A report and valuation is normally requested by building societies and banks who fund your property purchase. In Scotland it is normal for a valuation or a survey to be carried out prior to making an offer.
If you are obtaining a mortgage then your funder will require a valuation by one of their panel Surveyors for their own purposes, to ensure that it the mortgage is unpaid, then the outstanding amount of the mortgage will be covered. Jonathan Berney Consultant Surveyors and Valuers are panel Surveyors for the majority of lending institutions within the UK.
If you are paying cash for a property and are not seeking a mortgage you may wish to commission a valuation report to ensure that the purchase price is reasonable and that any major defects are identified by the valuer.
Valuations are also required during matrimonial and joint ownership disputes, for capital gains tax purposes, and probate. Certificates for the court of protection are regularly prepared by our Surveyors within the Professional Services Department who are able to carry out all of these valuations.
The Royal Institution of Chartered Surveyors (RICS) homebuyer service is in a standard format and is designed specifically as an economical survey and is a cost-effective way to minimise risk.
The homebuyer report focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property. The homebuyer report, unlike a building survey, provides not only a survey but also a valuation as an integral part of the service.
This type of report is more detailed than the mortgage valuation, which most people choose to commission, and is normally instructed by residential purchasers for the own use, in order for them to:
Our Surveyors will also provide a professional opinion about the particular features of the property which affect its present value and may effect its future re-sale.
The report format is standard, compact, and easy to understand. It covers the building inside and outside, the services and the site. It focuses on the defects and other problems which the Surveyor judges to be urgent or significant and also covers the following:
Matters which are judged not to be significant are generally not included in the report. Though where necessary, the Surveyor may also be able to provide an additional service which is considered outside the scope of the standard package, perhaps for a schedule or minor defects for later discussion with a contractor.
Internally, the condition of service installations, such as wiring and drainage and central heating, will also be examined but not tested.
The building survey used to be called a structural survey and is the most detailed of the three reports. There is no standard form but all surveyors have developed their own detailed report format. The Surveyor will examine and report on chimney pots and stacks, the roof cover, soffits and fascias, gutters and downpipes and look at all external walls to see if there is any current evidence of settlement or subsidence.
Our Surveyors will examine windows and external timbers and endeavour to identify a damp proof course. He will lift inspection chambers to examine the drain runs, advising on the necessity or otherwise of a drains test if there is a visual evidence within the inspection chamber or around it, or on the building, of drainage problems.
The Surveyor will also examine the site, identifying any visually apparent problems with the boundaries. He will also advise if he considers that trees represent a threat to the stability of the building.
Inside the property the Surveyor will go into the loft, if access is available, to inspect the structure of the roof, the insulation, any water installation and examine chimney stacks, checking if there is adequate support. The composition of ceilings may be noted together with the condition of any wiring found within the loft.
Our Surveyors will then examine the underside of the ceilings and check for signs of movement which may indicate roof spread, and then inspect all internal walls to see if there are any signs of settlement or subsidence. The Surveyor may recommend immediate remedial action, or monitoring of cracks within internal and external walls.
A damp test will be carried out to accessible ground floor areas. This can give an indication of whether subfloor timbers which are not usually inspected where there are fixed floor coverings, or if floor boarding has not been lifted, are at risk from dry or wet rot problems.
Our Surveyors will then inspect timbers, plumbing, electrics and heating. If there are obvious problems here he may recommend specialist reports. The report may culminate with a schedule of repairs on a separate page which you can hand to a building contractor to obtain a quotation for any works necessary before you exchange contracts on the property.
The building survey can include a valuation on the property, and a reinstatement value. The Professional Services Department of Jonathan Berney Consultant Surveyors can discuss these various options open to you.