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Surveys - do you need one?
RICS Homebuyer Survey and Valuation
Suitable for the majority of properties, this is a concise report highlighting significant defects and advising whether the purchase price is reasonable.
The surveyor will comment on the visual condition and will also advise on legal implications prior to purchase.
Building Survey
This is a detailed survey suitable for large, very old or unusual properties.
The report will be longer than a homebuyer survey and will comment on each structural element and other factors. Defects are identified and advice given as to the method of repair.
In addition, surveyors can give advice on proposed alterations and improvements.
A valuation is included, together with an insurance reinstatement figure. The whole report is a bespoke product tailored to the property and the client's requirements.
Valuation Report
This provides clients with the market value of their property. A valuation report is not a detailed survey and only notes immediately apparent defects. It is suitable for a variety of purposes:
- Purchase or sale
- Capital gains tax
- Inheritance tax and probate
- Matrimonial and family
- Part exchange
- Finance and equity release
- Investment
Your questions answered in brief
Surveys often appear unnecessary, but doing without one can be a false economy...
My mortgage lender is carrying out a survey so why do I need another one?
Most mortgage lenders carry out only a valuation, whereas a RICS Home Buyer Survey and Valuation is much more in depth and more likely to reveal defects.
A number of lenders do not require any inspection of the property. In such cases it is essential to have your own valuation/ survey done.
What will my survey or valuation cost?
A simple valuation of a small property might be as little as £175. A Building Survey on a substantial property may cost over £1,000. But you get real value for money by uncovering previously-unknown defects, plus peace of mind that there will be no nasty surprises.
Can a surveyor carry out both a RICS Homebuyer Survey and a Valuation for my lender?
Usually, if estate agents or surveyors are contacted early enough they can often do the RICS Homebuyer Report and Valuation in conjunction with the lender's mortgage valuation, thereby saving you time and money. It's worth checking!
As one of the North's biggest estate agents puts it: "A survey may cost a few hundred pounds, but it will almost certainly draw attention to defects that you don't know exist and will provide you with reassurances about your new home." Mike Andrews FRICS, Professional Services Director, Manning Stainton.
