A few common examples...
1. You've just had your mortgage offer accepted, subject to survey.
Imaging moving in to your dream home and then realising that thousands of pounds are required to be spent on renewing dangerous joists or an electrical system or even worse, there is severe structural and subsidence problems that the standard bank mortgage survey didn't identify.
This happens every day because the basic mortgage valuation does not investigate these issues.
The mortgage valuation is actually extremely limited in its scope and avoids detailed investigation.
It really is more a basic valuation, which acts as an indicator to the bank or Lender of the value ONLY.
An independent RICS Homebuyer Survey & Valuation Report (HSV) will identify any issues.
And if any problems are identified by the Chartered Surveyor then a reduction in the purchase price can be negotiated to compensate for any works needed.
It's a great negotiating tool and gives you a clear picture of what you are buying right from the start.
It's your biggest purchase; you should cover yourself for potentially crippling expenditure by having this report done by a Chartered Surveyor.
For peace of mind call now on 020 7112 1515 to speak to our Surveyor for independent advice on whether you need a Homebuyer Report.
2. You've taken the plunge and made an offer on a property that is in poor condition, or maybe you are due to attend an auction and are considering making a bid on a property that has been recently repossessed.
The Building Survey is an in depth report covering all aspects of what you will need to consider in a refurbishment or remodeling project.
If you are lending money from the bank or you want to know the full extend of any work which will be required, then the odds are the Building Survey will be a requirement of the banks' surveyor before he confirms to the bank the property is good to lend on.
Save time and present the Surveyor with the report first.
If the property has large and noticeable cracks and especially if you are lending money to complete the purchase, the Building Surveyor will be able to assess whether that the movement cracks are non progressive and historic or progressive and in need of work. Only when the report is presented should you be in a position to make a commitment to the bank to purchase the property.
3. You have taken on a major project, which concerns possible remedial works in relation to subsidence or foundations issues.
Or more common, that 'cracks' have been noted by the surveyor whilst carrying out your Mortgage Valuation, and an engineers report is required to assess whether they are significant and progressive.
The Structural Engineers Report will allow you to assess the level of significance of these issues and give you a clear plan as to what may be needed to rectify the problem.
The report will either be general or specific, depending on your requirements.
See examples of a Structural Engineers Report
4. You have responded to a private advertisement or are interested in a NEW BUILD development scheme.
You may be a 'cash purchaser' or require a mortgage. Either way, you need to be satisfied that you are not paying above the odds for the property. Especially in the current market.
An Open Market Valuation (OMV) as defined by the Royal Institute of Chartered Surveyors (RICS) Red Book will give you peace of mind, these valuations are completed by experienced independent valuers who are experts in their local market concerning all old and new property values, and have had many years of experience in pointing out the pitfalls or giving recommendations along the way.
