Building Surveys : RICS valuations and surveys
In this section:RICS valuations and surveysFact sheets:Download one of our fact sheets below:  Homebuyers Surveys ( 141.39KB ) The Homebuyer Survey and Valuation (HSV), also known as a Homebuyer's Report, is suitable for conventional properties built within the last 50 years and in a reasonable state of repair. The survey concentrates on urgent matters needing attention and is not generally suitable for properties in need of renovation. It also provides you with a valuation which can be used for lending purposes. Building Surveys ( 169.35KB ) A Building Survey inspects all accessible areas of the property and will deal with any particular concerns you have about the property. It is a comprehensive inspection which can be adapted to suite your particular needs (agreed between you and your surveyor prior to the inspection). This survey is suitable for all properties including those in a poor condition or in need of renovation and gives a guideline budget for repairs. It does not provide a valuation however this can provided separately if required. Open Market Valuation ( 74.88KB ) An Open Market Valuation is not a survey. It is a limited check on the property that your mortgage lender carries out to ensure it's worth the money they're lending you and is the minimum requirement for lending purposes. If there are problems with the property, they will not appear in the valuation report which is why a survey is always recommended prior to any property purchase. |
Valuations And SurveysNothing causes more confusion than the question of surveysThe rule "buyer beware" places on the buyer the burden of discovering any physical faults in a property being purchased. For this reason alone a survey is always a good idea in order to discover any problems which are not visible when you view the property. Indeed the best way to reach an informed decision on such an important investment as buying a home is to have a professional survey and valuation of the property. All lenders require a basic valuation but this is for their benefit only. Your lender will send a specialist valuer to work out how much the property's worth so they can decide whether to give you a mortgage or not. The lenders valuation answers only the lender's questions concerning the security of your loan. You cannot rely on it to answer the questions which concern your interests as to the condition of the property. When the valuer visits the property they are only concerned with problems that might affect the security of the loan and not whether the property has any structural problems such as subsidence or dry rot for example. Which?The Council of Mortgage Lenders and Home Survey Reports advise that you to get a survey before you buy a property. A survey not only offers peace of mind, but could potentially save you thousands of pounds in costly repair bills in the future. Commissioning your own survey is a simple and economical way to avoid unpleasant and often costly surprises after moving in. Indeed the report may even enable you to renegotiate the price. It is important that before you decide to go ahead and commit yourself legally to the purchase that your RICS Home Survey Reports surveyor answers the following questions for you. Is the agreed price reasonable?Are there problems with the property?If there are any, what do I need to do about them and how much might they cost to put right. |
