Surveys and Valuation
Michael Power Associates realise that buying a property is one of the most important financial commitments you will make.
It is important to remember that your mortgage lender's valuation report is not a survey. It merely advises your lender whether or not the property is reasonable security for your loan.
A more detailed report will advise you of the actual condition of the property. It will provide you with vital information that can be invaluable during price negotiations.
There are two types of reports that can be offered both undertaken to a standard format set by the RICS. They are suitable for properties of conventional construction built within the last one hundred and fifty years. They are not suitable for properties in need of extensive renovation or if planning major alterations.
The RICS Condition Report gives you clear "traffic light" ratings showing the condition of different parts of the building, services, garage and outbuildings. It highlights problems that require varying degrees of attention. It provides a summary of the risks to the condition of the building and other matters including guarantees, planning and building control issues for your legal advisors. However, the Condition Report does not include a valuation.
The RICS HomeBuyer Report contains all the features of the Condition Report but is a more extensive inspection. It includes the surveyor's professional opinion of the market value of the property together with an insurance reinstatement figure. It provides a list of problems that the surveyor considers may affet the value of the property.
The below table will help you choose the most appropriate survey, but if you have any particular requirements, remember to discuss them with your surveyor before the inspection of the property. The surveyor may be able to provide you with extra services, under separate contracts.