• Is the purchase price realistic for the property in it's current condition?
• Is the purchase price reasonable for the location of the property?
• What repairs are required now and in the foreseeable future?
• Are there other issues which may make the purchase a poor investment

Obtaining a survey from an experienced Chartered Surveyor will minimise your risk and will provide you with the information necessary to reach an informed decision.

Why is a Mortgage Valuation not sufficient?

The mortgage valuation report is not a survey. It is a valuation undertaken at the request of the building society or mortgage lender to decide whether a property provides suitable security for the amount which is to be borrowed. In many cases the mortgage valuation report will not be released to the purchaser and in some instances the mortgage valuer may not even enter the property, especially if the loan required is a small proportion of the purchase price.

The mortgage valuation primarily reports on the value of the property in its present condition. It will not generally report on items of disrepair unless they are so severe that they affect value or saleability.

This report should not be relied upon as the only basis for deciding whether or not to buy.

What sort of survey is appropriate?

There are two common types of survey, the RICS Homebuyer Report and Valuation and the Building Survey (Structural Survey).

The RICS Homebuyer Report and Valuation report designed as a standard format concise report to provide information on urgent or significant repairs required which could affect the value of the property. It will specifically comment whether the agreed purchase price is realistic considering the condition of the property. It will assist you to make a reasoned and informed judgement on whether or not to proceed with the purchase. It will provide advice as to what decisions and actions should be taken before contracts are exchanged.

The RICS Homebuyer Report and Valuation is suitable for houses, bungalows and flats which are conventional in design and have not been substantially altered or extended. It is less suitable for older properties or those of unusual construction.

The RICS Homebuyer Report (Property Survey and Valuation) is a standard format and is different to a building survey in three main ways:

1. It is designed for particular types of homes. These are houses, bungalows and flats that:
   • are of a traditional type and contruction; and
   • are apparently in reasonable condition
2. It identifies what the surveyor considers to be the most important issues. By applying condition ratings to elements of the building, the services and any garages and permanent buildings, the surveyor will tell you whether defects are serious or urgent.
3. It also includes the surveyors opinion of the market value and reinstatement cost (which you will need for insurance purposes). It focuses on matters that, in the surveyors opinion, may affect the value of the property if they are not dealt with.

click here to read more about the RICS Homebuyer Survey

A Building Survey is an in-depth report suitable for all types of properties and particularly for older properties which have been altered, extended or neglected. The report can be tailored to the needs of the client and is designed to provide a full assessment of defects and advice as to what further tests or estimates should be obtained prior to purchase. Although the report provides extensive technical information it is presented in a understandable style without the use of confusing terminology.

The Building Survey and RICS Homebuyer Report and Valuation are both undertaken by Clive Walker FRICS a Chartered Surveyor with over 30 years experience. Clive has a sound working knowledge of all types of properties in Cheltenham and throughout the Cotswolds.

A property valuation may be provided as an agreed extra.

Clive Walker undertakes residential valuations for many purposes to include, mortgage, probate, matrimonial and tax.

Why do I need my own survey?

A survey will help you to make a reasoned and informed decision on whether to go ahead with buying a property. Before you decide to commit yourself legally, you can limit the risks by asking a chartered surveyor to answer the following questions for you.

• What is a reasonable price to pay for the property?
• Are there any serious or urgent defects or specific risks with the property?

Arranging your own survey is the simple, cost-effective way to avoid unpleasant - and perhaps expensive - surprises after moving in. In some cases, the surveyor's report may allow you to renegotiate the price of the property.

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