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Why do I need my own Survey?
The best way to reach an informed decision on such an important decision to buy
a home, which is of course an investment, is to have a professional survey and
valuation of the property which you propose buying. Before you decide to go ahead
and commit yourself legally, you can minimise the risks by asking 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
surveyor’s report may enable you to renegotiate the price.
I already have a Mortgage Valuation
report……….
Even if you are seeking a mortgage – and may be paying for a Mortgage Valuation
report – it is still advisable and prudent to arrange a survey by your own
surveyor. The Consumers’ Association, Which? Magazine and the Council of
Mortgage Lenders both give this advice.
The reason is simple: the Mortgage Valuation report is prepared for the lender
– not for you, the borrower. It answers only the lender’s questions
concerning the appropriate security for your loan. You cannot rely on it to answer
the questions which concern our personal interests.
What choice of surveys do I have?
RICS members also offer two forms of survey which are specifically designed to
help homebuyers:
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, major to minor.
The Homebuyer 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 home: 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 (ie have an impact on price) 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.
What else should I know about the Homebuyer 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:
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make a reasoned and informed judgement on whether or not to proceed
with the purchase |
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assess whether or not the property is a reasonable purchase at the agreed
price |
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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 affects
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:
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the general condition and particular features of the property |
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particular points which should be referred to the client’s legal advisers |
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other relevant considerations concerning, for example, safety, the location,
the environment, or perhaps insurance. |
Matters which are judged not to be urgent or not significant
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 disable 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 action before deciding to proceed
with the purchase, this is signalled clearly in the summary of action and other
key considerations.
The main features of the Homebuyer Service can be compared with
those of a Building Survey by clicking
here.
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