Property Surveys

A property survey is designed to give you the information you need to make an informed and sensible offer on your future home. You should always arrange a survey before buying a property whatever its age or perceived condition.

WHAT ARE VALUATIONS AND SURVEYS?

Valuation

A valuation is a short inspection carried out on behalf of your mortgage lender to determine the amount in terms of a mortgage offer. Your mortgage lender will probably ask you to pay for the valuation and will sometimes send you a copy of the Report.

A valuation is not a survey. It is a limited inspection to identify significant problems that affect the security of your mortgage lenders loan.

The property can have defects that are critical to a prospective buyer but they are not of concern to the mortgage lender and therefore will not necessarily appear in a Valuation Report.

It is our advice that you should not just rely on the information provided by a valuation when deciding whether or not to purchase a property.

Surveys

Venmores Commercial always recommend that a proper survey should be carried out on the property you intend to buy before entering into a contract to buy it.

Depending upon the seriousness of any defects that are identified and the cost of any necessary work you could try to renegotiate the purchase price to reflect the cost of repairs in your offer. Alternatively you may decide not to purchase the property at all.

WHAT TYPES OF SURVEYS ARE AVAILABLE?

1. Homebuyer Survey and Valuation (HSV)

A HSV is a service carried out in a standard format as defined by the Royal Institution of Chartered Surveyors (RICS). The format has been designed to allow inspection for properties built after 1900, which are of conventional construction and in a reasonable condition.

Whilst the surveyor will not test services or inspect concealed parts the HSV is a comprehensive Report in a standard format. The Report will be prepared by a Chartered Surveyor with experience of undertaking this type of inspection.

2. Building Survey

A full building survey is a comprehensive inspection suitable for all properties but especially recommended for Listed Buildings, old constructions built prior to 1900, large properties in need of repair or where you are proposing or they already have had extensive alterations or extensions.

A building survey involves a detailed examination of all accessible parts of the property.

A building survey would include description on:

•  All major and minor faults and defects.

•  The implications of any defects and the possible cost of repairs.

•  Results of localised testing of walls for dampness and timbers for damage including woodworm or rot decay.

A building survey does not normally include a valuation but this can be added if required.

Ask to speak to your Surveyor and discuss any specific information you would like to know about the property prior to the Surveyors inspection. If you require further advice regarding feasibility of alterations or extensions discuss this prior to the inspection.

You may wish to mention specific areas of concern for further investigation such as testing of drains and separate formal testing of electrical or mechanical services. Our Surveyors will be able to arrange for other specialist testing on your behalf.

Survey fees will depend on what type of survey you need. Prices will differ according to the type and value of the property, size, age and the complexity of the survey. All fees will be agreed prior to inspection and are fully negotiable.

Members of the Royal Institution of Chartered Surveyors are qualified and experienced property professionals.

Chartered Surveyors offer independent impartial advice.

RICS members who offer surveyor services to the public must carry professional indemnity insurance.

All Chartered Surveyors follow strict rules of conduct, which are enforced by RICS.

All Chartered Surveyors adopt a formal complaints procedure.