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Valuation Report 71 Guildhall Street, Bury St Edmunds, Suffolk IP33 1QD

Prepared by Llewellyn Smith on behalf of Investec Bank PLC Clients:

Mr & Mrs Smith

Valuation Date:

29th January 2016

Reference:

123456789

Investec Bank plc 2 Gresham Street London EC2V 7QP

Llewellyn Smith Vicon House Bury St Edmunds IP33 3SP

Report Summary

Applicant name

Mr & Mrs Smith

Property Details Name/Number:

71

Road:

Guildhall Street

Post Town:

Bury St Edmunds

County:

Suffolk

Post Code:

IP33 1QD

Investec Reference:

123456789

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Notes to the applicant

1. This report is subject to the Terms of Engagement agreed between valuer and Investec Bank PLC.

2. This report has been obtained solely to enable Investec Bank PLC to consider whether the property is suitable security having regard to the amount of the proposed load. It is NOT a market valuation or structural survey to protect your own interest.

3. The valuer has made this report without any liability to you. Investec Bank PLC, its agents and the valuer are not responsible to you for the account of, or opinions in this report that relate to the value or condition of the property.

4. No responsibility to any third party connected to you is accepted by Investec PLC or the valuer in relation to this report.

5. You should not therefore assume that if no defects are mentioned, the property is free from defect nor should you assume that the defects shown (if any) are the only defects that are present in the property. If you do not have an inspection and report carried out on your own behalf you proceed entirely at your own risk.

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Instructions Client

Investec Bank PLC, 2 Gresham Street, London WC12 8RS

Date of instruction

29th January 2016

Valuation standards

This valuation has been undertaken in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation- Professional Standards 2014 including the International Valuation Standards.

Purpose of valuation

The valuation is required for the purpose of secured lending.

Conflict of interest

The valuer has no material connection or involvement with the subject of the valuation assignment or the party commissioning the assignment. The valuer is in a position to provide an objective and unbiased valuation.

Responsibility to third parties

The valuation is only for the use of Investec Bank PLC and no liability is accepted to any third party for the whole or any part of its contents.

Disclosure and publication

Neither the whole nor any part of this valuation nor any reference thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form or context in which it may appear.

Responsibility for the valuation

The valuer is Llewellyn Smith Chartered Surveyors. The surveyor with responsibility for this valuation is Suzanne Hyde. We confirm that the valuer has sufficient local knowledge of this particular market and the skills and understanding to undertake the valuation competently.

Valuation Basis Market Value (MV)

Market value of the freehold interest with vacant possession.

Projected Market Value (PMV)

Projected market value of the freehold interest with vacant possession on the special assumption that the marketing period is restricted to 180 days.

Valuation Date

29th January 2016

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Circumstances of Inspection Date of inspection

29th January 2016

Weather conditions

Bright and dry

Limitations on inspection

The property was occupied, carpeted and fully furnished. The loft hatch was sealed and could not be opened.

Description Year built

1815

Year/s extended

1985

Description of main building

Grade II listed 6 bedroom town house

Description of outbuildings

Summerhouse

Description of site

Large gardens to the rear

Construction of main building

Predominantly Woolpit white bricks underneath a slate roof

Construction of outbuildings

Brick

Description of mains services

Mains water, gas, electricity and drainage.

Description of private services

N/A

Description of internal services

Gas-fired heating with 20 solar exchangers.

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Accommodation Ground Floor

Two bedrooms with en suite bathrooms, one bedroom/sitting room with en suite bathroom, study, WC, large entrance hall and kitchenette

First Floor

Drawing room, dining, room, living room and kitchen/breakfast room

Second Floor

3 bedrooms, two with en suite bathrooms

Basement/Cellar

Laundry, workshop and store

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Situation Location

The property is part of a terrace of similar houses of varying sizes.

Located in the medieval grid of a historic market town

Highways

Side road

Rights of way

None apparent.

