Valuations and Professional Property Advice

The best way to reach an informed decision on such an important investment as a home is to have a professional survey and valuation of the property, which interests you. 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?

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.

I already have a Mortgage Valuation report….

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.

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 your loan.

You cannot rely on it to answer the questions, which concern your Personal interests.

RICS HomeBuyers Report

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.

The Homebuyer Report, unlike a Building Survey, provides not only a survey but also a valuation as an integral part of the Service.

The inspection, the report and the valuation – are all explained in detail in the accompanying description of the Homebuyer Report, 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 Report 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 decision on whether to go ahead with buying the property take account of any repairs or replacements the property needs and consider what further advice you should take before exchanging contracts (if the property is in England, Wales, Northern Ireland, the Isle of Man or the Channel Islands) or concluding an offer (if the property is in Scotland.

The surveyor gives condition ratings to the main parts of the main building, garage and some outside elements. The condition ratings are described as follows:

  • Condition Rating 1
    • No repair is currently needed. The property must be maintained in the normal way.
  • Condition Rating 2
    • Defects that need repairing or replacing but are not considered to be either serious or urgent. The property must be maintained in the normal way.
  • Condition Rating 3
    • Defects that are serious and/or in need to be repaired, replaced or investigated urgently.

Other Professional Services

We are able to provide the following professional services:

  • Probate / Inheritance tax valuations
  • Capital Gains Tax valuations
  • Charities Act Valuations
  • Matrimonial valuations