Buying a property is an expensive process. Professional fees, such as solicitor’s costs and estate agents fees can seem huge and it is only natural to try and save cash where you can.
Unfortunately all too often, people try and save money by relying on the Mortgage Valuation, assuming that it will highlight any issues with the property. This can be a serious false economy and money spent on a qualified Chartered Surveyor is rarely money wasted.
If you’re using a mortgage to help buy a property then the mortgage lender will insist on sending a valuer to assess the property. They may charge you for this or it might be included within your mortgage. Either way, this property valuation is commissioned for the benefit of the lender and it is purely to assess whether their loan is safe and that it could be recouped if ever required.
The Valuer is not obliged to reveal any issues to you and the valuation is unlikely to give you any sort of detailed assurances about the property. You cannot even speak to the Valuer, despite the fact that you may have paid their fee.
For true peace of mind you should commission your own survey by a Chartered Surveyor. If you commission a survey it is yours to keep and you may find that the report highlights a building defect that you were not aware of. If this does happen you may no longer want to buy the property; better to discover that a house is subsiding before you sign on the dotted line!
Alternatively, if your survey uncovers a defect that doesn’t necessarily put you off purchasing the property but will incur costs to remedy, then you will be well placed to re-negotiate with the seller. Your Chartered Surveyor will be happy to help and advise you on this process
There are a variety of different options available depending on your budget and the property age and condition. All of these surveys are governed by the Royal Institute of Chartered Surveyors
1) Condition Report. This is the most basic RICS report which is suitable for smaller or newer properties. The report will summarise the condition and defects. It will not include a valuation or estimate to repair. It will not diagnose defects nor offer advice on repair /maintenance.
2) HomeBuyer Report. This is the most popular report for homebuyers and is suitable for most standard construction properties less than 150 years old. It is a complete diagnostic survey of the property including diagnosis of defects, advice on repairs and maintenance and a market valuation.
3) Building Survey. This is most suitable for old, dilapidated, large or unusual properties. This is the most detailed report containing a full structural survey and the option of including a market valuation.
Andrew Kempston-Parkes is a Harrogate based Chartered Surveyor whose local property knowledge is second to none. Call Andrew for a no-obligation consultation over the phone, so that he can advise you on the best route forward.
Andrew Kempston-Parkes, MRICS Tel: 01423 789 111 Mobile: 07791 505 116
e-mail andrew@kempston-parkes.co.uk or visit www.kempston-parkes.co.uk