Environmental issues

None known

General Condition Building fabric

Satisfactory

Cosmetic presentation and fittings

Good, renovated between 2001-2004

Essential Repairs and Further Investigations Recommend repairs as a condition of mortgage

Damp proofing of cellar

Recommended retention

ÂŁ5,000

Gross External Floor Area (GEA) GEA of residence

800sqm

GEA of outbuildings

2sqm

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Local Market Factors Demand Market Conditions

Suitability for Secured Lending Purposes

Valuer’s opinion

The property provides suitable security for lending purposes

Valuation for Secured Lending Purposes

Market value in existing condition

£1,245,000

One million, two hundred and forty-five thousand

Recommended retention

£5,000

Five thousand

Market value upon completion of essential repairs

£1,250,000

One million, two hundred and fifty thousand

Projected market value

£1,250,000

One million, two hundred and fifty thousand

Reinstatement cost

£1,500,000

One million and five hundred thousand

Verification Assumptions requiring verification prior to lending

No departures from the assumptions and special assumptions set in the terms of agreement

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Comparable Evidence Property One Address

10 Guildhall Street, Bury St Edmunds, IP33 1PR

Description

6 bedroom terraced town house

Floor area (EPC)

278.8 sq.m

Site Distance

150m

Sold price

£650,000

Date of sale

3rd October 2014

Source

Rightmove

Comments

Property Two Address

5 St Mary’s Lane, Bury St Edmunds, IP33 2AJ

Description

6 bedroom terraced town house

Floor area (EPC)

494 sq.m

Site Distance

1 mile

Sold price

£1,100,000

Date of sale

28 April 2014

Source

Rightmove

Comments

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Approach, reasoning and statement of certainty Our opinion of Market Value has been determined using the comparable method. Our opinion is well supported by recent sales of similar properties in the immediate area. We provide our opinion with a high level of certainty. Our projected market value has not been discounted because the market is strong and values are rising slowly.

Signed by the surveyor for and on behalf of Llewellyn Smith

________________________________________________________________ Date ____________

Name Detail 1 Detail 2

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

Conditions of Engagement for Investec Bank Plc 1 Identification and status of the valuer The valuer is Llewellyn Smith Chartered Surveyors. The property will be inspected by a Chartered Surveyor.

The signatory to the report will be the individual surveyor responsible for the valuation. The surveyor will sign the report with the substitution ‘for and on behalf of Llewellyn Smith Chartered Surveyors’ The report will include the statement: ‘The valuer is in a position to provide an objective and unbiased valuation’.

The report will include the statement: ‘The valuer has no material connection or involvement with the subject of the valuation assignment or the party commissioning the assignment’.

The report will include the statement: ‘The valuer is competent to undertake the assignment. The valuer has sufficient current local knowledge of the particular market, and the skills and understanding to undertake the valuation competently’.

2 Identification of the client and any other intended users The valuation will be provided for the stated purpose for the sole use of Investec Bank Plc. 3 Purpose of the valuation The instruction will be accepted on the basis that the valuation is required for secured lending purposes.

4 Identification of the asset to be valued The property will be identified by Investec Bank Plc by address and occupiers contact details.

5 Basis of value The valuation will be given on the basis of Market Value with Vacant Possession.

Market Value is ‘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’.

Development value will not be included in the valuation.

When instructed to do so, we will provide an opinion of Projected Market Value on the special assumption that the marketing period is restricted to 180 days.

Projected Market Value is ‘The estimated amount for which an asset should exchange at a date after the valuation date and specified by the valuer 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’.

The reinstatement cost is calculated using the BCIS online platform. It is an estimate provided for guidance purposes to assess the adequacy of the existing cover. Should there be a material difference, a building reinstatement assessment should be obtained from a suitably qualified specialist.

The reinstatement cost includes demolition costs, site clearance costs and professional fees but excludes VAT, loss of rent, the cost of alternative accommodation and any allowance for inflation.

6 Valuation date The valuation date will be the date of inspection.

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

7 Extent of investigation The purpose of the report is to give advice on the market value of the property for secured lending purposes.

We will not carry out a detailed Building/Condition Survey, nor will we inspect those parts of the property, which are covered, unexposed or inaccessible and such parts will be assumed to be in good repair and condition.

We will not express an opinion about or advice upon the condition of any parts not inspected and the report should not be taken as making any implied representation or statement about such parts.

We will undertake a limited visual inspection of the property to the extent which is accessible with safety and from within the boundaries of the site and/or from adjacent public/communal areas.

The roof space will be inspected from the loft hatch if it is safe to do so. The surveyor will not enter the roof space or lift insulation materials.

The services will not be tested and drainage inspection covers will not be lifted.

