Why do I need a Survey?

Buying a house is probably one of the largest investments you are most likely to make. Properties are not only expensive to buy but can also be expensive to repair. To do without a survey could prove to be false economy and faults could appear in the property after purchase, making it poor value for money and possibly requiring a substantial amount of repair or maintenance.

A survey carried out by a Chartered Surveyor gives you a professional opinion of the property, and is overall cost-effective.

What types of Surveys are available?

Standard Valuation

This is an opinion of Market Value of the property and is the same as a survey carried out for a Bank or Building Society. This inspection is limited and therefore one should not rely on this form of valuation in order to decide whether to go ahead with the purchase or not; Banks and Building Societies will state within their terms that this type of valuation should not be relied upon.

The object of this standard Valuation is to confirm that the purchase price is reasonable and it would also identify obvious defects which could affect the value of the property. It is used in cases of Probate Valuations, Matrimonial Settlement Valuations, Taxation and re-Location.

This Valuation also includes a Reinstatement Figure.

The Homebuyer Report

This Report is intended for residential properties such as houses, bungalows and flats which appear to be in good order and are unlikely to have been extensively altered since construction. This Report is in more depth than the Standard Valuation and gives details of significant or urgent repairs that may affect not only the value of the property but also the stability. Certain areas of a property such as flooring under fixed floor coverings, attic areas where converted into extra room may not be accessible, but all other areas that are accessible are examined in great detail.

The Report is laid out in approximately a 12 page format, as prescribed by the Royal Institution of Chartered Surveyors, easy to read, and this should enable a prospective purchaser to make a decision as to whether to purchase or not.

This Report also includes a Market Valuation and Reinstatement figure.

Structural Survey

This provides a full picture of the property regarding construction and condition. It is in greater detail than the Homebuyer Report. This particular type of Survey would be needed for properties where there are signs of possible problems, of unusual construction, dilapidated or have been added to over the years, renovated or converted.

If any problems are found in the property, the Survey will point these out and advise as to steps that need to be taken, either urgent or in time when the property is occupied.

This Report also includes Market Valuation figure and Reinstatement figure.

Mr. Ingham is always available to discuss the findings in all the Reports.