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What is a Valuation Report? Valuation surveys are for the benefit of the mortgage lender. They are intended to give a value of the property for insurance purposes and give an indication of anything that may affect that value. Valuations alone do not give an indication of the condition of the property. You may not have any grounds for complaint if you rely on them to buy a property and there is subsequently a defect or a problem with the property's structure.
The Government has undertaken to reform the house transaction process, with the aim of making it quicker and easier. Future legislation will require sellers, or their agents, to assemble a pack of standard information. The pack is likely to have to include title deeds, Land Registry office copies, any other relevant title documents, local authority search results, Planning and Building Regulations consents and approvals, any guarantees such as damp proofing guarantees, detailed answers to a complete property information questionnaire, a property fixtures and contents form, and a standard draft contract. For leasehold properties, the pack will also need to include a copy of the lease, service charge details and accounts, a copy of the current buildings insurance, and management company details including the freehold title. In both cases, the pack will also have to include a survey, which is to be known as a Home Condition Report. BainesCo Surveyors will be able to provide the Home Condition Report to include with your sellers pack. What is a Building Survey (also known as Structural Survey) A Building Survey is a detailed investigation into the construction and condition of the property, produced in a comprehensive report according to the style of the surveyor. The extent of the survey will be subject to discussion and agreement with the client and may include specialist reports (e.g. electrics) at extra cost. Defects are analysed and guidance will be given on remedial work and maintenance. It is suitable for all types of property. Fees will vary depending on the size, nature and value of the property, but quotations can normally be given. If telephoning please have available basic information concerning the property to be surveyed including age and style, details of accommodation, any unusual features and approximate value. What is the The RICS Homebuyer Service? This Report is designed as an economy package. However, it is based on a full inspection of the property and is produced in a standardised format produced by the RICS. It contains precise information on urgent and significant defects or other matters likely to affect the value of the property. It does not provide detailed descriptions of construction or services and is not designed to cover non-urgent matters. The Report is suitable for flats, maisonettes and houses built after the first world war which are apparently in reasonable condition. It is not suitable for older, larger or unusual properties. Old, Traditional and Non-Traditional Properties In the area that we cover, roughly 30 miles radius of Hampton Court, there are many diverse properties many of considerable age. There are also properties comprising non standard building methods including pre fabrication. We deal with both this type of unusual and the more normal timber famed and stone or rubble constructed property. We have carried out surveys of all of these types and are experienced in such work. Virtually all require a Building Survey. Should you contemplate purchasing this type of property we strongly recommend that you engage a chartered building surveyor and obtain a report prior to your purchase.Please do not hesitate to contact us to discuss your requirements and the property you have in mind, telephone advice is free. If you would like to find out more about how we can help you with your requirement, please telephone us on 020 8979 6006. | ||||||||||||||||||||
