Residential

Surveys

Residential & Commercial Surveys

Often property buyers rely on a mortgage valuation when they buy a property, cash buyers may not even have any type of survey.

Either can be a potentially costly mistake, a mortgage valuation is just intended to be relied on by the lender to establish if the property is adequate security for the mortgage, it may well not provide details of the condition or any defects affecting the property.

So what are the options: –

Buyers should have an independent survey when considering buying a residential or commercial property getting a survey is a simple and economic way to avoid unpleasant and perhaps costly surprises.

For residential properties there are three levels of survey:

Class 1, Specific Issue Reports
This will look at a specific property issue such as structural movement, damp and timber problems. This is recommended when there is a specific issue giving concern and is often used after a mortgage valuation or offer to deal with retentions and lending issues.

Class 2, RICS HomeBuyer report
The RICS HomeBuyer Report was established in 1981 and is still the most popular report for property buyers, it is suitable for many standard dwellings built after 1920 and some built before that date. It is in simple format and it includes an opinion of Market Value, the rebuilding cost and advice on any defects that may affect the value of the property and recommendations for repairs and on-going maintenance. And points for the buyers legal adviser to consider.

A homebuyer survey is in a standard format and is designed specifically as an economy survey service.

Class 3, Building Survey
This is the most detailed of the standard reports, it is suitable for all residential properties giving a full picture of construction and condition.

It is an extensive report based on a detailed inspection (without damaging the building) It covers detailed information on construction with advice and recommendations regarding issues and on-going maintenance  Our surveyor will also discuss the report with you in detail. A building survey is the best way opportunity to identify defects and repairs.

For commercial properties survey and valuations are carried out in accordance with the RICS Red Book, contact us for full details of the services we offer for commercial property.