Buying a home or other property is a significant investment. In order to be able to make an informed decision on the quality and condition of the property and the reasonableness of the asking price risk can be minimised by employing a qualified surveyor.
There can be a misconception that a Mortgage Valuation is a survey. It is not. It is report prepared for the lender - not for the borrower. It is intended to answer the lender's questions concerning the suitability of the property as a security for the loan being sought. The valuer instructed will normally be selected from a firm enrolled on the lender's "panel". Although an Option 2 may provide a Mortgage Valuation and an RICS Homebuyer Report and Valuation concurrently, or an Option 3 may provide a Mortgage Valuation and a Building Survey concurrently, the restrictive fee structure imposed by the lender or the instructing organization can significantly limit the amount of time a surveyor can afford to spend on the more detailed reports.
Commissioning an independent survey enables you to obtain specific advice tailored for your own needs upon whatever factors in your proposed purchase may worry you.
Three types of survey are undertaken to suit the requirements of the individual client for residential or other properties and for owner-occupation or investment purposes. All this work is done to Quality Assurance Industry Standards.
Type 1: Major Defects Appraisal
This involves carrying out a limited superficial inspection of the building in question and its immediate environs, allowing for a maximum of 2 hours on site together with a brief summary report. With over 36 years experience in dealing with a wide variety of building structures major or significant defects can often be identified by such an Appraisal. Problems which require further detailed inspection or the input from a specialist, e.g. structural engineer, are brought to the client's attention.
On the odd occasion a building has been found to have such significant defects that the client has decided to withdraw from the purchase in order to avoid the risk, trouble and expense of doing the necessary repairs.
Type 2: RICS Homebuyer Survey & Valuation
This is an intermediate level of inspection and report following a structured format promoted by the RICS. The inspection and the report is more detailed than the Major Defects Appraisal and an opinion upon the Market Value and Reinstatement Costs for Insurance purposes is given. This type of report is specifically intended for use with conventional houses, bungalows or flats which are apparently in reasonable condition. It is intended to focus upon urgent or significant matters which should be considered further before exchange of contracts.
Type 3: Building Survey
This involves the most comprehensive and systematic inspection of the property together with a full written report also incorporating recommendations upon the Insurance Reinstatement Cost. The extent of the survey and the report are individually tailored to take account of the type of property being inspected and the individual requirements of the client.
This type of survey may be carried out upon any residential or other property in any condition.
Following inspection of the property and submission of the report further assistance can be given to the client who wishes to carry out necessary repairs and maintenance. Preparation of Schedules of Work, obtaining competitive quotations and supervising the works may be carried out.