Residential Surveys Why do I need a survey? A survey will help you to make an informed decision on whether to go ahead with buying a property. Before you decide to commit yourself legally, you can limit the risks by asking a chartered building surveyor to answer the following questions for you:
What is a reasonable price to pay for the property? Are there any serious or urgent defects or specific risks with the property Arranging your own survey is the simple, cost effective way to avoid unpleasant and perhaps expensive surprises after moving in. In some cases, the surveyor's report may allow you to renegotiate the price of the property.
Do I still need a survey if I already have a mortgage valuation report? Even if you are looking for a mortgage and, as a result, maybe paying for a mortgage valuation report, we still recommend that you arrange a survey by your own surveyor. Both the 'Consumers Association' which?' magazine and the Council of Mortgage Lenders give this advice.
The reason for this is that the mortgage valuation report is prepared for your lender not for you, the borrower. It answer's only the lender questions about whether the property offers suitable security for your loan. You cannot rely on it to answer the questions that concern your personal interests or to give you details of the condition of the property. Also, some lenders do not provide a copy of their mortgage valuation report.
What choice of surveys do I have? As Chartered Building Surveyors, members of the Royal Institution of Chartered Surveyors (RICS) and Registered Valuers we at MBA surveyors are able to offer four types of survey that are specifically designed to help home buyers. These include a Pre-sale survey, Open Market Valuation, RICS HomeBuyer report and Full Building Survey (formerly known as a Structural survey).
Pre-sale survey A pre-sale survey is intended to provide informed advice to a seller prior to the marketing of the property. It gives an indication as to the market value of the property and will identify any defects or major problems which may cause an issue when selling.
We can also provide advice on what the asking price for the property should be and give suggestions as to how to improve saleability.
If there are any defects identified MBA Building Services Project Management team can arrange for these works to be carried out on your behalf.
Open market valuation An Open Market Valuation provides a straight forward valuation report for your property, which may be required in a variety of situations:
Capital Gains Tax Assessment Inheritance Tax Assessment Executry Stamp Duty Divorce or Separation Transfer of ownership Disputes RICS homebuyer survey The RICS HomeBuyer Survey includes an inspection, a report and a valuation and is provided in a standard format, and is different to a building survey in three main ways.
1. It is designed for particular types of home including house, bungalows, flats that:
Are of a traditional type and construction; and Are apparently in reasonable condition 2. It identifies what the surveyor considers to be the most important issues. By applying
condition ratings to elements of the building, the services, and any garages and permanent
outbuildings, the surveyor will tell you whether defects are serious of urgent.
3. It also includes the surveyor's opinion of the market value and reinstatement cost (which
you will need for insurance purposes). It focuses on matters that, in the surveyor's opinion,
may affect the value of the property if they are not dealt with.
Our reports also includes other valuable information such as guidance on the estimated cost of any essential repairs together with when are likely to be required. We are also happy to include any other specific information you require for example advice regarding altering or extending the property.
Click to view: Sample Homebuyer Survey
Full building survey A building survey is a customised report suitable for all residential properties and gives you full details of their construction and condition. You are likely to need this type of survey if, for example, the property is unusually built or run-down, if the property has been significantly altered, or if you are planning a major conversion or renovation.
Building surveys vary considerably between different surveying practices in terms the level of detail, for example our surveys include photographs to help you identify any defects together with guidance on the likely costs of repairs. The report includes technical information on the materials and construction, as well as details of the whole range of defects. We use specialist equipment to determine whether the property is suffering from wet rot, rising dampness and wall tie failure.
Please note all of our surveys are carried out by experienced Chartered Building surveyors who specialise in this type of survey.
Click to view:
Sample Building Survey
Other types of survey In addition to the three main types of survey detailed above, we also provide a range of other specific surveys which can often be required by your lender following a mortgage valuation. Examples include a Specific Defect report to investigate and determine the exact cause of the problem such as settlement or subsidence or even the cause of dampness within a bedroom. Damp and timber reports to determine the causes and extent of dampness within the property together with what remedial repairs are required. Cavity wall tie reports to determine whether a property is suffering from wall tie failure and extent of any remedial repairs.
We provide easy-to-read reports without the use of unhelpful jargon. We aim to inspect, prepare and issue a report within 5 working days, and sometimes less.
Insurance reinstatement Repairs that form part of an insurance claim can include the engagement of a surveyor to specify and administer the works.
This ensures better quality for the client and where it is included as part of the claim can be at no additional cost to the client
Inspection and advise including with loss adjusters and loss assessors Specifications and tendering Contract administration Please contact us for more information or with any queries you may have.