SURVEYING

As members of the RICS property surveys are a central part of our practice. For most people commissioning a survey is the only likely contact they will have with surveyors and we would strongly advise you carefully read our the following guide on different types of survey:

Protecting valuable assets

Your home is likely to be the most expensive purchase you ever make and it is essential you know as much as possible about a property before you buy it. Equally many people see property as an investment and may buy more than one. Understanding the value and condition of properties can therefore be essential in any long term investment or savings plan. If you are buying without a mortgage, or with private finance, a survey and valuation is essential to establish the right value and any potential defects or pitfalls.

What are valuations and surveys?

Several types of inspection are available varying from a straightforward "inspect and report" to a comprehensive building survey.

Inspect and report

Usually undertaken for a fixed minimum fee and comprises an inspection and written report on a specific building defect or problem, for example: damp rot, invasive Japanese knot-weed, cracks or boundary issues. Such reports can be a precursor to expert Witness reports or to reinforce insurance claims or help to resolve disputes with neighbours.

A Valuation

A valuation is not a survey. It is a limited inspection carried out on behalf of you or your mortgage lender to determine the value of a property and to identify problems that may affect the security of the loan. A mortgage lender will probably ask you to pay for the valuation and will send you a copy of the report. We undertake valuations of both residential and commercial properties.

A property can have defects that might prove critical to a prospective buyer, but are not necessarily of concern to the mortgage lender who is only concerned about whether the property will repay the loan and would therefore not appear on a valuation report.

When deciding whether or not to purchase a property it is vital for the prospective purchaser to be aware of any defects which might affect future value or involve additional expenditure.

Valuations are also undertaken for probate, taxation, matrimonial disputes and business disposals. We also handle valuations for leasehold extensions and leasehold enfranchisement. We also undertake development appraisals.

Surveys

You should give serious consideration to having a survey carried out on the property you intend to buy. You should carefully consider the results before entering into a contract to buy. Depending on the seriousness of any defects and costs of necessary repair work, you could try to re-negotiate the purchase price to reflect the cost of repairs or decide not to purchase the property at all. With rising energy prices you may also wish to investigate the property's energy rating more closely. There are two main types of survey, a RICS Home-buyer Survey and Valuation and a Building Survey.

RICS Home-buyer Survey

A Home-buyer Survey, also known as a Home-buyer's Report, is a survey done to a standard format set out by the RICS. It does not detail every aspect of the property but focuses on urgent matters needing attention.

A Home-buyers Survey will include:

• An overall opinion as to the general condition of the property
• Any major faults in accessible parts of the building which may affect the value
• Any urgent problems which require a specialist's inspection prior to exchange of contracts
• Tests for dampness in the walls of the property
• Identification of any timber defects - including woodworm or rot
• A visual inspection and any recommendations for improvement to damp-proofing, insulation and drainage (the drains are not tested).
• A visual inspection and overview of the plumbing and heating systems electrics
• The estimated rebuilding cost for building insurance purposes
• An opinion of the open market value of the property

A Building Survey

A building survey is a comprehensive inspection where all accessible parts of the property are examined. You can identify specific areas where you have particular concerns and providing access is available the surveyor will be happy to examine those areas.

A building survey will include:

• Identification of major and minor defects.
• Any problems which require a specialists inspection prior to exchange of contracts
• Tests for dampness in the walls of the property
• Identification of any timber defects - including woodworm or rot
• Technical information on the construction of the property and materials used
• A visual inspection and any recommendations for improvement to damp-proofing, insulation and drainage (the drains are not tested).
• The location
• An inspection of the electrics, plumbing and heating systems and recommendations
• Estimated costs of any repairs

A building survey does not include a valuation.

S&R can also advise you on the development potential of your property or if your survey reveals defects, we can arrange repairs.