Letter by valuer confirming instructions from solicitor to value security for trustee mortgagees
To
[insert the name, address etc. of solicitor]
[Date]
Dear Sir,
Thank you for your instructions received today on behalf of your clients the trustees of the _______ estate to value the property at ______________.
I note that your clients require this valuation for the purpose of considering whether it is advisable to invest trust funds on the security of the property, and that they wish to be able to rely if necessary upon the protection afforded by the Trusts Act, 1882.
For the purposes of my valuation I am to take into account such defects in the condition of the property as must in my view have any substantial effect upon its value or the security it extends, but a full survey is not required. [I am to disregard the value of the business carried on in the premises as a going concern, and to base my estimate on the value of the property if vacant.] [I am to note that the upper floor of the property is subject to a tenancy, and I am to ignore any prospect of obtaining vacant possession and value the tenanted portion on an investment basis only.]
I shall be pleased to provide your clients with an appropriate report, and take this opportunity of confirming that my terms of business are those as appearing in the Schedule annexed hereto.
[Schedule of terms & conditions]
Yours etc.
[Signature of valuer]
