Faithorn Farrell Timms was appointed by The Hyde Group to undertake a stock condition survey to support the potential disposal of 990 properties. The survey was to be warranted with the benefits of the reliance to be transferred to the new landlord.
The buildings to be inspected ranged from blocks of purpose built flats to estate based houses. Our client wished to capture full and comprehensive component data in order to provide potential bidders with a sufficient level of information to inform their due diligence.
- We designed a survey form, and constructed a stock condition survey database for the storage and analysis of the data.
- We formulated a schedule of component cost rates and life-cycles appropriate to the range of assets and building components likely to be encountered within the portfolio.
- We programmed the survey and made access arrangements.
- Surveys were conducted over a five-week period.
- We provided a comprehensive stock condition survey report complete with financial forecast analysis.
- We were set challenging timescales for the delivery of the survey.
- The property locations stretched from the Isle of Wight to Kings Lynn.
- The surveys were to be conducted during the summer months when staff optimise their annual leave entitlements.
- The scope of the project increased from 500 dwellings to almost 1,000 towards the end of our first tranche of surveys.
- All properties were occupied at the time of the inspections.
- The reliance to be placed upon the results of the survey by other parties and their agents.
We organised our survey team on a regional basis and allocated properties to surveyors in specific areas. This reduced travel time and allowed the facility to make return visits throughout the day to optimise access.
This meant we had to use a relatively large number of surveyors to cover the diverse spread of the nine Local Authority areas.
Prior to the surveys commencing, we conducted external reconnaissance and title document checks in order to ensure our inspections covered all of the areas associated with the assets earmarked for disposal.
A project specific briefing guide and code of conduct was prepared for the surveyors to promote consistency of data returns. The data was subject to vigorous validation routines prior to the use of the data to compute forecast reports. We maintained close liaison with our team providing the stock rationalisation services throughout the project and ultimately provided the report and data for upload to the sales portal for bidders to access the information.
We used the information gathered on site to cross reference and refine the attribute information provided by our client to our stock rationalisation team. This ensured that accurate and reliable information would be provided to the bidders for the potential acquisition.