Before
you decide to go ahead and commit yourself legally, you can
minimise the risks by asking a qualified surveyor to answer
these questions for you:
- Is
the agreed price reasonable?
- Are
there drawbacks I don't know about?
- If
so, what do I need to do about them.
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| Commissioning
your own survey is the simple, economical way to avoid unpleasant
- and perhaps costly - surprises after moving in. In some cases,
the surveyor's report may enable you to renegotiate the price. |
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| I
already have a Mortgage Valuation report .... |
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| Even
if you are seeking a mortgage - and may be paying for a Mortgage
Valuation report - it is still advisable and prudent to arrange
a survey by your own surveyor. The Consumers' Association Which?
magazine and the Council of Mortgage Lenders both give this
advice. |
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| The
reason is simple: the Mortgage Valuation report is prepared
for the lender - not for you, the borrower. It answers only
the lender's questions concerning the appropriate security for
the loan. You cannot rely on it to answer the questions which
concern your personal interests. |
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| RICS
members also offer two forms of survey which are specifically
designed to help homebuyers: |
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 |
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| A
Building Survey is suitable for all residential properties and
provides a full picture of their construction and condition.
It is likely to be needed if the property is, for example, of
unusual construction, is dilapidated or has been extensively
altered - or where a major conversion or renovation is planned.
It is usually tailored to the client's individual requirements.
The report includes extensive technical information on construction
and materials as well as details of the whole range of defects,
major to minor. |
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| The
HOMEBUYER Survey & Valuation (usually
called "The HOMEBUYER Service") |
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By
contrast, The HOMEBUYER Service is in a standard format and
is designed specifically as an economy service. It therefore
differs materially from a Building Survey in two major respects.
It is intended only for particular types of home: houses, flats
and bungalows which are:
- Conventional
in type and construction.
- Apparently
in reasonable condition.
It
focuses on essentials: defects and problems which are urgent
or significant and thus have an effect on the value of the property
- although it also includes much other valuable information. |
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| The
HOMEBUYER, unlike a Building Survey, provides not only a survey
but also a valuation as an integral part of the Service. |
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| What
else should I know about the HOMEBUYER Service? |
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| The
Service - the inspection, the report and the valuation - are
all explained in detail in the accompanying Description of
the HOMEBUYER Service, but the highlights are:
This
is an economy package. Because of the practical limits
on the type of property and on the scope of its coverage,
the HOMEBUYER Service is priced mid-range - more expensive
than a Mortgage Valuation, but less than a Building Survey.
The
surveyor's main objective in providing the Service is to assist
the prospective homebuyer to:
- make
a reasoned and informed judgement on whether or not to proceed
with the purchase
- assess
whether or not the property is a reasonable purchase at
the agreed price
- be
clear what decisions and actions should be taken before
contracts are exchanged.
|
The
surveyor also gives his or her professional opinion on the particular
features of the property which affect its present value and
may affect its future resale. The concise report covers
the building inside and outside, the services and the site.
It focuses on the defects and other problems which in the judgement
of the surveyor are urgent or significant, but it also covers:
- the
general condition and particular features of the property
- particular
points which should be referred to the client's legal advisers
- Other
relevant considerations concerning, for example, safety,
the location, the environment, or perhaps insurance.
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| Matters
which are judged to be not urgent or not significant are in
general not included in the report, but the surveyor
will mention matters judged to be both helpful and constructive. |
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| Where
the client has a particular concern - perhaps whether the
property is suitable for a disabled person - the surveyor will
keep this in mind during the inspection. Or, a specific addition
to the Service - perhaps to the standard inspection - may be
agreed between client and surveyor. |
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| Where
necessary, the surveyor may also be able to provide some extra
service which is outside the scope of the standard package -
perhaps providing a schedule of minor defects (for later discussion
with a contractor), or arranging for the testing of mains services
by suitably qualified specialists. |
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| Where
the client should take some action before deciding to proceed
with the purchase, this is signalled clearly in the text of
the report and included in the summary of action and other key
considerations. |
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| Type |
HOMEBUYER
Survey & Valuation Building Survey
|
Building
Survey
|
| Type
of property |
Conventional
houses, flats, bungalows, etc., in apparently reasonable
condition |
Any
residential or other property, in any condition. |
| Type
of service |
Economy
package in standard form |
Custom-made
to client's individual needs. |
| Objects
of service |
To
assist client to: (i) make an informed judgement on whether
or not to proceed; (ii) decide whether or not property
is a reasonable purchase at agreed price; and (iii) assess
urgent and significant matters before exchanging contracts |
To
provide client with:(i) assessment of construction/ condition
of property; and(ii) technical advice on problems and
on remedial works. |
| Special
features |
Focus
on urgent and significant matters |
Details
of construction/materials/defects. |
| Valuation |
Integral
part of Homebuyer Service |
Provided
as agreed extra. |
| Form
of Report |
Compact,
fixed RICS format |
Usually
much longer, in surveyor's format. |
|
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©
THE ROYAL INSTITUTION OF CHARTERED SURVEYORS 1997
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Monday
to Friday 8.00am – 8.00pm
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Saturday
& Sunday 9.00am – 5.00pm
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ROBERT
WHITE ASSOCIATES (Chartered
Surveyors), Mill Lodge, Mill
Crescent
Westerleigh, Bristol BS37
8QS Tel
01454 311426 Fax
01454 327883
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E-mail:
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