Full Professional Survey and Valuation Services
Buying a house can be one of the most stressful events in our lives, and when one takes into account the fact that the average period between moving houses is 7 years, this puts into perspective the number of times we need to have the property inspected. This inspection can be for a number of reasons;-
- Valuation and/or survey for a lending institution involved in providing finance to purchase.
- Valuation and/or survey for the purchaser where the purchaser is a cash buyer.
- Valuation or survey for a purchaser looking to rent the property after buying the property.
- Homebuyers survey to advise the purchaser as to the condition of the property.
The big debate is “should I have a survey or a simple valuation?” There is a lot of talk in the marketplace using the words “survey”, when the actual inspection is only for a valuation. In essence a valuation is simply that; an inspection designed to advise as to the actual market valuation of the property as at the date of the inspection.
The inspection to prepare a valuation is less involved than that in a survey. It includes a superficial inspection of the property, taking into account the accommodation, services, location issues, and will also mention any OBVIOUS defects that are apparent from a limited inspection. Tests for dampness in exposed areas are generally taken and a” head and shoulders” inspection of the roof void will be carried out where accessible. As a general rule, time “on site” can range from 35/40 minutes to 1 hour depending on the age and size of the property in question.
Fees for the inspection and preparation of a valuation report range depending on the agreed purchase price, and we are happy to discuss these with you before proceeding.
Surveys on the other hand are far more detailed and involved, taking far longer “on site”, and carrying a greater level of fees accordingly. A standard Homebuyers inspection and report includes many other details, noticed on the day of the survey including;-
- Detailed inspection of the fabric of the building including walls, roof and chimney stacks.
- An inspection of the rainwater system and drainage system where able so to do.
- A detailed examination of the roof void.
- Examination of the services including electricity, gas and water plus an examination of the central heating system. Whilst these examinations are carried out, we are not, and do not profess to be qualified electrical contractors, gas engineers, plumbers or heating contractors. However we will be able to advise you as to the superficial condition and where necessary advise as to specialist reports as necessary.
- A check on the condition of external and internal joinery.
- A comment on the condition of decorations both internally and externally.
- Comments regarding any existing or past structural movement.
- Detailed comment regarding any existing dampness, rot or timber infestation.
- Comment upon the condition and quality of internal fixtures and fittings, together with sanitary fittings, and how their condition is reflected in the market value of the property.
- Location issues where they affect valuation e.g. proximity to rivers, building sites, industrial buildings etc.
- The report also includes a note on those areas of the building NOT INSPECTED during the course of the survey.
- The report includes a market valuation, a valuation banding showing where the property sits against similar properties, and an insurance valuation.
This Homebuyers survey is significantly more detailed, and an average survey can take anything between 1.5 hours and 4 hours, depending on age, size and location. A greater degree of research is needed to complete this survey, and provided the lender approves, it can be used to prepare a valuation for the lending institution.
Fees for this survey are again based upon the purchase price and can range from £350 to £1500. It is also important to bear in mind the fact that there are certain property types that are unsuitable for a Homebuyers survey, such as age (period properties), unusual construction such as Non traditional housing and others. It is therefore important to discuss your requirements with the surveyor BEFORE instructing.
For more information and to book an appointment fill in the form below.
Alternatively you can email john.moore@michaelpoole.co.uk for more information.
