APEX INVESTMENT VALUATION REPORT

Excl. Buy to Let

CLIENT REFERENCE JRH

APPLICANT[S] House Buyer Bureau Ltd
DATE OF INSTRUCTION 2022-06-14
DATE OF INSPECTION 2022-07-05

SUBJECT PROPERTY ADDRESS

102 Lowood Lane, Birstall, WF17 9DL

REPORT PREPARED BY James Horner MRICS

FIRM NAME Nabarro McAllister & Co. Ltd

REPORT PREPARED FOR:

HBB Bridging Loans Ltd T/A Apex Bridging,

1 The Cornerstone, Market Place, Kegworth, DE74 2EE
 Distance Declaration: 10 miles

PROPERTY LOCATION & TYPE

The property location & immediate surrounding including schools, amenities etc:

The property lies within a Local Authority built estate amongst a variety of property types. Local amenities including shops,
schools and public transport lie nearby.

LOCATION Suburban

What is the character of the local neighbourhood? (Good, Fair, Poor) Fair

YEAR BUILT 1960

If less than 10 yrs old give certification N/A

PROPERTY TYPE House: End terrace

Title plan seen and corresponded to the area inspected? We have been provided with a copy of the title plan
WYK662361. We confirm that this corresponds to our
findings on site.

If a flat or maisonette, floor number and total number of floors. Floor number: N/A
Number of floors: N/A

For new build properties only:

Give details of any incentives and discounts which may N/A

have formed part of the transaction and should be
considered by the lender.

Note to lenders: People often pay more for new build properties which may not be achievable on re-sale.

ACCOMMODATION

Bedroom(s) 3 Bathroom(s) 1
Kitchen(s) 1 Reception Room(s) 2
Garage(s) No Outbuilding(s) 1

Describe the accommodation in detail:

GROUND FLOOR Entrance hall, living room, dining room and kitchen.
FIRST FLOOR Stairs/ landing, three bedrooms and bathroom.
SECOND FLOOR N/A
OTHER N/A
GROSS INTERNAL AREA 95 sq.m.
OUTSIDE Front garden, rear garden and brick built store.
UNUSUAL FEATURES None
IS THERE PARKING? No

TENURE

TENURE Freehold

UNEXPIRED TERM [YEARS] N/A

GROUND RENT £ N/A [P.A.]
SERVICE/MAINTENANCECHARGES N/A

OCCUPANCY

Who resides at the property as informed or seen at time Owner occupied.

of inspection?
Is there evidence to suggest there are other occupants? None
Is more than 40% of the property occupied by the current Yes
owner or their family? If not explain.
Is the property being used solely as a residential dwelling? Yes

CONSTRUCTION

WALLS Brick/ render faced cavity.

ROOF Pitched concrete tiled

WINDOWS Upvc inc sealed unit double glazing.
FLOORS Solid to the ground floor and timber to the upper floor.
GARAGE/OUTBUILDINGS Brick walls under a concrete roof.
OTHER None.

Is any building work/renovation currently taking place at No

the property?
If YES what % is complete, give details of work undertaking N/A
and work still outstanding
Estimated cost to complete N/A
Estimated time to complete N/A
STATE OF REPAIR

INTERNAL DECORATIONS Fair

EXTERNAL DECORATIONS Fair
INTERNAL FIXTURES/FITTINGS Fair

GARDEN Fair

List any specialists reports required and reasoning as to why None as a condition of normal mortgage lending.
– Provide photographs of any defects noted
EPC (Energy Performance Certificate) Rating, If none is None available
available please state as such

SERVICES, ACCESS & LOCAL TAXES

MAINS WATER Yes

MAINS DRAINS Yes
ELECTRICITY Yes
GAS Yes
CENTRAL HEATING Yes
Type of central heating Gas fired combination boiler to radiators.

