A Mortgage Valuation is NOT a Survey.
The Mortgage Valuation-Surveyor will only be at the property for a very short period of time, if at all. Some Mortgage Valuations are done at a desktop, online, or simply by driving past the property. Even if the Mortgage Valuation-Surveyor does attend the property, he/she will carry out a very brief inspection, mainly to asses the quality of the fittings and general presentation.
Buying a property to live or work in is the biggest financial commitment most people ever make.
The right survey will almost certainly draw your attention to defects that you didn’t know existed, or the seriousness of which you may not have appreciated. It enables you to make an informed, objective and considered decision and, in many cases, to renegotiate your purchase price. Any defects identified on a property survey may mean you have considerable immediate or future expenditure to consider — in some cases you may decide not to buy at all.
What is covered within a survey report?
– Loft Space
– Internal Walls and Partitions
– Flues and Chimney breasts
– Windows and Doors
– Downpipes and Gillies
– Main Walls
– Plinth and Damp Proof Course (DPC)
– Sub Floor Ventilation
– Gates, Fences and Paths
Conclusions and Recommendations
- Legal matters
- Urgent Repairs
- Further Investigation
- Structural Movement
- Overall Opinion
– Plumbing and Sanitary Fittings
– Hot water and Central heating
The home buyers report is designed to give an overall opinion on the condition of a property. The report will run through the condition of each area and element of the property. It will also give useful information for legal advisors and will point out any visible defects. Defects which are identified will be highlighted and recommended for further investigation. It is intended only for particular types of home: houses, flats and bungalows which are conventional in type and construction, and apparently in reasonable condition. Advice about repairs and ongoing maintenance will be given.
The homebuyers report is built on an easy to understand ‘traffic light system’. Each section prompts the surveyor to give a ‘condition rating’ which is red, amber or green.
Condition Rating 1: Green
This means that there is no repair currently needed – It’s the best outcome!
Condition Rating 2: Amber
This means that the item being inspected has a defect that requires repairing or replacing. However, it is worth noting that the defect is not considered to be serious or urgent. – This is a medium rating confirming that the item may need attention at some point in the near future.
Condition Rating 3: Red
This means there are defects that are serious and/or need to be repaired, replaced or investigated urgently – This is the worst rating possible and will mean urgent attention and likely cost is required.
What Does a Surveyor do during an RICS HomeBuyer Report?
The Surveyor’s role will be to comprehensively inspect all parts of the property both externally and internally. Their aim will be to identify every defect that exists to the property and then determine the cause, thereby presenting the client with objective advice on how to rectify the issue. The outcome of the Surveyor’s inspection will be a robust report setting out all of his or her observations and ultimately fully informing the property purchaser in advance of the exchange of contracts or completion.
FULL BUILDING SURVEY
Also known as a structural survey is the most comprehensive survey report available for pre-purchase purposes.
This gives an in depth report upon the construction and condition of the property. It is recommended and needed if the property is older, dilapidated, in need of repair, has specific problems, or has been extensively altered, or where an extension, conversion or renovation is planned* It is usually designed to the client’s individual requirements and the specific circumstances regarding the property.
Photographs throughout the report
Thorough external and internal inspection
Comment on the general feasibility of any proposed building work
Recommend solutions for any areas of concerns
The report will summarise what was found during the survey and make recommendations if further specialist surveys are required. Being the most in-depth, a Building Survey (Level 3 Survey) is more expensive than a HomeBuyer Report (Level 2 Survey), but getting one could save you thousands of pounds, or stop you from buying a property that has hidden problems.
What Does a Surveyor do during an Full Building Survey?
The Surveyor’s role will be to comprehensively inspect all parts of the property both externally and internally, leaving no part of the property un-inspected. The Surveyor’s aim will be to identify each and every defect that exists at the property. They will then go on to comment and determine the cause of the defect, thereby presenting the client with objective advice on how to rectify the issue and its severity.
The outcome of the Surveyor’s inspection will be a comprehensive report setting out all of his or her observations and ultimately fully informing the client and property purchaser in advance of the property sale.
TOP 10 MOST COMMON RESIDENTIAL BUILDING DEFECTS
A property or house survey is a detailed inspection of a property’s condition. The surveyor inspects the property and tells you if there are structural problems like unstable walls or subsidence. They will highlight any major repairs or alterations needed, such as fixing the roof or chimney chute. The report from the surveyor also provides expert commentary on the property, from the type of wall to the type of glazing.
A mortgage valuation is not a survey – it is a cursory look at a property to assess how much the property is worth. It is required by your mortgage lender to ensure the property is sufficient security for the loan. Your lender will insist on using a company they trust and you will have to pay for it. The cost of a mortgage valuation varies depending on the size of the property (from around £350). Some lenders throw in free valuations as part of a mortgage deal; but don’t let that sway you. A deal with a lower interest rate is likely to save you far more over time, even if you do have to pay a bit more for the mortgage valuation.
Property surveys should be carried out by qualified surveyors Most qualified surveyors are members of the Royal Institute of Chartered Surveyors (RICS). A RICS qualified surveyor will have professional indemnity insurance.
You do not need to get a survey done on the house you are buying. But a survey can help you avoid expensive and unwanted surprises, like an unexpected rewiring job, as well as giving you peace of mind by telling you that those hairline cracks don’t mean the house is falling down. Given the hundreds of thousands of pounds it costs to buy a property, a few hundred pounds on a survey to have the reassurance of an independent, expert surveyor looking over it feels like a good investment.
With the information from the survey you might reconsider whether to buy the property or use the unbiased information you have to renegotiate the price. If you find for example it needs £15,000 of roof repairs, it is reasonable to ask for £15,000 off the price. Alternatively, you might ask the seller to fix the problems before you buy.
We would particularly recommend a survey if:
- you have any specific worries about any part of the property
- you feel unsure about what sort of condition the property is in
- you are looking to buy an old or unusual property
Here are a few FAQ which may help answer any immediate queries you might have however our knowledgable team are available for you via telephone, email, whatsapp and online webchat.
DID YOU KNOW
Purchasers spend an average of £5,750 on property repairs, due to the property purchaser not initially identifying property defects or understanding the true market value.Property sellers can lose out on ten’s of thousands of pounds by selling the property below market value. If sellers over price their property, they risk increasing the time it will be on the market decreasing the chances of a quick sale.
Choosing the right survey will save you money and time, enabling buyers where possible to negotiate a better price, and for sellers to get the best sale price.