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Post by multiaccountmanager on Aug 7, 2019 14:31:48 GMT
A question not related to any particular loan.
Is a VR supposed to adjust for aeroplane noise?
If so does it have to be present on the day of the valuation visit, or should he/she look at the flight paths etc and make enquiries?
[Runways usually have two directions of use depending on the wind direction, so the noise shifts].
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Post by crystal on Aug 7, 2019 14:41:28 GMT
Generally only if the instructing party specifically requests it be examined, after this case where the buyer made the request - www.bailii.org/uk/cases/UKHL/2001/49.htmlA generic valuation may or may not include it - I would think generally not. If local property prices are (robustly) used, then the valuation should have the noise element taken into account by default (ie, be corrected by the impact of the airport). |
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Post by mrclondon on Aug 7, 2019 15:26:25 GMT
If local property prices are (robustly) used, then the valuation should have the noise element taken into account by default (ie, be corrected by the impact of the airport). An interesting exception to this is the new third runway at LHR will shift the location of the existing air corridors over east London - I'm sort of underneath the point where planes bank from a southerly or southwesterly route to more westerly to head across London when using 1 of the 2 runways for landing, but the projections are that I'll largely be free of aircraft noise if the full length runway 3 opens, but would see an increase in noise if the originally planned short 3rd runway is built.
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Post by multiaccountmanager on Aug 7, 2019 15:34:55 GMT
The context is Listed high end country property which may have problems installing double glazing etc. Noise is quite local along a fairly narrow corridor so comparables are not easy for high end property, and may not provide a means to properly adjust for the noise. Also I gather properties may not be able to be rented because they dont meet the EPC requirements of Band E or better.
I have now read the case referred to by Crystal, for which many thanks. It reinforces the need for extreme due diligence, beyond merely relying on a surveyor, RICS or not, and I can not see it likely a lender could afford to take a case to the highest level like this to make a recovery. If a house can not be sold at the required price in a slow market or otherwisee, there appears to be a loophole where a surveyor's PI lawyers can argue that no opinion was specifically requested on aircraft noise.
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Post by crystal on Aug 9, 2019 10:28:31 GMT
In practical terms, magnetic secondary glazing is seen by many conservation officers as acceptable for listed buildings on basis non permanent - though realise this is unlikely to affect a valuation, particularly if external noise levels are high.
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