Need a Surveyor? |
| If you are moving house and require the professional services of an experienced Chartered Surveyor with extensive local knowledge, then contact one of our offices where someone will be happy to recommend a Surveyor to you. For more information please contact us on 01843 866866 Or email: sales@terencepainter.co.uk |
| Valuation, Homebuyers Survey Report or Full Structural Survey. Which Type Do I Need? When you first decide to buy a property you usually begin by looking at all of its good points. For example, you might like it for its size, its location, the garden or it’s character features. As much as the property is going to be your next home it’s important to look at the property as a financial investment and as with all investments it’s important to try to protect yourself by checking out as much as possible before you buy. Often we do not start to worry about the structural condition of the property until after an offer has been accepted and we start to complete the mortgage application forms and many of us will just rely solely on our mortgage lenders inspection. The mortgage lenders valuation is not a comprehensive report on the condition of the property and may not point out all of the properties defects. So if you want to know if there are any major repairs required and how urgently they need to be dealt with you will need to appoint your own surveyor to carry out an inspection. So what sort of report should we have done? Well you will need to take into consideration the properties age (although even new properties may have defects), its general condition and the type of property that it is and how much you wish to spend. |
There are three main types of inspection The Market Valuation ReportThis is not a survey but a valuation of the property, similar to one, which a mortgage lender may require in order to establish the value of the property before deciding whether to lend money on it. The valuer will be looking for obvious defects and they will only make recommendations about them if they consider that they will affect the value. A mortgage lender may require you to put them right as a condition of lending money on the property. What will they check? The market valuation may be no more than a visual inspection by a qualified surveyor. The amount of detail in the report will vary and may not go much further than a general description of the property. Most mortgage lenders will provide the purchaser with a copy of the market valuation report, which is done for their mortgage purposes. Some comments will be made on the current state of the building and any repairs recommended, as a condition of the mortgage will be listed. The Homebuyers Survey & Valuation ReportThe Homebuyers Survey Report is usually prepared under instruction from the buyer and will be more comprehensive than a ‘Market Valuation Report’. The report follows a standard layout requiring the surveyor to provide their opinion on the condition of the property and main parts of the structure which will include the walls, roof, gutters & rainwater goods, joinery and general decoration, visible from their internal and external inspection. If any areas are inaccessible they will say so and not be able to comment on them. The surveyor will also usually provide the purchaser with an open market valuation. What will they check? More detail is checked than a market valuation. The surveyor will check the condition of the roof (usually from the ground using a pair of binoculars) and comment on any missing or loose tiles or slates and any flashings that may be damaged or in need of repair. They will visually check down-pipes and gutters; if it’s raining they will have a better idea of whether any repairs are required! Internal joinery will be checked for evidence of woodworm or dry rot and external joinery will be checked for wet-rot and poor decoration. Checks for damp will usually be carried out in various locations throughout the property to check for both rising and penetrating, any evidence will be reported and further inspections by a specialist may be recommended. Your surveyor may be able to arrange for electrical and drainage tests at the same time but these will usually be an additional cost. The Full Structural Survey (Building Survey)In certain circumstances a structural survey may be advisable, in cases of a property of significant age or in visibly poor repair. On rare occasions the mortgage lender will request a full structural survey or a building survey in order to comment on the structural condition of the property. Otherwise the surveyor will usually be instructed by you and will provide detail on the current condition of the property and any likely future repairs. The surveyor will be able to comment and give any recommendations on any particular areas that you have requested them to pay attention to. A structural survey is considerably more expensive than a homebuyers report or a valuation as it takes considerably longer to complete, however if you are buying a large or old property it may well save you money in the long run. What will they check? A full structural survey will go into further detail than a Homebuyers Report and will comment on any defects and make recommendations in respect of remedial works. The surveyor may recommend further reports be undertaken or that estimates are obtained following the surveyors recommended schedule of works. The full structural survey is tailored to the property and the client allowing you to ask for comment and opinion from the survey on any aspects of particular concern to you. If you would like us to recommend a surveyor to you please contact our offices on 01843 866866 Or email: sales@terencepainter.co.uk |