| Choosing Between Surveys
BACKGROUND INFORMATION AND ADVICE
from The Royal Institution of
Chartered Surveyors
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request a quote for a Survey
Why do I need my own Survey?
The best way to reach an informed decision on such an important
investment as a home is to have a professional survey and valuation of the
property, which interests you. Before you decide to go ahead and commit
yourself legally, you can minimize the risks by asking a qualified
surveyor to answer these questions for you:
- Is the agreed price reasonable?
- Are there drawbacks I don't know about?
- If so, what do I need to do about them?
Commissioning your own survey is the simple, economical way to avoid
unpleasant - and perhaps costly - surprises after moving in. In some
cases, the surveyor's report may enable you to renegotiate the price.
I already have a Mortgage Valuation report
Even if you are seeking a mortgage - and may be paying for a Mortgage
Valuation report - it is still advisable and prudent to arrange a survey
by your own surveyor. The Consumers' Association Which? magazine and the
Council of Mortgage Lenders both give this advice.
The reason is simple: the Mortgage Valuation report is prepared for the
lender - not for you, the borrower. It answers only the lender's questions
concerning the appropriate security for the loan. You cannot rely on it to
answer the questions, which concern your personal interests.
What choice of surveys do I have?
RICS members also offer two forms of survey which are specifically
designed to help homebuyers:
A Building Survey (Formerly called a structural survey)
A Building Survey is suitable for all residential properties and
provides a full picture of their construction and condition. It is likely
to be needed if the property is, for example, of unusual construction,is
dilapidated or has been extensively altered or where a major conversion or
renovation is planned. It is usually tailored to the client's individual
requirements. The report includes extensive technical information on
construction and materials as well as details of the whole range of
defects, major to minor.
The HOMEBUYER Survey & Valuation
(Usually called "The
HOMEBUYER Service")
By contrast, The HOMEBUYER Service is in a standard format and is
designed specifically as an economy service. It therefore differs
materially from a Building Survey in two major respects.
- It is intended only for particular types of home: houses, flats and
bungalows which are:
- conventional in type and construction
- apparently in reasonable condition
- It focuses on essentials: defects and problems Which are urgent or
significant and thus have an effect on the value of the property -
although it also includes much other valuable information.
The HOMEBUYER, unlike a Building Survey, provides not only a survey but
also a valuation as an integral part of the Service.
What else should I know about the HOMEBUYER Service?
The Service - the inspection, the report and the valuation - are all
explained in detail in the accompanying Description of the HOMEBUYER
Service, but the highlights are:
- This is an economy package. Because of the practical limits on the
type of property and on the scope of its coverage, the HOMEBUYER Service
is priced mid-range - more expensive than a Mortgage Valuation. but less
than a Building Survey.
- The surveyor's main objective in providing the Service is to assist
the prospective homebuyer to:
- make a reasoned and informed judgment on whether or not to proceed
with the purchase
- assess whether or not the property is a reasonable purchase at the
agreed price
- be clear what decisions and actions should be taken before contracts
are exchanged.
The surveyor also gives his or her professional opinion on the
particular features of the property, which affect its present value and
may affect its future resale.
- The concise report covers the building inside and outside, the
services and the site. It focuses on the defects and other problems which
in the judgment of the surveyor are urgent or significant, but it also
covers:
- the general condition and particular features of the property
- particular points which should be referred to the client's legal
advisers
- other relevant considerations concerning, for example, safety, the
location, the environment, or perhaps insurance.
Matters which are judged to be not urgent or not significant are in
general not included in the report, but the surveyor will mention matters
judged to be both helpful and constructive.
- Where the client has a particular concern -perhaps whether the
property is suitable for a disabled person - the surveyor will keep this
in mind during the inspection. Or, a specific addition to the Service -
perhaps to the standard inspection - may be agreed between client and
surveyor.
Where necessary, the surveyor may also be able to provide some extra
service which is outside the scope of the standard package - perhaps
providing a schedule of minor defects (for later discussion with a
contractor), or arranging for the testing of mains services by suitably
qualified specialists.
- Where the client should take some action before deciding to proceed
with the purchase, this is signalled clearly in the text of the report and
included in the summary of action and other key considerations.
The main features of the HOMEBUYER Service are compared below with
those of a Building Survey:
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