We will not read documents of title. We will assume unless specifically informed and stated otherwise that the property has good and marketable title and that all documentation is satisfactorily draw. We will further assume that there are no unusual outgoings, planning proposals, onerous restrictions or local authority intentions which affect the property, nor any material litigation pending.

We will not make enquiries of the local authority in respect of planning, highways and other statutory regulations.

It will be assumed that there are no adverse factors which might have a material impact upon the property’s value.

8 Nature and source of the information to be relied upon The extent of the interest to be valued will be established by reference to the Title plan, a copy of which will be attached to the report.

The valuers assessment of flood risk will be based on the Environment Agency flood map, a copy of which will be attached to the report.

Information in respect of Tenure and Tenancies provided by the applicant/s will be relied upon by the valuer and referred to in the report for verification.

Commparable evidence will be obtained by searching Land Registry derived information on the internet. Sources will be referenced. The valuer will rely upon such information and the accuracy of the information, photographs and measurements contained in relevant sales particulars.

9 Assumptions and special assumptions The valuation will be subject to the following assumptions; (a) Vacant possession is provided. (b) The property has good and marketable title and that all documentation is satisfactorily draw. (c) There are no adverse planning or highway proposals nor other statutory regulation which might have a material impact upon the property’s value. (d) Where access is via a private road, it is subject to satisfactory rights of access and maintenance arrangements. (e) The relevant statutory consents for construction and alteration have been obtained (f) There are no onerous liabilities or encumbrances attached to the property including any Statutory Notice. (g) No deleterious materials have been used in the construction of the property and that the substrata is free from contamination or defect.

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

(h) That any mains services which may be connected are not subject to irregular conditions and that they are adopted by the relevant Authorities. (i) That any parts of the property which were not inspected would not reveal any defects which would be likely to materially affect the valuation (j) That should the property be undermined by coal workings, any ground movement associated therewith ceased many years ago. (k) That no Radon Gas is present at the property. (l) That any New Property has a satisfactory NHBC or equivalent guarantee in accordance with the scheme. (m) That, in the case of leasehold properties, the unexpired term is a minimum of 70 years. (n) That, in the case of leasehold properties, satisfactory terms are in place and in particular, with regard to flats the lease provides for effective management and maintenance of the building, services, communal areas and grounds. (o) That the property is insurable against all usual risks including terrorism, flooding and subsidence at normal, commercially acceptable premiums.

The valuation will be subject to the following special assumptions; (a) That in the case of new property, the proposed building had actually been completed on the valuation date. (b) That where an opinion of Projected Market Value (PMV) is requested, the restricted marketing figure will be 180 days unless otherwise instructed.

10 Restrictions on use, distribution or publication The valuation will be provided for the stated purpose for the sole use of Investec Bank Plc. Neither the whole or any part of the valuation report nor any reference thereto may be included in any published document, circular or statement, nor published in any way whatsoever whether in hard copy or electronically (including on any web-site) without our prior written approval of the form and context in which it may appear.

In the event of a proposal to place the loan on the subject asset in a syndicate, the client must notify the valuer with a view to agreeing responsibility to the further named parties.

The report shall contain the following additional note to the applicant/s: 1) This report is subject to the Terms of Engagement agreed between the Valuer and Investec Bank PLC. 2) This report has been obtained solely to enable Investec Bank PLC to consider whether the property is suitable security having regard to the amount of the proposed load. It is NOT a market valuation or structural survey to protect your own interest.

3) The valuer has made this report without any liability to you. Investec Bank PLC, its agents and the valuer are not responsible to you for the account of, or opinions in this report that relate to the value or condition of the property.

4) No responsibility to any third party connected to you is accepted by Investec PLC or the valuer in relation to this report.

5) You should not therefore assume that if no defects are mentioned, the property is free from defect nor should you assume that the defects shown (if any) are the only defects that are present in the property. If you do not have an inspection and report carried out on your own behalf you proceed entirely at your own risk.

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016

11 Confirmation that the assignment has been carried out in accordance with the IVS The valuation will be undertaken in accordance with the RICS Valuation-Professional Standards 2014 12 Description of report The valuation report will be issued in the agreed format (LS/IB/V1), a copy of which is attached hereto.

13 Fees The valuation fee will be charged in accordance with the agreed scale of charges (LS/IB/F1) a copy of which is attached hereto.

Valuation Report for 71 Guildhall Street, IP33 1QD REF: 123459789 | Prepared on behalf of Investec Bank PLC | 29th January 2016