What ForeSite Surveyors Can Do For You
Jon Graham has considerable experience in the valuation and survey of both residential and commercial properties in the South Wales area, including:
Market Valuation
This type of valuation normally involves a brief inspection of the property to establish the type and condition of the property in order to reach a valuation figure. Similar to a Mortgage Valuation, this level of valuation and report will include a description of the property, its construction, accommodation and services and a market valuation figure. This type of service suitable for a variety of purposes including:
- Marketing or purchase
- Transfer of ownership
- Probate or inheritance purposes
- Matrimonial mediation purposes
- Capital gains tax liability
- Council tax disputes
- Expert witness reports for valuation disputes.
This type of report is intended to be relied on for condition of structural defects.
Reinstatement Valuation
This type of valuation is intended for to give an indication of the rebuilding cost of a property for insurance purposes based on the BCIS Cost index.
Mortgage Valuation
This type of report is normally instructed directly by the lending institution and contains a Market Valuation and Insurance Reinstatement Cost, in order for them to assess the suitability of a property for loan security purposes. This level of report is not a survey and does not go into any detail about the condition of the property.
Through our association with Allied Surveyors, we are able to undertake Mortgage Valuations for a wide range of lending institutions.
RICS Condition Report
Soon to be released, the Condition Report is a brief report which, using the traffic light system, will give you an overview of the property, its construction and any significant defects. This type of report will cover all elements of the property and will include a list of considerations for your legal adviser and risks.
This level of report is an interim report which will provide more information than the mortgage valuation but will not go into the depth of a HomeBuyer Report.
RICS HomeBuyer Report (HBR)
Written in plain English and using a traffic light coding system, the HBR is a comprehensive report which describes each section of the property and highlights any defects found during the course of the survey.
The HBR also includes a valuation and a reinstatement cost for insurance purposes and allows a purchaser to make a rational and informed decision on whether to go ahead with buying the property, what is a reasonable price to pay for the property and what special advice should be sought before exchanging contracts.
The HBR can also be of benefit to home sellers who wish to know the condition of their property prior to placing it on the market. The HBR can make a seller aware of any issues which may hold up a sale and establish a realistic selling price based on the surveyors opinion of market value.
Schedule of Condition
A schedule of condition relates to commercial properties and is attached to a lease. The report provides a snapshot of the condition of the property prior to the start of a lease in order to protect both the landlord and tenant at the end of the lease. Looking at each building element, the report will provide a brief description of the construction and will highlight any item of disrepair.
A photographic schedule is also attached.