|
Choosing between the three survey types.
Basic Report and Valuation
The Homebuyer Survey and Valuation (HSV)
Building Survey
Basic Report and Valuation
A Valuation is NOT a Survey. It is a limited report on the property
based on a cursory inspection along the lines required by Mortgage
Lenders.
This type of report is unlikely to cover items of detail, which
would be picked up in a Survey.
Nigel Evans advises that you consider a proper Survey, namely the
Homebuyer Survey and Valuation or the more detailed Building Survey
(sometimes known as a full Structural Survey).
The Homebuyer Survey and Valuation (HSV)
This is a true Survey, some nine pages in length in a standard
format copyrighted by the Royal Institution of Chartered Surveyors.
It is designed as an economy service intended for most conventional
properties built within the last 150 years if they are in a reasonable
condition.
The HSV does not detail every aspect of the property but focuses
on essentials, i.e. defects and problems, which are urgent or significant
and therefore have a material effect on value.
The Surveyor’s purpose is to help you make an informed judgement
on whether or not you should buy, including whether the property
is a reasonable purchase at the agreed price and to set out what
actions you need to take before you commit yourself to purchase.
The report covers the building inside and out, the services and
the site. It concentrates on the general condition of the property
focusing on defects which the Surveyor feels are urgent or significant
but it also covers – a) the general condition and particular
features of the property; b) points which need advice from your
Legal Advisors and any Specialist advice needed; c) other relevant
issues such as safety, location and environmental; d) the value
of the property on the open market and also an estimation of the
cost of rebuilding the property for buildings insurance purposes.
Matters considered less urgent or less significant are not included
but the Surveyor will mention those matters he considers helpful
and constructive.
If you have particular worries or concerns the Surveyor will keep
these in mind during the inspection. As a specific addition to the
service (perhaps involving additional fees) certain aspects can
be included by agreement.
Building Survey
This is a bespoke survey based on a comprehensive inspection of
a property, probably taking several hours.
Building surveys are suitable for all property types but particularly,
more individual, older properties (maybe including features such as thatched roofs,
private drainage etc.), buildings constructed in an unusual way,
properties you intend to alter, extend or renovate and properties
that have had extensive alterations or extensions in the past.
The survey is custom made to your individual needs. It will include
photographs and can include specific reference to any areas that
particularly concern you, or any areas where the Surveyor feels
that emphasis is needed.
The Building Survey will provide you with a detailed assessment
of the properties’ condition, together with advice on problems
where further Specialist reports/estimates are required. The Surveyor,
if needed, will discuss Specialist reports with you as well as their
relation to the agreed purchase price and any effect on future saleability.
The inspection time involved in many cases can be double to three
times the time taken to undertake the Homebuyers Survey and Valuation.
The time taken to produce such a report is therefore a little longer.
A Building Survey does not include a valuation but your Surveyor
can provide this separately if needed.
ADVICE COSTS NOTHING - PLEASE CONTACT US
|