If you have answered NO to any main services give details N/A

Is the road made up and adopted? Yes

If not what liabilities are attached? N/A
Is there a right of way to the property? No

CONTAMINATION

Based upon visual inspection are there any signs of Asbestos None so far as we are aware.
in the property?
Are you aware of/or are there any signs of contamination? None following visual inspection

STRUCTURE

Is there any evidence of subsidence/landslip, ground heave, None noted following visual inspection
mining or structural movement to the property or in the
vicinity of the property, or reason to anticipate problems
arising from any of these? If YES, please give details and state
whether movement is progressive/continuing, or long
standing, and advise whether it should be monitored and if
saleability is affected.

DETAILS: N/A

SALEABILITY & MARKETABILITY

In its current condition: Is the property suitable for normal Yes

bank funding?
Is the property habitable? Yes
If the property is currently in poor condition, please indicate N/A
an approximate price band for property such as this if
presented in good condition.

How would you rate the saleability of the property in its Fair
current condition?
Estimated the time sell in the current market 6 months
Are there factors that would adversely affect the saleability Yes
of the property? Is so please elaborate.

Please provide any other comments both positive and negative regarding the saleability of the property.

The estate has received negative publicity.

The property is in a scruffy condition and would benefit from redecoration.
The render to the front is worn and this affects the properties kerb appeal.

Is retention necessary? No How much: £N/A

THE VALUATION

MARKET VALUE [MV] [PRESENT CONDITION] £115000

MARKET VALUE [AFTER ESSENTIAL REPAIRS OR ON COMPLETION FOR NEW PROPERTIES] - £N/A
Essential repairs to include updating to meet MEES regulations
[If the property is not fundable through conventional terms, you should still submit a Cash £N/A
Purchase Value) Cash Purchase Value is defined as the value the property would achieve if sold
to a cash buyer in its current state today.]
BUILDING INSURANCE REINSTATMENT VALUE £185,000
This valuation is valid for 3 months from the date of this report.

Outline External Factors which may affect insurance cover (e.g. trees, flooding, mining, soil conditions etc)

None.
COMPARABLE EVIDENCE OF MARKET VALUE

SURVEYORS: PLEASE READ CAREFULLY

Provide a list of three comparables to support your market valuation and rental projection. Your data is to be carefully chosen so as to be
truly comparable within a small radius of the subject property and where possible not more than 9 months old. If the subject property is
unique the data should be as close as possible in location and type and you should explain why they are the best available and how they are
distinguished/used in the justification of value section below.

COMPARABLE PROPERTY 1 32 Branwell Avenue, Birstall, WF17 9DF

DISTANCE FROM SUBJECT 300 metres
TYPE OF PROPERTY House: End Terrace
NO. OF BEDROOMS 3
DATE ON MARKET 2021-10-22
DATE SOLD 2022-03-11
ASKING PRICE 140000
SALE PRICE 144500
DATA SOURCE Rightmove and Barkers estate agents

COMPARABLE PROPERTY 2 33 Branwell Avenue, Birstall, WF17 9DO

DISTANCE FROM SUBJECT 300 metres
TYPE OF PROPERTY House: Mid Terraced
NO. OF BEDROOMS 3
DATE ON MARKET 2021-04-17
DATE SOLD 2022-01-10
ASKING PRICE 119950
SALE PRICE 122000
DATA SOURCE Rightmove and Local Properties

COMPARABLE PROPERTY 3 16 Arundel Walk, Batley, WF17 0JP

DISTANCE FROM SUBJECT 1 Km
TYPE OF PROPERTY House: Mid Terraced
NO. OF BEDROOMS 3
DATE ON MARKET 2021-01-17
DATE SOLD/OFFERED 2021-10-15
ASKING PRICE 135000
SALE/OFFER PRICE 136000
DATA SOURCE Rightmove and Barkers estate agents
 NARRATIVE JUSTIFICATION OF VALUE

Please explain clearly your methodology and logic for arriving at the market valuation given above in a simple narrative form. This is
requirement of Red Book best practice. Compare and contrast the comparable evidence. If the comparable evidence is not
directly comparable, please justify & explain how you arrived at your opinion of value and why you chose the evidence you have supplied.

