RICS Homebuyer

The RICS HomeBuyer Report provides information and advice in relation to any serious problems or issues on the condition of your potential property you’re thinking of buying, together with advice to your solicitor.

The RICS HomeBuyer Report uses the traffic light system to rate individual elements of the property and highlight areas of concern. The level of detail allows you to judge the value of purchase in line with the cost of any future maintenance, repair and restoration works.

RICS Building Survey

The RICS Building Survey is the most detailed survey. Suitable for older properties, those of unusual construction, properties with major extensions/alterations, or those that you already know to have significant defects that need attention.

The RICS Building Survey provides you with details on the materials and methods of construction, advice on defects, and the appropriate repair options.

Key Facts:

  • 60% or 3 in 5 purchasers will instruct a survey prior to exchange of contracts
  • The average repair bill following completion and moving into a property is over £5000, which could have been avoided if a survey had been instructed
  • A valuation undertaken by a mortgage institution protects the lender, not the purchaser
  • Independently sourcing a survey avoids any conflict of interest

 

What is a Survey & Valuation?

A survey is a property health check, carried out on behalf of any individual considering the purchase of a property. The inspection will result in a detailed report providing information about the condition of the property and any areas of concern.

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Do I need a Survey?

Many people neglect to commission anything other than a basic valuation when buying a home. However, a property survey, involving a detailed inspection of the property will ensure you are fully aware of its condition before you buy it.

It is the buyer’s responsibility to be certain that the building is structurally sound; the vendor has no obligation to declare any faults.

The difference between a Valuation and a Survey?

It is important to understand the differences between a valuation and a survey.

A valuation is a basic check, carried out on behalf of a mortgage lender or a cash buyer to ensure the property is worth the money being paid for it. If you are buying a property it is important you do not rely solely on the valuation, you should also instruct a survey on your own behalf.

A survey is a property inspection carried out by a qualified surveyor on behalf of the buyer. There are various levels of survey and the option used will be dependent on the property.

What a survey tells you

The surveyor will inspect and report on parts of the building that are visible and readily accessible and will assess the condition of those parts.

When you receive the survey concentrate on any issues highlighted as urgent or significant.

The Homebuyer’s report grades problems in the following way:

  • Urgent repairs (e.g. faulty wiring or gas leak): this indicates that an issue that needs urgent attention and immediate rectification
  • Significant matters requiring further investigation by specialist contractors
  • Significant (but not urgent) repairs
  • Other significant considerations
  • Matters identified by inspection

Instructing a Surveyor?

When instructing a surveyor, you should ensure they are qualified and a current practicing member of the Royal Institution of Chartered Surveyors (RICS).

Please contact our team to instruct your Surveyor.

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