Blog
Do you need a survey?
Thursday, November 10, 2016
The Royal Institution of Chartered Surveyors (RICS) offers a range of inspection reports. There are two main survey types, which are recognised by RICS – a Homebuyer Report or a Building Survey and both are carried out by chartered surveyors. You will need to choose the right survey for your needs; ideally one that’s based on the condition of the property, not on the cost of the survey.
The RICS Homebuyer Report identifies what the surveyor considers to be the key issues. By applying condition ratings to elements of the building, the services, garages and permanent outbuildings, the surveyor will tell you whether defects are serious or urgent. It includes an opinion of the market value and reinstatement cost (which you will need for insurance purposes) and focuses on matters that may affect the value of the property if they are not dealt with. The survey is designed to help you decide whether or not to go ahead with buying the property, what is a reasonable price to pay for the property and allow for any repairs the property needs. It will determine whether you need further advice before exchanging contracts.
The RICS Building Survey is more suited to properties needing renovation, major alterations or those not built using modern or traditional methods of construction. For these kinds of projects, a full structural survey or building survey is required. It highlights major issues, as well as minor defects and the cost of repairs, technical information on the construction of the property, the materials used, plus the location. It doesn’t look beyond the floorboards or behind the walls. Some homebuyer’s reports include a property valuation, so you may be able to revise your offer if the survey reveals a lower price than the mortgage lender’s valuation.
Frosts surveyors are members of The Royal Institution of Chartered Surveyors (RICS), qualified to carry out reports and surveys on residential property and land, In addition to RICS Homebuyer Report and RICS Building Surveys, The Frost Partnership surveyors can also offer advice in respect of: access rights and boundary disputes, expert witness reports, building replacement cost reports, lease extensions, valuation reports for matrimonial and probate/inheritance tax purposes, party wall matters, compulsory purchase, and schedules of dilapidation and condition. Frosts Surveyors do not survey any properties sold through The Frost Partnership due to conflict of interest but will be pleased to act for you when you purchase in any other circumstances.
For more information click here, telephone 01494 680909 or email admin@frostsurveyors.co.uk .
