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Property Surveyors
Survey Options
Survey Options
Essentially there are two main types of detailed private surveys that buyers can commission - either a HomeBuyer Survey or a Building Survey (full structural survey). Which one you opt for depends upon the type, age, size and condition of the property being purchased. This can be discussed during the initial consultation to determine which one you, and the surveyor, are happy to proceed with. We also provide RICS 'Red Book' Market Valuation Reports for either probate, taxation, Right To Buy, or similar purposes but not for mortgage lender or expert witness purposes. For more details on all survey options refer to www.rics.org/surveyoptions
HomeBuyers Survey
HomeBuyers Survey
This is the most popular survey option with buyers being often referred to as the 'Level 2' (typically 2-3 hours inspection) as it's much more detailed than a mortgage Valuation Report or Condition Survey but not as extensive as a Building Survey. It was introduced by the RICS in more recent years to provide an economy survey package (around £500-700 depending upon the size and condition) for conventional built properties that appear to be in reasonable condition.
It is particularly useful for flats or maisonettes where you are not responsible for the upkeep for the whole of the freehold building, plus the Building Surveyor would not be able to access the whole of the building anyway but would still charge the higher Building Survey fee.
The HomeBuyer Reports are formatted by the RICS with set headings for each part of the property (eg main walls, ceilings, heating, legal issues, etc) and condition ratings for each heading based on a colour-coded traffic light system:
Green - Condition Rating 1: Satisfactory or good condition
Amber - Condition Rating 2: Non urgent maintenance required
Red - Condition Rating 3: Urgent repair required and/or further investigation
The HomeBuyer Report will highlight any significant repairs required in relation to structural movement, dampness or timber decay defects, amongst others. It will advise on the possible causes of these defects and recommend the most appropriate course of action to take and suitable specialists to investigate further if necessary. It will also identify the key risks involved, any resaleability issues, on-going maintenance required, EPC ratings, potential or current contamination concerns; plus the relevant legal issues (in liaison with your solicitors) in regards to Title, lease length, maintenance charges and planned works, guarantees, potential boundary discrepancies, parking arrangements, nearby developments, etc and also any relevant planning or Building Regulation approvals (although it does not cover the validity of any extensions or alterations in respect of their legal compliance for which you should commission a full Building Survey).
The HomeBuyer Report provides a reinstatement cost assessment for insurance purposes and also a current Market Valuation if required, as an optional extra. This can be a useful tool for re-negotiation as there might be no serious defects but the proposed purchase price is still too high; or there may be various repair and improvement works required but the agreed sale price adequately reflects the cost and inconvenience of this fact. This additional option can be decided upon during the initial fee quote consultation.
Building Surveys
Building Surveys
These more extensive 'Level 3' detailed surveys (typically 3-6 hour inspections) are more suited to older (usually pre-1900 built) large houses or of non-conventional construction or those that have been altered and/or extended. It is particular useful for properties requiring costings and advice on proposed alterations and / or renovation improvement works. They cover the same areas as HomeBuyer Surveys but in more detail - hence the survey cost starting from £700 upwards.
The Building Survey is formatted to the own personal style of the surveyor. It provides more detail in relation to the condition of the property plus advice on any repair costs required, although it will still require the relevant specialists (such as builders, electricians, plumbers, etc) to verify their repair charges. A Building Survey does not cover any issues in relation to resaleability, Market Value, or insurance reinstatement cost. I am not a chartered Building Surveyor so House 4 House does not provide this specialist service. We can however recommend local Building Surveyors, to provide a competitive quote if you require this.
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