buyers tend to rely on the mortgage lender's valuation, which is simply
the check on the home your mortgage lender makes to ensure it's
worth the funds they're lending. And although it will show up any
serious defects that are likely to affect the price of the home, it
won't give you a real picture of its condition. For that you require a
homebuyers or full structural survey, carried out by a experienced
chartered surveyor. Be all set to budget for further than one survey in
case the first sale falls through.
Here's what you require to today
about the three types of survey: the valuation report, homebuyer survey
and structural or building survey.
Valuation report typical expense from: £225
This is the simplest and cheapest form of valuation of a home, and will be all that a mortgage lender
will require. Its aim is to reassure the lender that the home
is sufficient security against the loan they are offering. So if you
default on your overheads, the lender wants to be able to sell the
home at a price that will meet the fantastic debt.
Valuations can also be provided for probate, matrimonial, shared ownership staircasing and Help to Buy loan repayments, we have formats suitable for all these purposes to suit your individual requirements.
The valuation inspection takes
a condensed time. A surveyor will check the home inside and out, and
assess a suitable price based on its general condition and the prices of
recently sold properties, and the state of the housing market. The
report will contain a summary of condition, with comments on any
general faults. It will also have brief referrals to the buyer on
further checks to be carried out.
Even if you are buying a new built residence, the valuation is probably still not sufficient even if the builder has signed up to the NHBC Buildmark Warranty (opens in a new window).
as this does not cover smaller snagging defects. In addition the builder
is responsible for the home for the first two years.
To view what a valuation involves visit www.Rics.Org/homesurveys (opens in a new window).
A valuation can also be added to either our Home Purchase Report or the Building Survey for an additional fee starting from just £125.Homebuyer type survey typical expense from: £325
The Rainfords Home Purchase Condition Report (HPCR)
This report is very similar to the RICS Homebuyer Report (Survey) Choose this report if you need more extensive information whilst buying or selling a conventional house, flat or bungalow, built from common building materials and in reasonable condition. The report includes:
• a list of problems that the surveyor considers may affect the property;
• advice on repairs and ongoing maintenance
• specifically highlights matters that are urgent or significant;
• issues that need to be investigated to prevent serious damage or dangerous conditions;
• legal issues that need to be addressed before completing your purchase; and
• information on location, local environment, and the recorded energy·
efficiency (where available).
Rainfords Home Purchase Condition & Valuation Report (HPVR)
report is very similar to the RICS Homebuyer Report (Survey &
Exactly as the Home Purchase
Condition Report above, it costs a little more, but also includes:
the surveyor’s professional opinion on the
‘market value’ of the property;
the surveyor’s advice on whether the purchase
price is reasonable;
advice on current market conditions;
and, a list of problems that the surveyor
considers may affect the value of the property. Full structural survey typical expense from: £525
This report is very similar to
the RICS Building Survey
The Building Survey (formerly
called a structural survey) is suitable for all types of property especially if
you’re dealing with a large, older, or run-down property, a building that is
unusual or altered, or if you’re planning major works. It costs more than the
other reports because it gives detailed information about the structure and
fabric of the property.
The Building Survey includes:
a more thorough inspection and detailed report
on a wider range of issues;
a description of visible defects and potential
problems caused by hidden flaws;
a full range of digital images throughout the
report to assist in the identification and location of defects;
an outline of repair options and the likely
consequences of inactivity; and
advice for your legal advisers and details of
serious risks and dangerous conditions.
The Building Survey does not
include a valuation, but this can be provided as a separate extra service
subject to an additional fee.