The security comprises a three bed end terraced house.

The three comps are similar size and type to the subject. Comp 1 was in a better condition and has off street parking. Comps
2 and 3 were slightly better in terms of decorations. Comp 3 lies within a better area. Comp 3 is outside our preferred six
month timeframe however the market has continued to increase over this period.

We are off the opinion that comp 1 is consderably better in terms of value to the subject, comp 2 is slightly better and comp
3 is better.

CONTINUATION SHEET

We confirm that we spoke to the clients after the inspection to discuss our findings.

Basis of Valuation
1. CONDITIONS AND ASSUMPTIONS

Generally
1.1 Inspections and investigations will be carried out to the extent necessary to produce a report which is
professionally adequate for its purpose. Where surveys have to be made on restricted information, the
nature of the restrictions must be specified by the client as soon as practicable and in any event prior to
the date the valuation is required. Fastsurveyors T/A FS Panel Management are not obliged to accept or
proceed with any valuation until such information has been received and is true, complete and accurate.

1.2 Subject to the comments in the following paragraphs, certain assumptions will be made in relation to
facts, conditions or situations affecting the subject of, or approach to, the report that will not be verified
as part of the Services or surveying process but treat them as a ‘supposition taken to be true’. We will
pass all of this information and assumptions to the Approved Surveyor who will carry out the valuation
and associated report on the basis of those assumptions. In the event these assumptions prove to be
incorrect then any report will need to be reviewed.

Tenure, Notices and Regulations

1.3 We and our Approved Surveyor shall rely upon information provided by you or your solicitor relating to
title, boundaries and related matters. Neither we or our Approved Surveyor will commission a formal legal
search and it is assumed that the information provided by you is accurate, up-to-date and complete. Any
valuation will be based upon the assumptions that:

1.3.1 That the property is being sold with vacant possession and unless otherwise stated for owner
occupation;

1.3.2 That the property is not subject to any unusual or especially onerous restrictions, encumbrances
or outgoings and that good title can be shown unless revealed from routine enquiries;

1.3.3 That the property and its value are unaffected by any statutory notice, and that neither the
property, nor its condition, nor its use, nor its intended use, is or will be unlawful unless revealed
from routine enquiries;

1.3.4 That the property is not subject to any adverse planning regulations or conditions, building
warrants, onerous restrictions etc unless revealed from routine enquiries;

1.3.5 It is assumed that unless otherwise stated, roads, sewers and services outside the curtilage of the
property are the responsibility of the local relevant statutory body. The Approved Surveyor will
also assume, unless otherwise stated, that all services, roads etc. are available under normal
terms unless revealed from routine enquiries; and

1.3.6 That subsequent inspection of those parts which have not been inspected would neither reveal
material defects nor cause the Approved Surveyor to alter the valuation materially.

Condition and repair

1.4 Unless specifically instructed to carry out a more detailed examination, or commission a test of service
installations, any valuation report will assume that after routine inquiries and the inspection, except for
any defects specifically noted in the valuation report:
 1.4.1 That the property is in good condition;

1.4.2 That no deleterious or hazardous materials or techniques were used in the construction of the
property nor have since been incorporated;

1.4.3 That inspection of those parts which have not been inspected would neither reveal material
defects nor cause the Approved Surveyor to alter the valuation materially;

1.4.4 No construction materials have been used that are deleterious, or likely to give rise to structural
defects;

1.4.5 No hazardous materials are present;

1.4.6 All relevant statutory requirements relating to use or construction have been complied with;

1.4.7 Any services, together with any associated computer hardware and software, are fully operational
and free from impending breakdown or malfunction.

1.5 The Approved Surveyor shall comment on any factors discovered during the course of its enquiries that
could affect the market perception of risks caused by these factors.

