Why do I need a survey ?
Before you decide to go ahead and commit yourself legally, you can minimize the risks by asking a Chartered Surveyor to answer these questions for you-:
- Is the agreed purchase price reasonable ?
- Are there defects to the property that I don’t know about ?
- If so, what do I need to do about them ?
A survey may prevent you from making a costly mistake or it may influence the final price of the property. The best way to reach an informed decision on purchasing a home or flat is to instruct a survey and valuation of the property.
Types of Survey
RICS Homebuyer Survey and Valuation Report is suited to residential properties up to 150 years old. The Homebuyer Survey is a detailed visual inspection of the property including the garage and site boundaries. It provides an account of the property’s condition and highlights significant problems with easy to understand condition rating (1-3). The survey focuses on urgent or significant defects and problems which may affect the value of the property and risks to people.
- The survey covers the exterior of the property including chimney stack, roof covering, rainwater fittings, walls, windows/doors and attached structures such as conservatories. Internally we inspect the roof space, walls, ceilings, floors, fireplaces and internal joinery and a visual inspection of the mains services, electrics, gas/oil heating, water supply and drainage. Significant defects to the property such as structural subsidence, dampness and timber defects are reported on.
- Where significant defects are found to the property, the report guides you on what should be done and similarly provides a page guiding your Legal Advisor on specific issues which require investigation.
- The survey provides a Market Valuation and Building Reinstatement cost of insurance.
Building survey: This survey is suited to any property but typically older or large houses over 150 years in age and that may require refurbishment or are unusual such as barn/stables conversions.
- The survey covers the same items described in The RICS Homebuyer Survey above but in more detail. The Building Survey benefits from photos that provide easier identification of defects and description of the property.
Property valuations are carried out to the requirements of the RICS Valuation- Professional Standards 2014 for the following-:
- Market valuation for purchase
- Help to buy
- Probate Valuation
- Matrimonial valuation
- Building Insurance re-instatement valuation
- Capital gains tax
- Charity Act Valuations