Residential Surveys & Valuations
A valuation isn't a survey. It's a limited check on the property that your mortgage lender carries out to ensure it's 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 won't appear in the valuation report, which is why it is really important you have a survey. As members of The Royal Institution of Chartered Surveyors, Longstaff are fully qualified to carry out a more detailed survey, before you buy your home.
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. 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 works - or you may even decide you do not want to buy it at all. Longstaff's surveyor will report on all the parts of the property that are vsisble. They do not inspect under carpets or furniture, and they do not test the water supply or wiring - though they will comment on their condition where possible. There are two main types of survey, a Homebuyer Survey and Valuation (HSV) and a Building Survey.
1. HOMEBUYER SURVEY AND VALUATION REPORT
A Homebuyer Survey and Valuation (HSV), also known as a Homebuyer's Report, it is a survey done to a standard format set out by RICS - it is most suitable for conventional properties built within the last 100 years, which are in reasonable condition and average size.
An HSV includes details of:
- The general condition of the property and its location
- 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 (though drains and services aren't tested)
- The estimated cost of rebuilding the property after a fire, for building insurance purposes
- The value of the property on the open market
2. BUILDING SURVEY
Longstaff can arrange for a Building Survey to be carried out. A Building Survey is a comprehensive inspection of a property. It is suitable for all properties, especially:
- Listed buildings
- Older properties
- Buildings constructed in an unusual way, however old they are
- Properties you plan to renovate or alter in any way
- Properties that have had extensive alterations
It examines all accessible parts of the property - and you can ask to have specific areas included, so it covers any particular concerns you have about the building.
A Building Survey includes details of:
- Major and minor defects - and what they could mean
- The possible cost of repairs
- Results of damp testing on walls
- Damage to timbers - including woodworm and rot
- The condition of damp-proofing, insulation and drainage (though drains and services aren't tested)
- Technical information on the construction of the property and the material used
- Recommendations for any further special inspections
A Building Survey does not include a valuation, but your surveyor can provide this separately if you need one.
If you would like to arrange for survey to be carried out on a property, then please do not hesitate to contact our Residential Survey Department:
Tel: 01778 420406 or Email: firstname.lastname@example.org
Our Survey Department is regulated by:
- The Royal Institution of Chartered Surveyors
- ISO 9000.2001 Property Surveys & Valuation Work (Certificate No. C0877)