Valuations on residential property are required for a variety of purposes including mortgage, re-finance, probate, dispute resolution and expert witness. Our 4 Chartered Surveyors are all RICS Registered Valuers and are able to undertake valuations for all purposes on all types of residential property, including development sites.
A house purchase is likely to be the biggest purchase you make in your lifetime. It is therefore advisable that before you are legally committed to a property purchase, that you instruct a RICS qualified Surveyor to carry out an independent survey on your behalf.
In addition to confirming that the price being paid is in line with market value, the report can help to identify any structural issues or urgent items of repair that require attention, giving you the necessary assurance prior to progressing which is not always required as part of a mortgage valuation. Commissioning a survey is an economical way to avoid unpleasant and costly surprises when you take ownership and allows you to understand any existing defects and provides some leverage for re-negotiation of the price.
An RICS Level 1 Home Survey, previously called a ‘Condition Report’, describes the condition of the property, identifies any risks and potential legal issues, and highlights any urgent defects. Typically the lowest-priced survey, it is aimed at conventional properties and newer homes. It will note defects in the property but will generally not provide advice on how to manage those defects.
Choose an RICS Level 1 Home Survey:
Previously called a ‘Home Buyer Report’ or ‘Home Buyers’ Survey’, an RICS Level 2 Home Survey is most suitable for conventional properties that are in reasonable condition and are simple in form and layout (for example, a property that does not have multiple alterations or extensions). The report gives you more detailed information about the property, and ideas about future repairs or maintenance that may be required. Level 2 can be a survey only, or a survey and a valuation:
1. Level 2 Home Survey (survey only) includes all the features of the Home Survey Level 1 and more extensive roof space and drainage chamber inspection. It includes advice on defects that may affect the property and what maintenance or repairs may be required.
Choose an RICS Level 2 Home Survey:
2. Level 2 Home Survey (survey and valuation) includes all the features of the RICS Level 2 Home Survey, plus a market valuation and insurance reinstatement figure, to help you avoid under- or over-insurance.
Choose this option:
An RICS Level 3 Home Survey is the most comprehensive survey report. It was previously known as an ‘RICS Building Survey’. It provides you with an extensive, in-depth analysis of the property’s condition and includes advice on defects, repairs and maintenance options.
Choose an RICS Level 3 Home Survey:
For the Level 2 and Level 3 RICS Home Surveys, each of the building elements e.g. roof, walls, ceilings, floors, drains etc is described in terms of its type and construction and as a new innovation will be given a condition rating which makes it much easier for the homebuyer to assess the severity of any issues raised.
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