1.6 The construction of property over the years and particularly the finishes used may have contained
hazardous materials, these are impossible to detect without specific tests and these are beyond the scope
of this report. We would draw your attention particularly to the fact that there is a strong possibility that
property built or modernised in the 20th century may contain asbestos in one or more of its components
or fittings. The use of asbestos has been extremely diverse from acting as an insulant in boilers to being
added to decorative finishes to improve the binding. It is frequently exposed and as it was used as an
additive to products such as cement based guttering and insulation and roofing sheeting, its presence can
only be confirmed by testing. It is beyond the scope of the inspection to test for asbestos. If you have any
concerns then you should arrange for a specialist to undertake appropriate tests. Asbestos becomes a
particular health hazard when its fibres are released into the air. Therefore, it should not be disturbed,
sanded ready for decorating, drilled, cut etc. and should only be removed by experts. Consequently, the
Approved Surveyor will assume that the property is free from asbestos and any other hazardous materials
unless abundantly evident from inspection and/or revealed from routine enquires.

Sustainability
1.7 The Approved Surveyor will consider the property with regard to its sustainability with particular
reference to the following:

1.7.1 Suitability for its intended use existing of the buildings and any site;

1.7.2 Suitability of its location;

1.7.3 Construction;

1.7.4 Life expectancy;

1.7.5 Energy efficiency and the related Energy Performance Certificate; and

1.7.6 Life expectance.

 Cladding and External Wall systems

1.8 A decision by the appointed Surveyors not to request an EWS1 form during the valuation process provides
no assurance that there are no fire or life safety risks, but only considers whether there is a likelihood that
remediation work affecting value will be needed, based on the presence or absence of cladding and other
attachments to the building. Buyers are always advised to seek a copy of the existing fire risk assessment
for the building before purchasing.

1.9 Where a valuation has been prepared with reliance upon a EWS1 form (or as revised), this has been done
in good faith by the appointed surveyor on behalf of the appointed surveying firm but excludes any
liability for matters relating to cladding to the client, addressee or interested party nor any party deriving
title to the security. As such these parties will have no recourse for a claim against Fastsurveyors T/A FS
Panel Management or the appointed surveyors for any losses or potential losses arising directly and
solely from the valuation being provided in reliance upon the EWS1 form.

Ground conditions and environmental risks

1.10 Unless provided with information to the contrary or noted from routine inquiries and the site inspection,
the Approved Surveyor’s valuation will assume that:

1.10.1 The site is physically capable of development or redevelopment, when appropriate, and that no
special or unusual costs will be incurred in providing foundations and infrastructure;

1.10.2 There are no archaeological remains on or under the land which could adversely impact on value;

1.10.3 The property is not adversely affected by any form of pollution or contamination; and

1.10.4 There is no abnormal risk of flooding.

1.11 The Approved Surveyor may however comment on any factors discovered during the course of its survey
enquiries that could affect the market perception of risks caused by these factors.

2. PLANNING AND HIGHWAY ENQUIRIES

The Approved Surveyor shall make informal enquiries of the local planning and highway authorities and
also rely on information that is publicly published or available free of charge. Any information obtained
will be assumed to be correct. No local searches will be instigated. Except where stated to the contrary,
the Approved Surveyor shall assume that there are no local authority planning or highway proposals that
might involve the use of compulsory purchase powers or otherwise directly affect the property.

3. FLOOR AREAS AND AGE

All measurements will be taken in accordance with the RICS Code of Measuring Practice. The floor areas in
the valuation report will be derived from measurements taken on site or that have been scaled from the
drawings supplied and checked by sample measurements on site. Where the age of a building is
estimated, this is for guidance only.

4. PLANT AND EQUIPMENT

The Approved Surveyor, if instructed may include in its report those items of plant and equipment
 normally considered to be part of the service installations to a building and which would normally pass
with the property on a sale or letting. All items of process plant and machinery and equipment, together
with their special foundations and supports, furniture and furnishings, vehicles, stock and loose tools, and
tenants’ fixtures and fittings will be excluded.

