We have over the last 15 years been asked to value a number of large portfolios, a number within excess of 10 properties within the portfolio, which usually comprise of the family home and then a series of investment properties.
These portfolios by nature are often covering large geographies and often provide a mixture of uses. One such example was a portfolio of 15 residential properties (houses and flats), as well as a residential development site and a number of industrial units.
This firm is fortunate in that the surveyors undertaking expert witness work have an equal split of experience in both commercial and residential uses, as well as developments. This is however a rarity and, of course, an Expert taking an instruction of this nature will need to ask itself the question as to whether it has a complete coverage of experience to undertake the instruction.
It is not sufficient to have expertise in say 90% of the portfolio, whether this is say nine residential units and one commercial unit and the residential surveyor undertake the instruction. This would be a failure to comply with the RICS Practice Statements and, unless a valuer has complete experience, then an instruction should not be accepted.
This can of course be problematic in so much as quite often scant details are revealed at the quotation stage and, it is only once instructed, that it can be revealed that there may be mixed use elements to a portfolio or mixed use elements to a property, which was previously thought to be either just commercial or residential. It is important that the valuer informs the instructing party or parties immediately that the instruction cannot be serviced, or at least cannot be serviced by a Single Joint Expert.
Ultimately, should the matter get to Court, then any potential gaps in the valuer’s experience will be exposed and confidence in the Expert and its evidence will be significantly undermined.
We are a surveying practice that can cover almost all uses with some very minor niche exceptions across all commercial uses and residential property and development for matrimonial valuation purposes and taxation valuation purposes.
Our surveyors are very well experienced in accepting and executing Single Joint Expert Instructions including representation at Court.