CHOOSING BETWEEN SURVEYS
Background Information and Advice from the
Royal Institution of Chartered Surveyors
Why do I need my own survey?
The best way to reach an informed decision on such an important investment as a home is to have
a professional survey of the property which interests you.
Before you decide to go ahead and commit yourself legally, you can minimise the risk by asking
a qualified surveyor to answer these questions;
Is the agreed price reasonable?
Are there drawbacks I don't know about?
If so, what do I need to do about them?
Commissioning your own survey is the simple, economical way to avoid unpleasant - and perhaps
costly - surprises after moving in. In some cases the Surveyor's report may enable you to re-negotiate the price.
I already have a Mortgage Valuation report....
Even if you are seeking a mortgage - and may be paying for a Mortgage Valuation report - it
is still advisable and prudent to arrange a survey by your own surveyor. The Consumers Association Which? magazine
and the Council of Mortgage Lenders both give this advice.
The reason is simple: the Mortgage Valuation report is prepared for the lender - not for
you, the borrower
It answers only the lender's questions concerning the appropriate security for your loan. You cannot rely on it to answer the questions which concern your personal interests.
What choice of surveys do I have?
RICS members also offer two forms of survey which are specifically designed to help homebuyers:
A Building Survey
(formerly called a structural survey)
A Building Survey is suitable for all residential properties and provides a full picture of their construction
and condition. It is likely to be needed if the property is, for example, of unusual construction, is dilapidated or has
been extensively altered - or where a major conversion or renovation is planned.
It is usually tailored to the client's individual requirements. The report includes extensive technical information
on construction and materials as well as details of the whole range of defects, major to minor.
The Homebuyer Survey & Valuation
(Usually called "The HOMEBUYER Service")
By contrast "The HOMEBUYER Service" is in a standard format and is designed specifically as an economy service.
It therefore differs materially from a Building Survey in two major respects.
It is intended only for particular types of home: houses, flats and bungalows which are:
conventional in type and construction
apparently in reasonable condition.
It focuses on essentials:
defects and problems which are urgent or significant
and thus have an effect on the value of the property-although it also includes much other valuable information.
The HOMEBUYER, unlike a Building Survey, provides not only a survey but also a valuation as an integral part
of the service.
We are grateful to the Royal Institution of Chartered Surveyors,
for allowing us to publish the above extracts. Further background information and advice can be found on the RICS web site.
(http:/www/RICS.org)
