CAVEAT EMPTOR or BUYER BEWARE!!
Many people mistakenly believe that the Mortgage Lender does a survey of the property when they apply for a mortgage - so they don’t need a private report, but this is NOT the case. The mortgage lender instructs a valuation report - this report is NOT a survey, its a valuation and it is not based upon a detailed survey inspection. Consider the time spent site inspecting a property.... An average Mortgage Valuation inspection for a typical 2-3 bedroom property would take around 15-20 minutes. An average RICS Homebuyer Report inspection would take between 1-2 hours and a Full Building Survey Report could be anywhere from 3 hours to all week!. You should never rely solely on a Mortgage Valuation Report alone as evidence that the property is free of problems - as this is not what a Valuation Report is intended to convey. Doing so, is a very high risk strategy, which we have seen at first hand, back fire on clients on countless occasions.
This advice is supported by Which ?, and the Council of Mortgage Lenders
In 2019, the RICS introduced the 'Home Survey Standard', which comes in to force on 1st June 2020. We can provide RICS Homebuyers reports (Level 2) and RICS Building surveys (Level 3) and we have already adopted this Standard.
The RICS HOMEBUYERS REPORT (Service Level 2) is designed for clients who are seeking a professional opinion at an economic price. It is therefore less comprenhensive than the full RICS Building Survey. The focus is on assessing the general condition of the main elements of a property. The Homebuyers report includes a more extensive visual inspection of the building, its services and grounds, but without carrying out tests. Concealed areas normally opened or used by occupiers are inspected if safe to do so (for example roof spaces, basements and cellars). The report objectively describes the different elements and provides an assessment of the relative importance of the defects/problems. Although concise the report does include advice about repairs and any ongoing maintenance issues. Where the Surveyor is unable to reach a conclusion with reasonable confidence, a recommendation for further investigation is made.
This level of service suits a broad range of conventionally built properties, but it is unlikely to be suitable for complex buildings, such as those with multiple extensions and/or alterations; older and unique historic properties and those properties in neglected condition. In such cases a Level 2 Homebuyers report would often result in numerous referrals for further investigation and may be inconclusive and therefore of little use to you as the client. If you are in doubt about the most appropriate type of survey - contact us and we can talk through the options with you.
The latest Homebuyer Report includes an inspection of the property, a survey report based on the inspection and a valuation. Access permitting, we can usually carry out the survey within a few days and the report can be sent to you either electronically or through the post.
The report covers a wide range of issues including: -
- Building condition and defects
- Structural movement
- Damp, rot and woodworm
- Heating and electrical services
- Alterations and extensions
- Drains
- Environmental issues
- The re-instatement cost you need for building insurance
- Health and safety issues
- The Market Value of the Property
For more information about the essential differences between the different types of Survey which are available, why not download the free RICS Pamphlet - just click on the icon below: -
Call us to today, and we can advise you on which type of survey would be most appropriate for your needs and provide you with a quotation without obligation.
SURVEY HOTLINE: 01270 629967
Alternatively you can email: [email protected]
