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SURVEYS EXPLAINED

Why should I have a survey?

Buying a home is a very important investment decision. The only safe way of reaching an informed decision is to have a professional survey and valuation. Before you commit yourself, legally, to the purchase you can minimise any risk by asking Nichols Surveying to answer these questions for you:

• Is the agreed price reasonable and does it reflect the condition of the property?
• Are there problems/defects/drawbacks that I don't know about?
• If so, what do I need to do about them?
• Should I even buy the property?

Having your own survey is the simple and economical way to avoid unpleasant (and perhaps costly) surprises after you move in. In some cases the surveyor's report may help you to renegotiate the price.

But I already have a mortgage valuation

You have your mortgage offer and probably also a copy of the report prepared for the lender following a brief inspection by the valuer. It is still advisable and prudent to arrange your own survey, by your own surveyor. The Consumers' Association, Which magazine and The Council of Mortgage Lenders all give this advice. Also most lenders incorporate a warning notice at the bottom of the Mortgage Valuation Report urging borrowers to obtain their own detailed survey report before committing themselves to the purchase.

The reason is simple - the mortgage valuation is for the benefit of your lender - not for you, the borrower. It answers only the lender's questions relating to the security of the property for loan purposes. You cannot rely upon it to answer the questions that concern your personal interests. It also may not disclose significant defects.

What choice of surveys do I have?

Nichols Surveying offers four types of surveys and valuations, at competitive prices, which are always undertaken by a Chartered Surveyor and are specifically designed to help home buyers and existing property owners. These are: MARKET VALUATIONS and RICS HOME SURVEYS: LEVEL 1 (previously or otherwise referred to as The RICS Condition Report), LEVEL 2 (previously or otherwise referred to as The RICS Homebuyer Report) and LEVEL 3 (previously or otherwise referred to as a Building Survey or Structural Survey) as explained below....

VALUATIONS

Essentially, a valuation report is a limited document which is designed to give a valuation opinion with only an overall comment on the condition of the property which may include the identification of essential repairs that need to be carried out in order to preserve value.

This is a form of report that is typically provided to mortgage lenders following only a brief inspection by the valuer. Prospective purchasers should be aware of its limitations in that it is not a building survey or a schedule of disrepair and therefore should not be totally relied upon. It is still advisable and prudent to arrange your own survey, by your own independent surveyor.

RICS HOME SURVEY LEVEL 2

(previously or otherwise referred to as The RICS Homebuyer Report)

This is in a standard format and is designed specifically as an economy service. There are 2 options – with or without a valuation.

The Survey Level 2 differs materially from the Survey Level 3 in several respects:

It is intended for particular types of properties only e.g., houses, flats and bungalows that are:

• Conventional style and construction.
• In reasonable condition.
• Of an age, type and size that does not warrant a Survey Level 3.

It identifies what the surveyor considers to be the most important issues. By applying condition ratings to elements of the building, services and permanent outbuildings, the surveyor will tell you whether defects are serious or urgent. It may also include an opinion of market value and reinstatement cost (valuation option only). It focuses on matters that, in the surveyor’s opinion, may affect the value of the property if they are not dealt with. The report also includes other valuable information.

What else should I know about the SURVEY LEVEL 2?

The service - the inspection, report and valuation - are all explained, in detail, in The Description of the Survey Level 2 Service.

The main features are:

It is an economy package. Owing to the practical limits of the type of property and the scope of its coverage, the Survey Level 2 is priced economically - more expensive than the lender's mortgage valuation, but less than the Survey Level 3.

The surveyor's main objectives are to assist the client:

• In making a reasoned and informed judgement on whether to proceed with the purchase or not.
• Assess whether or not the agreed price is reasonable (valuation option only) and take account of any repairs or replacements the property needs.
• Be clear as to what decisions/action should be taken before exchange of contracts.

The concise report covers the inside and outside of the building, the services and the site and includes:

• The general condition and features of the property.
• Particular matters that should be referred to the client's legal advisers.
• Other relevant considerations i.e., safety matters, location, environment, energy performance etc.
• Condition ratings for elements of the structure, the services and permanent outbuildings.
• Specific risks associated with the property.

Any defects that the surveyor considers do not need repairing or replacing, or any minor matters that do not affect the value of the property, are generally not included in the report.

RICS HOME SURVEY LEVEL 1

(previously or otherwise referred to as The RICS Condition Report)

• A clear and concise report that provides a "snapshot" of the condition of the property and is suitable for owners, buyers and sellers seeking an objective report at an economic price.
• It summarises the key risks and individually rates the various elements of the property using an easily understood colour coded, traffic light system.
• In brief, it is a survey report that provides important guidance at an affordable price and is primarily designed for houses, bungalows and flats that are conventional in type and of traditional construction. It is better suited to more modern properties.
• It is less comprehensive than the Survey Level 2 or the Survey Level 3 but includes more detailed commentary upon the condition of a property than a valuation does.

RICS HOME SURVEY LEVEL 3

(previously or otherwise referred to as a Building Survey or Structural Survey)

The purpose of the Survey Level 3 is to give a professional opinion on the structure and condition of a property. As such, it is a much more detailed document in comparison to the Survey Level 2.

The Survey Level 3 is suitable for all types, size and age of residential properties and provides a full picture of the construction and condition.

It can be designed to suit your own specific needs and is likely to be needed if the property is unusual, dilapidated or has been altered extensively or if you are planning alterations yourself.

The report will often include technical information and photographs and will detail both major and minor defects.

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