The best way to reach an informed decision on such an important investment as a home is to have a professional survey and valuation of the property which interests you.
Before you decide to go ahead and commit yourself legally, you can minimise the risks by asking a Chartered Surveyor to answer these questions for you:
What would be a reasonable price for the Property?
Are there drawbacks I don’t know about?
If so, what do I need to do about them?
Commissioning your own survey is the simple, economic way to avoid unpleasant – and perhaps costly – surprises after moving in. In some cases, the Surveyor’s report may enable you to renegotiate the price.
I already have a Mortgage Valuation report….
Even if you are seeking a mortgage – and may be paying for a Mortgage Valuation report – it is still advisable and prudent to arrange a survey by your own Surveyor. Both the Consumers’ Association Which? magazine and the Council of Mortgage Lenders give this advice.
The reason is simple: the Mortgage Valuation report is prepared for the lender – not for you, the borrower. It answers only the lender’s questions about the appropriate security for your loan. You cannot rely on it to answer the questions which concern your personal interests.
What choice of surveys do I have?
RICS Members offer two other forms of survey which are specifically designed to help homebuyers, a Building Survey and The HOMEBUYER Survey & Valuation.
A Building Survey
(formerly called a structural survey)
A Building Survey is a bespoke service suitable for all residential properties and provides a full, detailed picture of their construction and condition. It is likely to be needed if the Property is, for example, of unusual construction, is dilapidated or has been extensively altered – or where a major conversion or renovation is planned.
Building Surveys are usually tailored to the Client’s individual requirements. The Report includes extensive technical information on materials and construction as well as details of the whole range of defects, major to minor.
In Scotland this type of survey is required only rarely – in part because of the speed at which house purchase normally takes place. The owner of the Property is unlikely to allow a Building Survey to be undertaken unless there is a limited market for the Property and a very strong interest has been expressed by a possible buyer. It is, however, likely to be needed where a major conversion or renovation is planned.
The HOMEBUYER Survey & Valuation
(usually called ‘The HOMEBUYER Service’)
In contrast to a Building Survey, the HOMEBUYER Service is in a standard format and is designed specifically as an economical service. It therefore differs materially from a Building Survey in two major respects.
It is intended only for particular types of home: houses, bungalows and flats which are:
conventional in type and construction;
apparently in reasonable condition.
It focuses on essentials: defects and problems which are urgent or significant which may have an effect on the value of the Property – although it also includes much other valuable information.
The HOMEBUYER, unlike a Building Survey, provides not only a Survey but also a Valuation and reinstatement cost assessment as an integral part of the Service.
What else should I know about the HOMEBUYER Service?
The Service – the Inspection, the Report and the Valuation – are all explained in detail in the accompanying Description of the HOMEBUYER Service, but the highlights are:
This is an economical service. Because of the practical limits on the type of property and on the scope of its coverage, the HOMEBUYER Service is priced mid-range – more expensive than a Mortgage Valuation, but less than a Building Survey.
The Surveyor’s main purpose in providing the Service is to assist the prospective homebuyer to:
make a reasoned and informed judgement on whether or not to proceed with the purchase;
assess what would be a reasonable purchase price for the Property;
be clear what decisions and actions should be taken before contracts are exchanged (or in Scotland, before concluding an offer of purchase).
The Surveyor also gives a professional opinion on the particular features of the Property which affect its present value and may affect its future resale.
The concise Report covers the building both inside and outside, the services and the site. It focuses on the defects and other problems which, in the judgement of the Surveyor, are urgent or significant, but it also covers:
the general condition and particular features of the Property;
particular points which should be referred to the Client’s Legal Advisers;
other relevant considerations concerning, for example, safety, the location, the environment, or perhaps insurance.
Matters which are judged to be not significant or not urgent are generally not included in the Report. The Surveyor may, however, comment on any other matters judged to be helpful and constructive.
Where the Client has a particular concern – for example, whether the Property is suitable for a disabled person – the Surveyor will, if asked, keep this in mind during the Inspection. Or, Client and Surveyor may agree on a specific Addition to the Service.
In some situations the Client may ask the Surveyor to provide an extra service outside the scope of the standard package. For example, the Client may ask for a schedule of minor defects (for later discussion with a contractor), or the testing of mains services by suitably qualified specialists. The Surveyor may be prepared to arrange such extra services, but they cannot be undertaken as part of the HOMEBUYER Service: they require a separate contract.
Where the Client should take some action before deciding whether or not to proceed with the purchase, this is clearly signalled in the text of the Report as ‘ACTION’. Together with other key considerations, each such item is included in the Summary, with advice on how to take the action.