5. LEASE INFORMATION

If instructed all Leases and associated legal documentation provided will be reviewed by the Approved
Surveyor who will assume such information is true, complete and accurate. The Approved Surveyor will
also assume all tenants are able to meet their financial obligations and that there are no significant rent
arrears, breeches of covenants or disputes, unless otherwise advised.

6. DEFINITIONS OF BASES OF VALUATION

These definitions are reproduced from the RICS Valuation – Global Standards incorporating the IVSC
International Valuation Standards (The Red Book):

Market value
'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.'

Market rent
'The estimated amount for which an interest in real property should be leased on the valuation date
between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction,
after proper marketing and where the parties had acted knowledgeably, prudently and without
compulsion.'

Investment value (worth)

'The value of an asset to the owner or a prospective owner for individual investment or operational
objectives.'

Fair value (IVS)

'The estimated price for the transfer of an asset or liability between identified knowledgeable and willing
parties that reflects the respective interests of those parties.'
OR
Fair value (IFRS)
'The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction
between market participants at the measurement date.'

The report
The report is designed to provide a valuation only, taking into account any defects found during the
limited inspection deemed to affect that value.

7. REINSTATEMENT ASSESSMENTS

7.1 An indication is provided for insurance purposes unless otherwise advised (which is given solely as a
guidance since a formal estimate for insurance purposes can only be given by a Quantity/Building
Surveyor or other person with sufficient current experience) of the current replacement cost of:
 7.1.1 The buildings in their present form (unless otherwise stated).

7.1.2 The buildings being constructed as proposed to be completed; each including the cost of
clearance and professional fees but excluding:

7.1.3 VAT (except on fees).

7.1.4 Loss of rent; and/or:

7.1.4.1 Cost of alternative accommodation for the reinstatement period.

7.1.4.2 Cost of decontamination of the land.

8. WHAT FASTSURVEYORS T/A FS PANEL MANAGEMENT DO

We as Panel Managers shall instruct a suitably qualified firm to undertake the Valuation on behalf of the
Client. We will monitor the progress of that Report and when received, submit it to the client.

9. WHAT THE APPOINTED SURVEYORS DO

9.1 Our Appointed Surveyors will undertake a visual inspection of the exterior and interior of the property, to
the extent which is accessible with safety and without undue difficulty, as can be seen whilst standing at
ground level and within the boundaries of the site, adjacent public/communal areas, and whilst standing
at the various floor levels which the Appointed Surveyor considers reasonable in order to provide the
Services. Valuation reports will be based on such inspection and any information made available to the
Appointed Surveyor (whether written or verbal), which we and our Approved Surveyors shall assume to
be correct. If additional equipment is required to carry out inspections (such as a ladders or mobile
platforms) we will inform you and if agreed shall arrange for the same at your cost, which shall be payable
in advance.

9.2 It will include an inspection room by room including measuring the accommodation in accordance with
the RICS measuring Code of Practise. The roof void will be inspected from the loft hatch where specifically
instructed.

10. WHAT FASTSURVEYORS T/A FS PANEL MANAGEMENT DO NOT DO

10.1 Fastsurveyors T/A FS Panel Management DO NOT:

10.1.1 undertake valuations itself;

10.1.2 comment on the content of Valuations or provide advice in relation to the valuation report; or

10.1.3 instruct an individual valuer.

10.2 Accordingly, you acknowledge and agree that valuations are undertaken by the respective surveying firm
(and not the individual) who are expected to use their skill and judgement in giving it to the right
surveyor.

What the Appointed Surveyors are assumed not to do

10.3 As part of the Services, neither we nor any Appointed Surveyor will carry out any of the following actions:
10.3.1 Report on minor repairs and those deemed not to affect the value of the property;

10.3.2 Raise or remove floor coverings, empty fitted cupboards, move or lift furniture, remove floor
boards or any other fixtures and fittings;

10.3.3 Inspection of the roof void unless specifically instructed to do so;

10.3.4 Test services including drainage, heating, electrical, water services or appliances, boundary walls
fences and drains, which we shall assume are in satisfactory condition;

10.3.5 Report on any communal spaces (including roof spaces, gardens and grounds) which we shall
assume are in satisfactory condition;

10.3.6 Inspect those parts of the structure which are covered, unexposed or inaccessible and will,
therefore, be unable to report that such parts are free from defects.

