Homebuyer Reports, Building Surveys and Valuations

For most people, buying a home represents the largest single financial investment that they will make.

In order to make an informed decision to purchase you will need to have considered the following:-

  • 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.
The RICS Homebuyer Report and Valuation report designed as a 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.
Building Survey (Structural 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 25 years experience. Clive has a sound working knowledge of all types of properties in Cheltenham and throughout the Cotswolds.
Valuations.

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

The main features of the Homebuyer Service are compared below with those of a Building Survey:
  Homebuyer Survey and Valuation Building Survey
Type of property   Conventional houses, flats, bungalows, etc., in apparently reasonable condition Any residential or other property, in any condition
Type of service Economy package in standard form A detailed and comprehensive report that can be tailored to suit your needs
Objects of service 

To assist client to:

  • make an informed judgement on whether or not to proceed;
  • assess what would be a reasonable purchase price for the Property;
  • assess all urgent and significant matters before exchanging contracts

To provide client with:

  • a detailed assessment of the construction/condition of the property;
  • technical advice on problems and remedial works
Special features Focus on urgent and significant matters Comprehensive details of the Property's construction, materials, uses and defects
Valuation Integral part of Hombuyer Service Provided as agreed extra
Form of Report Compact, fixed RICS format Surveyor's own format, usually much longer and much more technical
 
To find out more, obtain a quote and arrange your Homebuyer Report, Building Survey or Valuation
  
   
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