WFHA - Direct Award Asset Valuation Consultant -

• WFHA, is a small independent and not-for-profit Registered Provider (PR), providing social homes across the London Borough of Waltham Forest for over sixty years. WFHA currently owns c350 homes: c150 general needs, c150 sheltered housing and c20 supported housing for adults with learning disabilities. • In addition, WFHA owns a property used to house young homeless people and this is currently 1 leased to another provider. The Service Provider will be required to undertake a full valuation exercise across all of WFHA assets. • WFHA Current property assets were last fully valued in 2014, however, partial valuation was carried out in 2018. WFHA full asset requires a revaluation, to ensure that the insurance coverage across the assets is adequate and future proofed. The consultant will be required to carry out this valuation process in an efficient manner without impacting the tenant(s) or any of the properties. • The majority are occupied; however, the portfolio does contain some voids and occupancy can change at any point. • Over the course of a typical year the property portfolio will fluctuate potentially 10%. • The previous value of the portfolio was detailed as circa £60m with insurance estimates of circa £75m. Full details will be provided to the appointed bidder along with other relevant supporting information upon receipt of the completed confidentiality agreement. • WFHA are looking for a consultant to provide the services specified in deliverables in an efficient a period as possible. • Unless otherwise advised the prescribed valuation basis is to be Existing Use Value - Social Housing in accordance with the guidance set out in the Red Book (as amended from time to time), assuming that void units are re-let with the special assumption that the properties valued on this valuation basis are, and will continue to be, let on social housing rents that do not, and would not, include the 'affordable rent' product irrespective of whether any such properties are in fact so let. • WFHA will also require a Valuation on the basis of Market Value – subject to tenancies in accordance with the guidance set out in the Red Book (as amended from time to time). This value will be subject to tenancies but will assume that void properties may be sold as opposed to re-let. • Properties should be inspected externally and you should inspect a representative sample internally, which may be 10%, or as many as the Valuer considers appropriate in the circumstances having considered stock numbers and archetypes.