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E-book
Author Shapiro, Eric F.

Title Modern methods of valuation / Eric Shapiro, David Mackmin and Gary Sams
Edition 11th ed
Published Abingdon, Oxon ; New York, NY : Routledge, 2013
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Contents 1. Principles of valuation -- 1. The valuer's role -- 2. The property market -- 3. A definition of value -- 4. Value and valuation -- 5. Demand, supply and price -- 6. Demand for and supply of landed property -- 7. Landed property as an investment -- 2. Methods of valuation (valuation approaches) -- 1. Introduction -- 2. Comparison -- 3. Principal methods of valuation -- (a) The market approach or comparative method -- (b) The income approach or investment method -- (c) The residual approach or development method -- (d) The profits approach -- (e) The cost approach or contractor's method -- (f) Conclusion -- 3. Property in land -- 1. Land law -- 2. Property rights in general -- 3. Freeholds -- (a) Registered and unregistered land -- (b) Adverse possession -- 4. Leaseholds -- (a) Building leases -- (b) Occupation leases -- (c) Leases for life -- 5. Licences -- 6. Common law, equity and trusts -- 7. Equitable interests including options -- 8. Co-ownership -- 9. Easements and related rights -- 10. Restrictive covenants -- 11. Commonhold -- 12. Successive interests in property -- 13. Transfers of interests in land and security in land -- 4. The market approach or comparative method -- 1. Introduction -- (a) Location -- (b) Physical state -- (c) Tenure -- (d) Purpose -- (e) Time -- 2. Residential property -- 3. Development land -- 5. Market rent -- 1. Introduction -- 2. Rent and net income -- 3. Economic factors affecting rent -- (a) Supply and demand -- (b) Demand factors -- (c) Supply factors -- 4. Estimation of market rent -- (a) Generally -- (b) Basis of the rent actually paid -- (c) Comparison of rents -- (d) Rent and lease terms -- 5. Effect of capital improvements on market rent -- 6. Hierarchy of market evidence -- 6. Outgoings -- 1. Introduction -- 2. Repairs -- (a) Generally -- (b) Immediate repairs -- (c) Annual repairs -- (d) Conditions of tenancy -- (e) Future repairs -- 3. Sinking funds -- 4. Business rates, water services and council taxes -- 5. Income tax -- 6. Insurances -- (a) Fire insurance -- (b) Other insurances -- 7. Voids -- 8. Service charges -- 9. Management -- 10. Value added tax -- 11. Outgoings and rent -- 12. Current issues -- 7. Yield -- 1. Introduction -- (a) Nominal and actual or effective rates of interest -- (b) Timing of payments and yields -- 2. Principles governing yields from investments -- 3. Yields from landed property investments -- (a) Shops -- (b) Offices -- (c) Factories and warehouses -- (d) Residential properties -- (e) Ground rents -- 4. Changes in interest rates -- 8. Investment mathematics as it applies to property valuation -- 1. Introduction -- 2. Amount of £1 (A£1) -- 3. Present value of £1 (PV£1) -- 4. Amount of £1 per annum (A£1pa) -- 5. Annual sinking fund (ASF) -- 6. PV of £1 per annum (PV£1pa) or Years' Purchase (YP) -- 9. Income approach or investment method -- 1. Valuation of freehold interests -- (a) Freehold let at MR -- (b) Freehold let at below MR -- (c) Freehold let at more than MR -- 2. Valuation of leasehold interests -- (a) Provision for loss of capital -- (b) YP dual rate -- (c) Capital replacement and inflation -- (d) The position of the owner/occupier -- (e) Annual sinking fund and tax -- (f) Dual rate adjusted for income tax -- (g) Leasehold interest where income is less than MR -- 3. Synergistic value, sometimes known as marriage value -- 4. Freehold interest where a building has a terminable life -- 5. Premiums -- 6. Surrenders and renewals of leases -- 7. Traditional valuation techniques and DCF -- 10. Discounted cash flow -- 1. Generally -- 2. Net present value -- (a) The discount rate -- (b) Rate of growth -- (c) Cash flow period (see guidance note) -- 3. Internal rate of return (IRR) -- 4. Comparison of NPV with IRR approaches -- 5. Application of DCF and investment value (worth) -- 11. Residual approach or development method of valuation -- 1. Introduction -- 2. Proceeds of sale -- 3. Costs of sale -- 4. Costs of development -- (a) Cost of building -- (b) Miscellaneous items -- (c) Costs of finance -- 5. Development profits -- 6. Surplus for land -- 12. Developments in valuation approaches -- 1. Introduction -- 2. Relationship of rent in arrears and in advance -- 3. Taxation of incomes -- 4. Valuation of freehold interests -- (a) Nature and function of yields -- (b) Equated yields -- (c) Effects of inflation -- (d) Valuation of varying incomes -- 5. Leasehold interests -- (a) Replacement of capital -- (b) Replacement of capital in real terms -- (c) ASF at low rates of return -- (d) Why use dual rate YP? -- (e) Valuation of variable incomes -- f) The effect of tax -- (g) The double sinking fund method -- (h) Summary -- 6. Valuing in periods of market instability -- valuation certainty -- 7. Valuing sustainability -- 8. Conclusion -- 9. Further reading
