Property Survey Reports
Property Survey Reports for Homebuyers
Before a decision to make the purchase legally binding your should minimise the risks to yourself by asking a qualified surveyor to answer these three questions for you:-
- Is the agreed price reasonable?
- Are there drawbacks that I don’t know about?
- If so, what do I need to do about them?
Instructing a Chartered Surveyor will help you make a more informed decision on your potential purchase. In a few cases a surveyors report, and possibly some specialist reports may allow you to renegotiate the price accordingly.
Types of Surveys for those Buying a Home
RICS Homebuyer Report
- Make an informed judgment on whether or not to proceed with a purchase
- Decide whether or not the property is a reasonable purchase at the agreed price
- Assess urgent and significant matters before exchanging contracts
A Homebuyer Survey will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside.
- An inspection inside and outside to identify visible problems
- Will highlight any structural problems with the property, such as subsidence or damp
- The inspection will generally take between two to four hours to complete
Full Building Survey
- You will receive a comprehensive report with an assessment of the construction of the property and its condition
- Technical advice on problems and any remedial works required.
- This is a detailed survey that can take a full day to complete
The report details construction, materials and defects. A valuation can be included as an agreed extra. The report is provided in the RICS Building Survey format.
RICS Condition Report
A RICS Condition Report identifies problems which are serious or in need of urgent attention. It identifies issues needing further investigation and to prevent serious damage. It identifies hazards and shows potential issues and defects before a transaction takes place.
Important Note re Mortgage Valuations
A Mortgage Valuation IS NOT the same as the inspections detailed above. The mortgage valuation report which you may have had to pay for, is entirely for the lender’s benefit. This report simply confirms to the lender that the value of the property meets the mortgage value and does not necessarily take into account any defects or necessary repairs as the lender is only concerned with the appropriate security for your loan. Under no circumstances should you rely on the mortgage valuation to answer questions which concern your own personal interest.