T H E   V A L U A T I O N   A N D   R E I N S T A T E M E N T   C O S T

D1). The last section of the Report contains the Surveyor's opinion both of the Open Market Value of the Property and of the Reinstatement Cost, as defined below:

D2). "Open Market Value" is the best price at which the sale of an interest in property would have been completed unconditionally for cash consideration on the date of valuation. In arriving at the opinion of the Open Market Value, the Surveyor also makes various standard assumptions covering, for example; vacant possession; tenure and other legal considerations; contamination and hazardous materials; the condition of uninspected parts; the right to use mains services; and the exclusion of curtains, carpets etc., from the valuation. (If required, details are available from the Surveyor.) Any additional assumption, or any found not to apply, is reported.

D3). "Reinstatement Cost" is an estimate for insurance purposes of the current cost of rebuilding the Property in its present form, unless otherwise stated. This includes the cost of rebuilding the garage and permanent outbuildings, site clearance and professional fees, but excludes VAT (except on fees).