The main features of the HOMEBUYER Service are compared below with those of a Building Survey:
HOMEBUYER Survey & 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:
(i) make an informed judgement on whether or not to proceed;
(ii) assess what would be a reasonable purchase price for the Property;
(iii) assess all urgent and significant matters before exchanging contracts (in Scotland, before concluding an offer)
To provide Client with:
(i) a detailed assessment of the condition/construction of Property; and
(ii) 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 HOMEBUYER Service
Provided as agreed extra
Form of Report
Compact, fixed RICS format
In Surveyor’s own format, usually much longer and much more technical
306 Old Brompton Road, London SW5 9JF - Tel: 020 7341 4333 - Fax: 020 7341 4222
Home Buyer Surveys: independent structural surveys for residential and commercial property in London and the South East, Home Counties
House survey building surveyors structural engineers report surveyor engineer homebuyers reports London Barking Barnet Bexley Brent Bromley Camden Croydon
Structural engineering implications of the London Traffic Survey
Based in London & Kent we provide our a pre purchase inspection service across ... valuation survey up to a thorough building survey or structural survey.
London, England. Two phases of Fire Compartmentation Survey to determine fire resisting capabilities of structural elements.
Purchasing a property to live or work in is the biggest financial commitment most people make in their lifetime, astonishingly as many as 80% of purchasers do not commission an independent survey. OK, a survey may cost several hundred pounds at a time when money is tight, but it will almost certainly draw your attention to defects that you didn't know existed or the seriousness of which you may not have appreciated.
pre-purchase inspections of both residential and commercial property. Based in London & Kent we provide our a pre purchase inspection service across the whole of South East England. We can provide a full range of inspections and reports, ranging from a very basic valuation survey up to a thorough building survey or structural survey
These defects may require considerable immediate or future expenditure, or in the extreme make a property virtually impossible to sell. Suddenly a modest investment in a survey becomes money well spent. Roll your mouse over the house below to see where defects were found.
Looking to purchase a flat or house in West London? For a relatively small sum, Meredith & Co will carry out a full RICS Homebuyer Survey & Valuation (HSV) giving you peace of mind and comfort in your major investment decision.
An HSV is a service carried out to a standard format, defined by RICS. It is primarily designed for conventional properties built within the last 150 years and focuses on surveying for any major or urgent matters.
View example >>
In addition to the standard RICS information below, all our reports have colour photographs to aid with interpretation.
The property's general condition and open market value
Any major faults in accessible parts of the property
Urgent matters that need assessing before exchanging contracts including recommendations for any further specialist inspections
Results of any testing of walls for damp and timbers for rot
Comments on the existence and condition of damp-proofing, insulation and drainage (although drains are not tested)
The recommended costs of re-constructing a building in the event of damage (such as fire) for insurance purposes
Building Surveys:
Meredith & Co supports a wide range of services for Residential and Commercial clients.
In addition to the homebuyer survey, we can prepare more verbose reports covering higher value homes and commercial buildings. The fees for these longer reports are normally negotiated on a bespoke basis.
A Building Survey will typically cover the points referred to on Homebuyer survey , but dealt with in greater written detail.
Looking to combine a Building Survey with a valuation ?
Valuations:
Meredith & Co can prepare detailed valuations for a wide range of purposes. Some of our typical engagements include:
Mortgage lenders Banks Family Trusts
Probate Matrimonial Purposes Fees by arrangement.
Specialist Areas:
Meredith & Co have been concerned with the adverse effects of Electromagnetic fields and Radio Frequency interference on property and its occupiers for the last ten years. The topic has a profile that fluctuates as the years pass, but it does not go away.
The firm prepares reports for commercial and residential occupiers and owners on request and has negotiated compensation payments with national grid in the past.
Fees by arrangement. Frequently asked questions
If I decide to use your service what timescale are we speaking of?
Our reports are normally prepared and dispatched within two working days
What types of survey are available?
There are two types (light and heavier) and you should read the Guidance Note on the following pages. Essentially the less expensive type is known as a Home Buyer's Report and the more extensive report, which is usually reserved for larger or older houses, is known as a Building Survey.
If I am purchasing a flat what report would you suggest?
Invariably the Home Buyer's report is sufficient for the purpose.
Am I able to see a sample report before I commit?
On receipt of your e-mail we will gladly submit a recent sample to your perusal Are your reports illustrated?
All our reports have an appropriate group of photographs of the property included
If I have any particular concerns are you able to address those specially? On receipt of a concise note from you we will be happy to address individual points in the body of the report and discuss them later also.
On what basis do you charge fees?
As with many property costs surveyors fees normally have regard to value but they are negotiable. At the time of writing our minimum for a report on a flat would be £600 and for a house £800, to which VAT must be added.
After I have received the report is any further help offered?
Although we normally work alone at the time of inspection we are always happy to meet the client at the property, after the report has been read, in order to clarify any points of concern.
Is your firm insured? In common with all Chartered Surveyors we are obliged to carry appropriate professional indemnity insurance.
How do I pay you, and when?
At the time the report is dispatched to you an invoice will be included and if you could please pay this within seven days this would be appreciated. We do take major credit cards and we can provide bank details upon request for transfers.
