortgage & lender

None

Financially qualified

No

Occupied

No

Property on market

Yes

Current asking price

£275,000

Interest secured

No

Disclaimer; Please note that the Tenure and associated consents of permissions have not been verified with either the owner or the Land Registry. Please also note that the central heating, electricity and other utilities have not been tested and therefore their condition is neither known nor verified.

89a Essex Road, Rochester, ME2 1AX Pg.5

Location Map & Street Scene

Satellite View

Street View

Comments/Notes The property is located 4.8 miles from Rochester town centre and 7.2 miles from the nearest superstore. The area is regarded as popular and experiences high demand.

Pg.6 89a Essex Road, Rochester, ME2 1AX

Land Registry Data

Most recent completions within postcode.

118 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£235,000

02/04/2019

90 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£245,000

19/06/2018

94 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£265,000

15/01/2018

67a ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£195,000

25/06/2017

80 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£237,995

18/10/2016

84 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£259,500

28/08/2016

92 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£210,000

23/08/2016

90 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£235,995

05/07/2015

94 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£205,000

21/08/20012

114 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX

£220,000

08/12/2009

89a Essex Road, Rochester, ME2 1AX Pg.7

Local Area Comparables We have investigated local properties recently sold and currently available, selected on the criteria below.

Selection Criteria Radius of subject postcode

3.0 miles

Property types considered

Houses

Minimum number of bedrooms

4+

Up to price level

ÂŁ300,000

Marketed by

All agents

Date from

20/05/2019

Comparable Properties Relative Location

5

3 1

4

Note: Icons indicate the centre of postcode and not necessarily the exact location.

Pg.8 89a Essex Road, Rochester, ME2 1AX

2

Local Area Comparables 1. Copse Close, Rochester, Kent

No Longer on the Market

Marketing Period

23 Oct 2018 to 21 Mar 2019

Marketing Price

£295,000

Property Summary

4 bedroom detached house

Condition

Good

Comments

Larger 4-bedroom detached house with double garage Subject should be less in value

2. Cowdrey Close, Rochester, Kent

Sold & Completed

Marketing Period

19 Sep 2018 to 24 Jun 2019

Marketing Price

£320,000

Property Summary

4 bedroom detached house

Condition

Good

Comments

Extended 4-bedroom detached house Larger than subject.

Subject should be less in value

3. Friston Way, Rochester, Kent

No Longer on the Market

Marketing Period

20 Mar 2019 to 24 May 2019

Marketing Price

£270,000

Property Summary

4 bedroom detached house

Condition

Good

Comments

Cul de sac positioned property - Similar size although modern build.

Subject should be less in value

4. Halling, Rochester, Kent

Sold & Completed Marketing Period

24 Oct 2018 to 18 Jun 2019

Marketing Price

£285,000

Property Summary

4 bedroom detached house

Condition

Good

Comments

Subject - Unsold at current marketing level.

Archived from market.

Subject should be less in value 89a Essex Road, Rochester, ME2 1AX Pg.9

Local Area Comparables 5. Roman Close, Blue Bell Hill, Chatham, Kent

No Longer on the Market

Marketing Period

16 Apr 2019 to 12 Jun 2019

Marketing Price

ÂŁ240,000

Property Summary

4 bedroom detached house

Condition

Good

Comments

Similar sized home, no garage - good comparable.

Subject should be more in value

Local Sold STC Levels Criteria Type: House

Bedrooms: 4

Max Price: ÂŁ300,00

Radius of subject postcode

Total number available

Total number sold STC

Sold STC coversion%

0.5 mile(s)

3

2

66%

1 mile(s)

6

4

66%

3 mile(s)

46

31

67%

Our Opinion The local sold rate can be regarded as good, indicating good local market conditions.

Pg.10 89a Essex Road, Rochester, ME2 1AX

Estate Agents’ Performance Levels Company

Current No. on market

No. sold STC

% of stock sold STC

Agent 1

94

62

65%

Agent 2

124

72

58%

Agent 3

35

18

51%

Agent 4

45

16

35%

Agent 5

51

22

43%

*not used, but included for comparable purposes

Our Opinion Executor Solutions has located the three most prominent selling agents within the given postcode for valuation and sales purchase. Agents with asterisks are closer to subject postal code but show poor sold levels.

Disclaimer: The recommended Asking Price, Achievable Target Price and the Minimum Expected Price set out in this report are all provided in good faith and on the basis of both the physical inspection of the Property and a desktop background research report.

The data set out in this report is based on data available at the time this report is prepared. No survey has been carried out on the Property and therefore any subsequent survey carried out may increase or decrease the valuation of the Property. We cannot be held responsible or liable for changes in market conditions or survey results and therefore cannot guarantee any of the prices set out above as being the ďŹ nal sale price of the Property. We do not represent, warrant, undertake or guarantee the completeness or accuracy of either the valuation estimate, nor that the valuations will lead to the property being sold within those estimates whether due to market uctuations or otherwise. We will not be liable to you or any third parties in respect of any losses or damage you may suffer arising out of your use of this Property Valuation Appraisal to the extent allowed at law. We will not be held liable for any information provided to us by third parties. Any reliance you place on this Property Valuation Appraisal is therefore strictly at your own risk.

89a Essex Road, Rochester, ME2 1AX Pg.11

T: 0808 164 6390 E: info@exec-solutions.uk.com executorsolutions.co.uk

Executor Solutions 2019 E&OE