Surveyors

Who are the Surveyors considered as homebuddy partners?

We pride ourselves on working with local surveyors who have the knowledge, experience and expertise in undertaking not only building surveys but all other surveying requirements you may need.

What is a Surveyors Report?

There are many types of “surveyor’s report,” it is a generic term often used to describe either or all of the following:

• Mortgage Lender (Valuation) Report;
• RICS Home Surveys / RICS Condition Survey; or
• Building Survey/Structural Survey.

The type of report chosen, will be dependent upon what you require from the report and the type and age of the property. Speak to one of our partners to determine which type of report you need to consider.

What is a “Mortgage Lender (Valuation) Report”?

This report is conducted for the benefit of the mortgage lender and not the buyer as the surveyor is working for the lender, not you.

The Mortgage Lender (Valuation) Report simply assesses if the property is worth what is being paid and ensures that if you are unable to make mortgage payments, there will be sufficient value in the property to sell it and recover the outstanding loan.

It does not determine if there are building defects that may cost considerable sums to remedy.

What is a “RICS Home Surveys”?

There are 3 levels of the RICS Home Survey:

RICS Home Survey - Level 1

• This includes a physical inspection of the property and a report based on the inspection.
• The Level 1 survey aims to describe the part or element of the property in enough detail so that it can be properly identified, provide a clear and concise expression of the surveyor’s professional assessment of each part or element of the property, describe the condition that justifies the surveyor’s assessment and helps you gain an objective view of the condition of the property.
• This is a basic level report and is generally suited to modern new build properties. It does not provide advice on repairs or ongoing maintenance.

RICS Home Survey - Level 2

• This includes a physical inspection of the property and a report based on the inspection.
• The Level 2 survey aims to give you professional advice to allow you to make an informed decision on whether to go ahead with buying the property, consider any repairs or replacements the property needs, and consider what further advice you should take before committing to purchasing the property.
• This level of survey is chosen if you need more extensive information whilst purchasing a conventional house, flat or bungalow, built from common building materials and in a reasonable condition.

RICS Home Survey - Level 3

• This includes a thorough inspection of the property and a detailed report based on the inspection.
• The Level 3 survey aims to give you professional advice to help you make a reasoned and informed decision when purchasing the property, or when planning for repairs, maintenance or upgrading the property.
• It provides detailed advice on condition, describes the identifiable risk of potential or hidden defects, propose the most probable cause(s) of the defects based on the inspection and where practicable and agreed, provide an estimate of costs and likely timescale for identified repairs and necessary work.
• This level of report is chosen if dealing with larger, older to run down properties, a building that is unusual or altered or if planning extensive refurbishment works. It costs more than the other RICS reports because it gives detailed information about the structure and fabric of the property.

What is Building Survey/Structural Survey?

This is the most in-depth and comprehensive report available. It covers everything that a RICS Home Survey Level 3 covers but goes into more depth and offers greater analysis and recommendations.

It does not follow a template design, as it is bespoke, and the report allows the surveyor to provide you with a better understanding of the issues and what is needed to remedy them. It provides a detailed assessment of the property’s construction and condition on an element-by-element basis, i.e., roof, chimney, wall, floor, ceiling, door, windows etc.

It also highlights any legal issues that your solicitor may need to clarify before the purchase progresses. It gives professional advice to help you make a reasoned and informed decision of the property, whatever the age or type.

Is a surveyors report a legal requirement?

A surveyor’s report is not a legal requirement but will often form a condition of a mortgage offer. However, Homebuddy would always recommend that a buyer instructs a surveyor to provide one of the surveys described as a minimum requirement prior to exchange of contracts.

If you have any questions or want to discuss what type of report that best meets your requirements then please contact one the Homebuddy surveyors.