Property Surveys and Valuations
What are valuations and surveys?
Valuation
Jenner Jones are RICS Registered Valuers
A valuation is an inspection carried out on behalf of your mortgage lender to determine the amount and terms of a mortgage offer. Your mortgage lender will probably ask you to pay for the valuation and will send you a copy of the report.
A valuation is not a survey but a limited inspection to identify problems that affect the security of your mortgage lender's loan. A property can have defects that are critical to a prospective buyer but are not of concern to the mortgage lender and therefore would not appear in a valuation report. That's why you should not just rely on the information provided by a valuation when deciding whether or not to purchase a property.
Whether for building societies and banks or for probate and personal use we provide a valuation service throughout London and the South East. We use a wide data base to give up to date valuations and can give advice on past and current trends in property values.
Our property valuations are not a comprehensive survey of buildings - we provide general advice on the property's condition, location, size and market value. We can also advise on rebuilding costs for insurance purposes.
Surveys
You should have a survey carried out on the property you intend to buy, and carefully consider its results before entering into a contract to buy it. Depending on the seriousness of any defects and the costs of necessary repair work, you could try to re-negotiate the purchase price to reflect the cost of repairs or decide not to purchase the property at all.
There are two types of survey:
RICS Homebuyers survey and valuation (HSV)
An HSV is a service carried out to a standard format, defined by The Royal Institution of Chartered Surveyors. It is primarily designed for properties built within the last 100 years, which are of conventional construction and in reasonable condition.
An HSV includes the following information:
- The property's general condition
- Any significant defects, in accessible parts of the property, which may affect its value
- Urgent and significant matters that need assessing before entering into exchanging contracts (or before making an offer in Scotland) including recommendations for any further specialist inspections
- Results of any testing of walls for dampness
- Comments on damage to timbers including woodworm or rot
- Comments on the existence and condition of damp-proofing, insulation and drainage (although the latter will not be tested)
- The recommended reinstatement cost for insurance purposes (the anticipated costs of re-constructing a building in the event of damage by an insured risk eg fire). This is not the same as the market value of the property
- The value of the property on the open market
An HSV is not a detailed survey of every aspect of the property and focuses only on significant and urgent matters.
RICS Condition Survey
A RICS Condition Survey is a comprehensive inspection suitable for all properties but especially recommended for:
- All listed buildings
- Those built before 1900
- Any building constructed in an unusual way, regardless of its age
- Properties you are planning to renovate or alter in any way
- Properties which have already had extensive alterations
- A Full Condition Survey involves a detailed examination of all accessible parts of a property and can be tailor-made to suit your individual needs and concerns.
A RICS Condition Survey includes the following:
- All major and minor faults
- The implications of any defects and possible cost of repairs
- Results of testing walls for dampness and timbers for damage including woodworm or rot
- Comments on the existence and condition of damp-proofing, insulation and drainage (although the latter will not be tested)
- Extensive technical information on the construction of the property and details about material used in construction
- Information on the location
- Recommendations for any further specialist inspections
A RICS Condition Survey does not include a valuation, although we are able to provide a separate valuation report if required.
Specialising in domestic property surveys and valuations, we offer a range of services to suit our clients’ needs. Try our quotation request service or contact us directly for personal advice.
