Why have a home survey and not just a valuation?

Purchasing a property is probably the single largest financial commitment that you will make in your lifetime. Why risk this investment for the sake of the cost and peace of mind of having a property survey undertaken by a Chartered Surveyor.
A mortgage valuation is not a survey – it is just a cursory look at a property to assess how much the property is worth. It is required by your mortgage lender to ensure the property is sufficient security for the loan. Your lender will insist on using a company they trust and you will have to pay for it. 

A survey is a detailed inspection of a property’s condition. The surveyor will inspect the property and advise you if there are:

• Structural Problems such as walls almost falling down or subsidence
• Major repairs or alterations needed, such as roof repairs or damp
• Expert commentary on the property. e.g from the method of construction to the types of walls and the types of glazing.

The survey should be carried out by qualified surveyors who are members of the Royal Institute of Chartered Surveyors (RICS)

Valuations

We are able to provide Written Valuations (often referred to as ‘Red Book Valuation’) This is designed to report upon the market value of the property, taking into account the overall state of the property. The report is restricted to a summary description of the property together with a value appraisal. No advice is given on the property’s condition. These reports should be undertaken by a RICS Registered Valuer. These reports are often ordered for various reasons, including probate applications, matrimonial matters, tax assessments and private sales.

What level of Survey do I require?

McCartneys offer differing levels of surveys, the type you need depends on the condition and age of the property and how much you decide to spend.

Condition Report (RICS Survey Level 1)

This is the most basic of surveys and provides a traffic light system to state the condition of various parts of the property. With Green being ok, Orange having some concern, and Red being serious repairs are vital. This survey complements the mortgage valuation but does not include any advice nor a valuation.

Homebuyers Report (RICS Survey Level 2)

This survey is suitable for conventional properties and newer homes. This report describes the general condition of the property, identifies any risks or legal issues and highlights any major defects. The structure of this report uses a simple ‘traffic light’ scale to outline all elements of the property.

The report aims to help you make a reasoned and informed decision on whether to go ahead with buying the property, make an informed decision on what is a reasonable price to pay, and consider what further advice you should take before committing to purchase the property

Building Survey (RICS Survey Level 3)

Also known a Structural Survey this is the most detailed type of survey. This is recommended if your property is large, old, has some disrepair or has unusual features. Guidelines also recommend this survey if you plan any significant renovations or alterations.

You will receive a very detailed report with advice on visible faults, potential hidden defects. The report will also tell you the types and advice on costs of repairs that are needed.