13. Some practical points -- 1. The valuation process -- 2. The analysis of rents and prices -- 3. Special purchasers or buyers -- 4. RICS valuation -- professional standards, global and UK -- 5. The cost of building works -- (a) Bills of quantities -- (b) Unit comparisons -- (c) Other methods of comparison -- (d) Alterations and repairs -- 6. Claims for damages -- (a) Dilapidations -- (b) Other claims -- 7. Management of investments -- (a) Maintenance of capital values -- (b) Rents -- (c) Outgoings -- (d) Reserves -- 14. Principles of the law of Town and Country Planning -- 1. The Town and Country Planning Acts -- (a) The 1947 Act -- 2. The planning system -- (a) Planning authorities -- (b) The development plan system -- (c) Effect of the development plan -- 3. Development control -- (a) The use classes order 1987 -- (b) Part 3, general permitted development order (GPDO) -- changes of use -- 4. Planning permissions -- (a) Development orders and local development orders -- (b) Local development orders -- (c) Simplified planning zones and enterprise zones -- (d) Public authority development -- 5. Applications for planning permission -- (a) Outline planning permission -- (b) Applicants and applications -- (c) Environmental Impact Assessment -- (d) Nationally significant infrastructure projects -- (e) Planning fees -- (f) Determining planning applications -- (g) "Calling in" procedure -- (h) Revocation, modification and discontinuance orders -- 6. Effect of planning permission -- 7. Duration of planning permission -- 8. Planning conditions and planning obligations -- 9. The Community Infrastructure Levy (CIL) -- 10. Appeals -- section 78 -- (a) Appeals and overlapping and repeated applications -- 11. Judicial control of planning decisions -- 12. Enforcement of planning control -- (a) Enforcement notices -- (b) Planning contravention notices -- (c) Stop notices -- (d) Breach of condition notices -- (e) Injunctions -- (f) Appeals against enforcement notices -- (g) Non-compliance with an enforcement notice -- 13. Amenity and safety -- (a) Protection of trees and special buildings -- (b) Regulation of advertisement displays and caravan sites -- (c) Unsightly land and hazardous substances -- 15. Development properties -- 1. Introduction -- 2. Valuation approach -- 3. Types of development -- 4. Viability statements (studies) -- 5. Factors affecting value -- 6. Residential development schemes -- (a) Generally -- (b) User of land -- (c) Infrastructure -- d) Environmental and other factors -- 7. Commercial development schemes -- 8. Period of development -- 9. Incidental costs -- 10. Site assembly -- 11. Hope value -- 12. Urban sites -- (a) New development -- (b) Refurbishment -- 13. Ground rents -- (a) Residential ground leases -- (b) Commercial ground leases -- (c) Ground rent -- d) Market value of ground rents -- 16. Residential properties -- 1. Generally -- 2. The Rent Acts -- (a) Rents under regulated tenancies (1977 Act, Part III) -- (b) Security of tenure (1977 Act, Part VII) -- 3. The Housing Act 1988 -- assured and assured shorthold tenancies -- 4. Schedule 10 to the Local Government Act 1989, the Leasehold Reform Act 1967 and the Leasehold Reform, Housing and Urban Development Act 1993 (Part I) -- (a) Enfranchisement by way of purchase of the freehold -- (b) Valuations to determine enfranchisement price -- "original method" (i.e. lower value properties only) -- (c) Market transactions -- (d) Valuations under the Housing Act 1974 and the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUD) -- (e) Valuations to determine enfranchisement price -"higher value method" -- (f) Extension of the existing lease (lower value houses) -- (g) Landlord's overriding rights -- (h) Retention of management powers -- (i) The LRHUD Act 1993 as amended by the Commonhold and Leasehold Reform Act 2002 -- 5. Smaller residential properties, HMOs and tenements -- (a) General method of valuation -- (b) Outgoings -- (c) State of repair -- (d) Clearance areas -- (e) Duration of income -- 6. Larger residential properties -- (a) Generally -- (b) Factors affecting value -- (c) Methods of valuation -- (d) Sales records -- 7. Blocks of flats held as investments -- (a) Generally -- (b) Gross income -- (c) Outgoings -- (d) Net income and yield -- 8. Places of worship -- 17. Commercial properties (1): Landlord and Tenant Acts and rent reviews -- 1. Introduction -- 2. Landlord and Tenant Act 1927 -- (a) Landlord and Tenant Act 1927 (Part I) -- (b) Landlord and Tenant Act, 1927 (Part II) -- 3. Landlord and Tenant Act 1954 (Part II) (as amended by the Regulatory Reform Order 2003) -- 4. Health and safety at work, etc. Act 1974 -- 5. Rent reviews -- (a) Machinery for review -- (b) Rent payable -- 6. Valuation consequences -- (a) Restricted user -- (b) Period between reviews -- (c) Analysis of incentives -- (d) Comparable evidence -- (e) Machinery for settling disputes -- 7. Market value -- 8. Court procedure for the grant of a new tenancy or the termination of a current tenancy -- 18. Commercial properties (2): types of property -- 1. Introduction -- 2. Retail premises -- (a) Location -- (b) Type of premises -- (c) Type of tenant -- (d) Terms of the lease -- (e) Market rent -- (f) Market value -- 3. Industrial premises -- (a) Introduction -- (b) Construction -- (c) Market rent and market value -- 4. "High-tech" industrials -- 5. Business and science parks -- 6. Warehouses -- 7. Office properties -- (a) Introduction -- (b) Market rent -- (c) Terms of tenancy -- (d) Outgoings -- (e) Net income and market value -- 19. UK valuation standards: valuation for financial statements;replacement cost (contractor's) method; loan security valuations and fire insurance replacement cost -- 1. Introduction to the RICS valuation standards -- 2. Valuations for financial statements -- 3. Depreciated replacement cost (DRC) -- (a) Cost-based valuation methods generally -- (b) The DRC method of valuation for financial reporting -- (c) Types of property involved -- (d) The DRC method -- (e) Straight line depreciation (SLD, GN 6.9.23) -- (f) Reducing balance (GN 6.9.25) -- (g) S-curve approach (GN 6.9.26) -- (h) Conclusion -- 4. Mortgages and loans -- (a) Borrowing against property assets -- (b) Nature of a mortgage -- (c) The mortgagee's security -- (d) The valuation -- (e) Second or subsequent mortgages -- (f) Secured lending for commercial property -- 5. Fire and terrorism insurance: reinstatement cost -- (a) Generally -- (b) Cost of reinstatement -- (c) Effect of under insurance -- (d) Public authority requirements -- (e) Cost and value -- (f) Incidental costs -- (g) Value added tax on building costs -- 6. Further reading
20. Valuations for rating -- Introduction -- Section A: Non-domestic properties -- 1. General -- 2. Procedure -- 3. Exemptions and reliefs -- 4. Elements of rateable occupation -- (a) Actual occupation -- (b) Exclusive occupation -- (c) Beneficial occupation -- (d) Transience of occupation -- 5. Principles of assessment -- 6. Statutory basis of assessment -- 7. Rating of unoccupied properties -- 8. Methods of assessment -- (a) Valuation by reference to rents paid -- (b) The contractor's method or test -- (c) The receipts and expenditure or profits basis -- 9. Assessment of various types of property -- (a) Agricultural properties -- (b) Offices -- (c) Shops -- (d) Factories and warehouses -- (e) Cinemas and theatres -- (f) Licensed premises -- (g) Caravan sites -- (h) Garages and service stations -- (i) Minerals -- Section B: Domestic properties -- 1. General -- 2. Procedures -- 3. Basis of assessment -- 4. Compilation and maintenance of new lists -- 21. Taxation: capital gains tax -- 1. Taxation of capital gains -- capital assets and stock in trade -- 2. Taxation of chargeable gains act (TCGA) 1992 -- (a) Occasions of charge -- (b) Computation of gains -- (c) Disposals after 5 April 1988 -- (d) Disposals before 6 April 1998 -- (e) Disposals after 6 April 1998 -- (f) Rates of tax from 23 June 2010 for individuals -- (g) Exemptions and reliefs -- (h) Losses -- (i) Part disposals -- (j) The market value rule on certain disposals -- (k) Sale of leasehold interests -- (l) Premiums for leases granted out of freeholds or long leases -- (m) Premiums for subleases granted out of short leases -- Inheritance tax -- 1. General -- 2. Taxable transfers -- 3. Basis of assessment -- 4. Rates of tax -- 5. Exemptions and reliefs -- (a) General -- (b) Potentially exempt transfers -- (c) Business assets -- (d) Agricultural property -- (e) Woodlands -- 6. Valuation -- Income tax on property -- 1. Schedule A -- 2. Capital allowances -- Value added tax -- 1. VAT and property -- 2. VAT -- the general scheme -- (a) Added value -- (b) Taxable supplies -- (c) Non-taxable supplies -- 3. VAT and the property market -- (a) Residential property -- (b) Non-residential property -- 4. Option to tax -- 5. Transfer of a going