Property Surveys

Buying, selling or extending a home is one of the most exciting things you wil ever do – it is also one of the biggest financial commitments you will make. More than ever before, property means big money – your money.

It will pay for you to seek the best advice possible from professional experts who really know what they are talking about. You could do no better than accept ‘a helping hand’ from RICS.
A common question is 'What is the distinction between the alternative building surveys on offer?' and another is 'What is the difference between a building survey and a valuation'?
To help answer these and other questions you may have, RICS have published this useful guide.

So, is a building survey worth the money you have to pay out? The short answer is yes. Surveys are essential in helping you decide whether to buy, and how much to pay for, a property.

Choosing the right surveyor and survey for you is paramount, so why not take advice from RICS?

RICS members are unique in the property industry as they are impartial, independent, insured and regulated. In the unregulated domestic property industry, a survey by an RICS member can bring you real peace of mind. Birt & Co is a firm of Chartered Surveyors and the Principal of the firm is a member of the RICS.

How can an RICS Member help?
Your home is likely to be one of the most expensive purchases you ever make – you need to know as much as you can about the property before you buy it, so having a survey makes good sense – and could save you thousands of pounds in costly repair bills.

The Consumers’ Association and The Council of Mortgage Lenders advise you to get a survey before you buy, and not just to rely on a valuation.

Using the services of RICS members such as Birt & Co. offers real peace of mind because:

• We can give you clear, impartial and expert advice
• We act in your interest
• We are tightly regulated and have strict codes of conduct to protect you – including proper insurance
• RICS members have to update their skills and knowledge throughout their careers, so you can rely on their expertise.

Surveys
Surveys are a kind of ‘health check’ for buildings. If you are buying a property, you should have a survey done before you enter into a contract to purchase.

A survey can actually save you money. If there are serious structural problems, you can often re-negotiate the sale price of the property to reflect the cost of necessary repairs – or you may even decide you do not want to buy it at all.
Your surveyor will report on all the parts of the property they can easily reach. They do not inspect under carpets or furniture, and they do not test the water supply or wiring – although they will comment on their condition.

There are two main types of survey, a Homebuyer Survey and Valuation (HSV) and a Building Survey.

Mortgage valuations
A valuation is not a survey. It is a limited check on the property that your mortgage lender carries out to ensure it is worth the money they are lending you. They will probably ask you to pay for the valuation. Many lenders provide a copy of the mortgage valuation to the buyer but it is unlikely to cover items of detail which would be picked up in a survey.

However, there may be structural problems in the property that would cost a huge amount to put right – and they would not appear in the valuation report, which is why it’s really important you have a survey. An RICS member is fully qualified to carry out a more detailed survey, before you buy your home.

Homebuyer Survey and Valuation Report
A Homebuyer Survey and Valuation (HSV), also known as a Homebuyer’s Report, is a survey done to a standard format set out by RICS – it is most suitable for conventional properties built within the last 150 years, which are in reasonable condition.

It does not detail every aspect of the property, and only focuses on urgent matters needing attention. It is not usually suitable for properties in need of renovation, or if you are planning major alterations.

An HSV includes details of:

• The general condition of the property
• Any major faults in accessible parts of the building that may affect the value
• Any urgent problems that need inspecting by a specialist before you sign a contract
• Results of tests for damp in the walls
• Damage to timbers – including woodworm or rot
• The condition of any damp-proofing, insulation and drainage (although drains are not tested)
• The estimated cost of rebuilding the property after a fire, for building insurance purposes
• The value of the property on the open market.

What you can expect from a survey
If you are about to buy a property, you may have specific worries about the building you are going to buy. Talk them through with us – we will be happy to discuss your particular concerns in more detail and help you decide which type of survey is right for you.

If you are interested in making structural changes to a property, or you think there may be a damp or dry rot problem, an RICS member will be able to advise you about this too – or detect any faults that may cause problems in the future.

Our survey report is totally independent and designed to help you make a more informed decision. Costs vary according to which type of survey you have, but both Homebuyer’s Survey and Valuation Reports (HSV) and Building Surveys can offer reassurance and real peace of mind.

There is no such thing as a perfect survey and if you are unfamiliar with them, they can be alarming. If the surveyor flags up serious issues – find out if the situation can be rectified, how much it would cost and what the chances of it happening again would be. We are always pleased to talk through the survey report when it has been completed to ensure you fully understand any issues raised.

For a quotation on the cost of a survey or to discuss the different types of survey please call on 01834 842204.

Contact us for more information