Why do I need a house survey?
If you want a good understanding of the condition or value of a property, you should consider having a survey or valuation carried out by a Chartered Surveyor. This will:
Different kinds of survey can be carried out according to your budget and the level of detail required.
WHAT IF MY MORTGAGE COMPANY OR BANK IS DOING A SURVEY?
Purchasing a home is one of the biggest financial commitments you will ever make. Although your lender may undertake a market valuation, it is often the case that these are automated, or carried out from a desk rather than a physical inspection.
In such cases where an inspection is carried out, this is normally by a bank-appointed surveyor and includes only a brief assessment of whether the property is suitable security for lending purposes and if the agreed price is reasonable.
Level 1 Condition Report
This level of survey focuses solely on the condition of the property and is well suited for more modern properties of traditional construction that appear to be in reasonable condition. The survey looks at all building elements, identifying any repairs required. Where accessible, a head-and-shoulders inspection of the roof space will be carried out, as well as localised tests for damp.
Level 2 Survey
This is a very popular level of survey suitable for properties built from 1900 onwards, which are of standard construction. The level of inspection is more detailed than the Level 1 Survey. Advice on repairs and ongoing maintenance is included and there is also an option for an independent market valuation and insurance reinstatement valuation.
These are benchmarked against the RICS Home Survey Standard.
We are now able to offer more detailed high level photographic inspections.
MARKET VALUATIONS
RICS (the Royal Intuition of Chartered Surveyors) uses the following definition of market value:
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”
At Foresite Surveyors, market valuations are carried out in accordance with the RICS Valuation – Global Standards (often referred to as a Red Book Valuation) by an RICS Registered Valuer. The level of inspection is similar to that which would be expected for a mortgage valuation.
