Surveys

HomeBuyer Survey

The RICS HomeBuyer Survey is a report on a residential property, carried out by a RICS surveyor, which lists all of the property’s internal and external items.

The HomeBuyer Survey is not as comprehensive as a Building Survey, but is more detailed than a Condition Survey or Mortgage Valuation.

Carried out by one of our highly experienced, qualified RICS surveyors, the report will consider the external and internal elements of the property, detailing any faults with the property and any impact on the value they may have, as well as offering advice on repairs, maintenance and average cost to resolve the issues.

The HomeBuyer Survey is ideal for modern properties and those that are in reasonable or good condition, where there are no obvious problems. For properties that are older, listed, non-standard or require refurbishment, a Building Survey is recommended to discover and highlight any potential issues with the property.

What’s included in a HomeBuyer Survey?

The overall structure of the property to ensure there aren’t any major issues, such as subsidence.
Damp – the surveyor will damp test the walls to ensure no damp is present, and confirm that damp proofing is present.
Drainage
Insulation
Timbers – checking for any woodworm or rot
Pipes and gutters
Ceilings, roofs and walls
Bathrooms and kitchens
Windows and doors
Heating – electric, gas or oil
Water services
Conservatories
Any permanent outbuildings within the property’s boundaries

Leasehold Valuations

There are a variety of reasons why a valuation may be needed on a leasehold property. It could simply be that the property you are intending to purchase is a leasehold property. Alternatively, a survey is required to extend the lease or purchase the freehold.

The majority of flats, maisonettes and apartments are leasehold, i.e. the ground the building sits on is owned by someone other than the owner of the actual home, although some houses can also be leasehold properties. Most mortgage lenders are reluctant to lend on a leasehold property with less than 85 years remaining on the lease.

What happens if less that 85 years remains on the lease?

The Leasehold Reform, Housing and Urban Development Act (1993) allows flat owners to legally extend their lease by 90 years, as well as a reduction in ground rent to “a peppercorn” (zero). The Landlord and Tenant Act 1987 also applies in some situations.

When there is less that 85 years remaining, the lease will need to be extended or ownership of the property will return to the freeholder. The shorter the lease, the more impact it will have on the valuation of the property.

Market Valuation

What’s included in a Market Valuation?

To ascertain the property’s accurate valuation, we base our recommendation on a variety of criteria including:

The property size and its location
The property’s condition and any obvious defects
The age of the property
The quality of the fixtures and fittings within the property
Any outside space, such as off-street parking, side access and garden/terrace
The property’s proximity to public transport and local amenities

When buying a property, it is wise to seek an accurate valuation of the property, rather than relying on estate agent comparisons, online calculator tools, or your own gut feeling.

At Laurence Quilter, we provide professional Market Valuation surveys carried out by highly experienced, RICS-qualified surveyors.

A Market Valuation, also known as a house or property valuation, is an estimate of a property’s true value in the current market.

The Market Valuation report summaries a property’s overall condition, its size and location, to provide an accurate assessment of the current market value of the property. The valuation survey does not detail any defects, or cost estimations on any repairs that may we required.

Party Wall Surveys

When properties are situated close together, or adjoining at some point, when one property owner wishes to make alterations to their property that could affect the neighbouring property, it is wise to seek consent from the adjoining property owners. When consent is not obtained and the parties are deemed to be “in dispute”, the Party Wall Act 1996 comes into effect and surveyors are appointed to conduct Party Wall Surveys to work towards resolving the dispute by what is called an “Award”, also known as a Party Wall Agreement.

The Party Wall Act 1996 covers three specific types of work to properties:

Pre-Auction Services

There is a growing popularity for buying a property at auction. There are also a host of stories where it has gone horribly wrong.

At Laurence Quilter, we provide Pre-Auction Surveys to ensure that the property you are planning on buying at auction won’t leave you with any nasty surprises.

Whether you are an property auction first-timer or an experienced buyer, we will provide a Pre-Auction Survey that is tailored to your needs, and recommend if it is the right property for you.

When buying a property at auction, there is a limited amount of time to get a survey done and make an informed decision whether to go ahead and try to purchase the property. Depending on the condition of the property, we would recommend either a HomeBuyer Survey or a Full Structural/Building Survey is conducted.

We will inspect property prior to auction, on your behalf, including any surrounding ground, outbuildings and the area, advising on whether it is our recommendation to go ahead or not. In addition, if you need any help with costings or on building control matters, take advantage of our comprehensive range of Pre-Auction Services.

Reinsatement Valuation

A Reinstatement Valuation is not the same as a Market Valuation. It is the cost to reconstruct a property, not what the current value of the completed property.

A Reinstatement Valuation is required for an accurate valuation for building insurance purposes. Most mortgage lenders require building insurance prior to lending.

You may also need a Reinstatement Valuation conducted by one of our highly experienced, qualified surveyors if you are making a substantial insurance claim, such as fire, subsidence or flood damage. The appointed Loss Adjuster may ask you to appoint a surveyor, or you have the right to appoint your own surveyor, who will work on your behalf with the insurance company.

A Reinstatement Valuation is often required by insurers and is a valuation of the amount it would cost to ‘reinstate’, or rebuild, the property from scratch should it be destroyed, i.e. by fire. The valuation includes work such as:

For more information on Reinstatement Valuations, to discuss your requirements in more detail, or to book an appointment with one of our experienced Reinstatement Surveyors, contact us.