Tue 15 Dec 2015
Seeking the best advice possible when making one of the biggest financial commitments of your life could potentially save you thousands in costly repairs in the future.
If you are taking out a mortgage to buy a property, your lender will carry out a valuation, for which they may charge you, but this is NOT a survey. The valuation is a limited inspection of the property to determine if it is suitable for them to use as security for the mortgage loan. It is possible therefore that problems which may evidence themselves will not be picked up on.
RICS Condition Reports
An RICS Condition Report is useful in supporting a lenders valuation which will already have provided you with a valuation figure and insurance reinstatement cost. The surveyor will inspect the interior and exterior of the property and will describe the construction and condition of the property. The report will identify any problems that need attention, may need to be investigated further or may be hazardous but will not provide advice on what to do next, nor provide a comment on the purchase price.
RICS Homebuyer Reports
An RICS Homebuyers Report is similar to the RICS Condition Report but also provides advice upon repairs and is well-suited to cash purchasers as it includes a market valuation and insurance reinstatement cost to help you avoid under insuring the property. As well as identifying problems that require attention this report will recommend if you should take further advice on areas before committing to the purchase and comments upon whether the purchase price is sensible. This type of report is recommended for properties no older than 150 years which are in a reasonable condition.
A building survey is a more comprehensive inspection suitable for listed buildings, older properties or properties that require extensive alterations. It entails all the above (minus the market valuation and reinstatement cost) but is a product that can be tailored to your needs as agreed with your surveyor to provide more in-depth detail and advice on potential issues.
John German Estate Agents are RICS Chartered Surveyors and carry out a range of surveys and formal valuations.
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"Just to say a big thank you to you all for the excellent service you gave us throughout the sale of our house! Having Simon come to value it back in February, we took a long time to decide to put it on the market having lived there for 28 years! After many valuations later we took the decision in June to put it on the market. I knew we would choose yourselves as you have never been pushy or pestering. We would not hesitate to recommend you to anyone as you made it all go so well!"