concern -- 6. Value and VAT -- 7. Valuation and VAT -- 8. Special cases -- (a) Incentives -- (b) Statutory and other compensation -- (c) Mixed supplies -- Stamp duty land tax -- 1. Purchases -- 2. Leases -- Reference -- 22. Principles of the law of compulsory purchase and compensation -- 1. Legal basis of compulsory purchase -- 2. Compulsory purchase procedure -- 3. Compulsory purchase compensation -- 23. Compulsory purchase compensation I: compensation for land taken -- 1. Introduction -- 2. General principles of compensation -- 3. Market value -- (a) Six basic rules of valuation -- 4. Additional rules of assessment -- 5. Development value -- (a) Assumptions as to planning permission -- 6. Certificates of appropriate alternative development -- 7. Special compensation rules in particular cases -- (a) Reinvestment by investors -- (b) Special provisions in Private Acts -- 8. Summary of general basis of compensation -- 9. Arbitration of compensation disputes -- 10. Valuation -- 11. Home loss, basic loss and occupiers' loss payments -- 12. Basic loss and occupier's loss payments -- 13. Interest on compensation -- 24. Compulsory purchase compensation II: compensation for severance and injurious affection -- 1. General principles -- 2. Compensation where part only of the land is taken -- (a) Accommodation works -- (b) Apportionment of rent (Compulsory Purchase Act 1965, section 19) -- 3. Setting out a claim -- (a) Land taken -- (b) Severance and injurious affection -- (c) Other incidental injury (disturbance) -- (d) Assessment of compensation -- 4. Compensation where no part of the land is taken -- (a) Injurious affection under section 10 -- (b) Compensation for harm from "physical factors" -- 5. "Before and after" method of valuation -- 25. Compulsory purchase compensation III: compensation for distribance -- 1. Disturbance compensation and disturbance payments -- 2. Judicial approach to quantification of disturbance compensation -- 3. Disturbance compensation: items which are typically claimed -- (a) Residential premises -- (b) Business and professional premises -- 4. Disturbance in relation to development value -- 26. Blight notices -- 1. Compulsory purchase instigated by land owners: blight notices -- (a) Blighted land -- (b) Qualifying interests -- 2. Blight notice procedure -- 27. Purchase notices -- 1. Compulsory purchase instigated by landowners -- 2. Purchase notices -- (a) Compensation as in compulsory purchase cases -- (b) Revocation, modification and discontinuance orders and other special cases -- 28. Compensation under the Town and Country Planning Acts: revocation, modification and discontinuance orders, etc. -- 1. Revocation, modification and discontinuance cases -- 2. Revocation and modification orders -- 3. Discontinuance orders -- 4. Other cases of planning compensation -- 5. Listed buildings and ancient monuments
1. Principles of valuation -- 2. Methods of valuation (valuation approaches) -- 3. Property in land -- 4. The market approach or comparative method -- 5. Market rent -- 6. Outgoings -- 7. Yield -- 8. Investment mathematics as it applies to property valuation -- 9. Income approach or investment method -- 10. Discounted cash flow -- 11. Residual approach or development method of valuation -- 12. Developments in valuation approaches -- 13. Some practical points -- 14. Principles of the law of Town and Country Planning -- 15. Development properties -- 16. Residential properties -- 17. Commercial properties (1): Landlord and Tenant Acts and rent reviews -- 18. Commercial properties (2): types of property -- 19. UK valuation standards: valuation for financial statements;replacement cost (contractor's) method; loan security valuations and fire insurance replacement cost -- 20. Valuations for rating -- 21. Taxation: capital gains tax -- 22. Principles of the law of compulsory purchase and compensation -- 23. Compulsory purchase compensation I: compensation for land taken -- 24. Compulsory purchase compensation II: compensation for severance and injurious affection -- 25. Compulsory purchase compensation III: compensation for distribance -- 26. Blight notices -- 27. Purchase notices -- 28. Compensation under the Town and Country Planning Acts: revocation, modification and discontinuance orders, etc
Bibliography Includes bibliographical references and index
Notes Print version record
Subject Real property -- Valuation -- Great Britain.
Real property -- Great Britain.
BUSINESS & ECONOMICS -- Real Estate -- General.
Real property -- Valuation.
Real property.
Great Britain.
Form Electronic book
Author Mackmin, David.
Sams, Gary, 1951-
LC no. 2012013456
ISBN 1136148388
9781136148385