FAQ's for FAQ for Surveys
Why have a survey?
Why have a survey?
When purchasing a property, people often ask the question ‘why should they have a survey?’. The answer can depend a lot upon the type of property they are purchasing but, regardless of property, the answer should always be that it is a worthwhile objective view of the property, in particular, if only because purchasing a property is such a large investment.
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Why have a survey?
Why have a survey?
When purchasing a property, people often ask the question ‘why should they have a survey?’. The answer can depend a lot upon the type of property they are purchasing but, regardless of property, the answer should always be that it is a worthwhile objective view of the property, in particular, if only because purchasing a property is such a large investment.
It is often the case that a decision is made about buying a property based on 10-15 minutes of viewing and the investment is probably the largest single purchase that many people make.
The surveyor approaches the property with a completely different viewpoint. The surveyor is looking for defects that may affect the value of the purchase or whether or not the purchase should go ahead. Although this may appear to be a negative viewpoint, this does enable the surveyor to approach the prospective property differently. Some items which individuals may consider quirky or the estate agent may describe as ‘added character’, the surveyor may see as reducing value or particular maintenance issues.
Certainly, with period properties and properties that are over 40 years old, problems can develop which will greatly affect the value and both the running costs and other maintenance costs of living in that property.
As surveyors, we are always mindful that the property must have been attractive enough to warrant the interest of an offer for purchase and we see our role to provide the security of mind that the offer has been sensible and ensure that the building does not have any obvious defects.
What type of survey should I have?
Generally, the types of survey available can probably be reduced to 4 separate types.
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1. Mortgage valuation survey
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2. House Buyers Report
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3. Full survey
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4. Specific survey
Mortgage Valuation Survey
The Mortgage Valuation Survey is normally carried out by the Building Society. Many Building Societies and Banks have a select panel of surveyors they utilize for this purpose.
N J Lewis & Associates Limited are members of the Royal Institution of Chartered Surveyors and, as such, we may be able to carry out a mortgage valuation survey on your behalf. Generally, however, the Bank or Building Society will appoint their own choice of surveyor to undertake this work.
Homebuyers Survey
The Royal Institution of Chartered Surveyors are re-modelling the Homebuyers Survey and during the course of 2009-10, the revised report will be issued by RICS.
N J Lewis & Associates Limited prefer to supplement the RICS Homebuyers Survey and Valuation, with some photographs as an appendix to make the report more accessible. We try to ensure that the report we provide not only complies with RICS in relation to the Homebuyers Survey and Valuation but also is accessible for the non-professional person. Where defects are apparent to the property, we would seek to include a photograph of the defect to enable an easier understanding of the problems and costs associated with the defect. The Homebuyers Survey does not include indicate costs of repairs but we would generally spend the same amount of time on site gathering information for this report as we would have for a Valuation Survey.
The Homebuyers Plus Survey that is provided by N J Lewis & Associates Limited has proved to be the survey of choice of many homebuyers as it provides the security of the RICS Survey and Valuation whilst also providing a report that is accessible in plain English.
Full Survey
Where the property has known problems or is of considerable age, it may be appropriate to carry out a full survey.
At N J Lewis & Associates Limited, we normally provide a full survey to incorporate the RICS Homebuyers Survey and Valuation. We would then supplement this report with a number of separate appendices which would include specific information about defects that have been noted as well as comprehensive annotated photographs drawing attention to problems and possible future defects as well as general discussions about the manner in which the property has been developed.
Specific Survey
Sometimes, when there is a known problem within the property, the most appropriate survey to be undertaken will be a specific survey where the surveyor concentrates on the single aspect that is causing concern. N J Lewis & Associates Limited always approach this with a view to providing the best value for money for the individual situation and we will only provide a written report where we consider this to be necessary. We will charge an hourly rate for visiting site and providing a verbal report and in many cases, this can be adequate to resolve a problem. Written reports can be provided but the cost of the administration time in preparing the report can often be avoided if the issue causing concern can be easily resolved. Additional costs can be incurred if the survey results in a Court case or is related to a similar problem.
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