10.3.7 Where defects are listed that cannot be quantified, we reserve the right to report on value
pending receipt of that report;

10.3.8 Exposure works either to the superstructure or below ground will not be carried out nor will tests
or investigations be made for high alumina cement, calcium chloride, asbestos or other
deleterious materials;

10.3.9 Only those aspects of the property which are considered sufficient to provide a valuation will be
inspected;

10.3.10 Where defects are listed, this will not include estimated costs of rectification; and/or

10.3.11 If the premises form part of a larger building no other unit will be inspected and the valuation
report will only include matters pertinent to the particular premises.
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These are the notes referred to on the following official copy

The electronic official copy of the title plan follows this message.

Please note that this is the only official copy we will issue. We will not issue a paper official copy.

This official copy was delivered electronically and when printed will not be to scale. You can obtain a paper
official copy by ordering one from HM Land Registry.

This official copy is issued on 14 June 2022 shows the state of this title plan on 14 June 2022 at 11:32:23. It is
admissible in evidence to the same extent as the original (s.67 Land Registration Act 2002). This title plan
shows the general position, not the exact line, of the boundaries. It may be subject to distortions in scale.
Measurements scaled from this plan may not match measurements between the same points on the ground.
This title is dealt with by the HM Land Registry, Nottingham Office .

© Crown copyright. Produced by HM Land Registry. Reproduction in whole or in part is prohibited without the
prior written permission of Ordnance Survey. Licence Number 100026316.
This official copy is incomplete without the preceding notes page.
 Powered by Surventrix

SIGNATURE AND AUTHORITY

Property Address 102 Lowood Lane, Birstall, WF17 9DL

Survey Type Apex Investment Valuation
Date Inspected July 5, 2022

PREPARED ON BEHALF OF
Firm Name Nabarro McAllister & Co. Ltd
Registered firm address Devonshire Lodge, Devonshire Avenue, Leeds, LS8 1AY
Assigned office Narbarro McAllister Leeds Office
Office address Devonshire Lodge, Devonshire Avenue, Leeds, LS8 1AY

DECLARATION
I declare that, I am personally digitally signing this report and that I have no direct or indirect
interest present or contemplated in the property or this transaction except for the purpose of
valuation or inspection. Where an inspection has been undertaken and/or a valuation has been
provided, this has been done so in accordance with the current RICS valuation standards. I have
undertaken this report on behalf of the firm named in this report.
DIGITAL SIGNATURE
Your digital signature renders you and your firm legally liable for the material content of any
document authenticated by it.
By digitally signing the report you represent and warrant that you have the legal right, power,
and authority to represent 'the Company' or organisation named in the report. You further agree
that the use of your unique security code constitutes an electronic signature equivalent to your
handwritten signature and that you have formed, executed, entered into, accepted the terms of
and otherwise authenticated any report signed off by it. You acknowledge and agree that this
Agreement is an electronic record for purposes of digital signature, and as such is completely
valid, has legal effect, is enforceable, and is binding on and non-refutable by you.
This report has been prepared by a surveyor ('the Individual Surveyor') merely in his or her
capacity as an employee or agent of a firm or company or other business entity ('the Company').
The report is the product of the Company, not of the Individual Surveyor. All of the statements
and opinions contained in this report are expressed entirely on behalf of the Company, which
accepts sole responsibility for these. For his or her part, the Individual Surveyor assumes no
personal financial responsibility or liability in respect of the report and no reliance or inference
to the contrary should be drawn.
Surveyor James Horner MRICS
Qualifications MRICS
Date 07 Jul 2022 @ 02:36 PM
Signature 1562:6443:ycx4vvvfbs