Why do I need my own Survey?

The best way to reach an informed decision on such an important investment as a home is to have a professional survey and valuation of the property which interests you. Before you decide to go ahead and commit yourself legally, you can minimise the risks by adding a chartered surveyor to answer these questions for you:

• Is the agreed price reasonable?



• Are there drawbacks I don't know about?



• If so, what do I need to do about them?

Commissioning your own survey is the simple, economical way to avoid unpleasant - and perhaps costly - surprises after moving in. In some cases, the surveryor's report may enable you to renegotiate the price.

What choice of Survey's do I have?

A BUILDING SURVEY
(formerly called a structural survey)

A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition. It is likely to be needed if the property is, for example, of unusual construction, is dilapidated or has been extensively altered - or where a major conversion or renovation is planned. It is usually tailored to the client's individual requirements. The report includes extensive technical information on construction and materials as well as details of the whole range of defects, minor to major.

THE HOMEBUYERS SURVEY & VALUATION
(usually called 'The Homebuyer Service')

By contrast, The Homebuyer Service is in a standard format and is designed specifically as an economy service. It therefore differs materially from a Building Survey in two major respects.

• It is intended only for particular types of homes: houses, flats and bungalows which are:
  
  
  • conventional in type and construction.
  
  
  
  • apparently in reasonable condition.

• It focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property - although it also includes much other valuable information.

The Homebuyer, unlike a Building Survey, provides not only a survey but also a valuation as an integral part of the Service.

• This is an economy package. Because of the practical limits on the type of property and on the scope of its coverage, the Homebuyer Service is priced mid-range - more expensive than a Mortgage Valuation, but less than a Building Survey.

• The surveyor's main objective in providing the Service, is to assist the prospective homebuyer to:
  
  
  • make a reasoned and informed judgement on whether or not to proceed with the purchase.
  
  
  
  • assess whether or not the property is a reasonable purchase at the agreed price.
  
  
  
  • be clear what decisions and actions should be taken before contracts are exchanged.

The surveyor also gives his or her professional opinion on the particular features of the property which affect its present value and may affect its future resale.

• The concise report covers the building inside and outside, the services and the site. It focuses on the defects and other problems which in the judgement of the surveyor are urgent or significant, but it also covers:
  
  
  • the general condition and particular features of the property
  
  
  
  • particular points which should be referred to the client's legal advisers
  
  
  
  • other relevant considerations concerning, for example, safety, the location, the environment, or perhaps insurance.

Matters which are judged to be not urgent or not signifícant are in general not included in the report, but the surveyor will mention matters judged to be both helpful and constructive.

• Where the client has a particular concern - perhaps whether the property is suitable for a disabled person - the surveyor will keep this in mind during the inspection. Or, a specific addition to the Service - perhaps to the standard inspection - may be agreed between client and surveyor.
  
  Where necessary, the surveyor may also be able to provide some extra service which is outside the scope of the standard package - perhaps providing a schedule of minor defects (for later discussion with a contractor), or arranging for the testing of mains services by suitably qualified specialists.

• Where the client should take some actíon before deciding to proceed with the purchase, this is signified clearly in the text of the report and included in the summary of action and other key considerations.

Valuations

Open Market Valuations
Building Insurance Valuations
Valuations for Probate & Tax Purposes
Matrimonial Valuations

VALUATIONS ARE UNDERTAKEN on behalf of private clients for their own purposes or for lending institutions as mortgage security assessment. The inspection takes account of property condition and obvious, significant defects that affect value. The report will not include a detailed account of the state of repair, nor doesit seek to reveal defects that are not readily apparent. (The other types of inspection already described are more suitable for this purpose).

Valuations are carried out in accordance with the Appraisal and Valuation Manual, published by the Royal Institute of Chartered Surveyors. We will use our local knowledge, our experience and such other information as is available to us. Valuation reports will make a number of standard assumptions that will be detailed in the report.

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