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What choice of surveys is there?In addition to a Valuation, we offer two types of survey,
at competitive prices, which are specifically designed to help home buyers.
| Why do I need my own survey?
A survey will help you to make a reasoned and informed decision
on whether to go ahead with buying a property.
Before you
decide to commit yourself legally, you can limit the risks by asking
a chartered surveyor to answer the following questions for you.
What is a reasonable price to pay for
the property?
Are there any serious or urgent defects or specific risks with the property?
Arranging your own survey is the simple, cost-effective way to avoid unpleasant – and perhaps expensive – surprises after moving in. In some cases, the surveyor’s report may allow you to renegotiate the price of the property.
Do I still need my own
survey if I already have a mortgage valuation report?
Even if you are looking for a mortgage and, as a result, may be paying for a mortgage
valuation report, we still recommend that you arrange a survey by your own surveyor. Both the Consumers’ Association
‘Which?’ magazine and the Council of Mortgage Lenders give this advice.
The
reason for this is that the mortgage valuation report is prepared for your lender – not for you,
the borrower. It answers only the lender’s questions about whether the property
offers suitable security for your loan. You cannot rely on it to answer the questions that concern your
personal interests or to give you details of the condition of the property. Also,
some lenders do not provide a copy of their mortgage valuation report.
What choice of surveys do I have?
RICS surveyors offer two forms of survey that are specifically designed to help home buyers. These are a building survey and the RICS HomeBuyer Service.
A building survey is a customised service suitable
for all residential properties and gives full details of their construction and condition. You are likely to need this type of survey if, for example, the property is unusually built
or run-down, if the property has been significantly
altered, or if you are planning a
major conversion or renovation.
The RICS HomeBuyer Service includes an inspection, a
report and a valuation, and these are all explained in detail in the ‘Description of the RICS HomeBuyer Service’ the surveyor will give you. The RICS HomeBuyer
report is a standard format, and is different to a building survey in three
main ways.
1. It is designed for particular
types of home. These are houses, bungalows and flats that: - are of a traditional type and construction; and - are apparently in reasonable condition.
2. It identifies what the surveyor considers to be the most
important issues. By applying condition ratings to elements of the building,
the services and any garages and permanent outbuildings,
the surveyor will tell you whether defects are serious or urgent.
3. It also includes the surveyor’s opinion of the market
value and reinstatement cost (which you will need for insurance purposes). It focuses on matters that, in
the surveyor’s opinion, may affect the value of the property if they are
not dealt with.
The report also includes other valuable
information. |
Please feel free to contact our office. Coverage
Bishop’s Stortford, Braintree,
Bricket Wood, Brookmans Park, Buntingford, Chelmsford,
Dunmow, Epping, Harlow, Harpenden, Hatfield, Hatfield Heath, Hertford,
Letchworth, London Colney, Luton, Potters Bar, Rickmansworth, Royston, Saffron Walden, Sawston, St Albans, Sawbridgeworth, Stansted,
Stevenage, Waltham Cross, Ware, Watford, Welwyn Garden City, Wheathampstead
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