What sort of residential property valuation do I need?
You should also ask if you using the right kind of residential property valuation? Don't rely on a mortgage valuation report - this is produced by a surveyor hired by a mortgage lender purely to ascertain if they will get their loan back on the house if it has to be sold suddenly for any reason. There is no full inspection, valuations are often based on drive-by surveys or even done remotely and derived from market trends and other statistics - fine for the lender, not for the borrower.
How will the surveyor check for damp?
The surveyor will use a damp meter and will check, in particular, immediately above all ground bearing walls to ascertain whether dampness from external ground level is penetrating into the building. If dampness is detected, then further investigations will be required. This would have to be arranged through the vendor to allow access to the sub floor to check on the condition of the timbers.
What are the risks of not getting a property survey?
- 1 in 4 of buyers face £1, 000s in unexpected costs in the first year
- According to the Royal Institution of Chartered Surveyors, 25 percent of home buyers who do not carry out a HomeBuyers Survey are forced to carry out unplanned works to the property after purchase.
- The average repair costs are more than £1,800 but can run into the tens of thousands if serious remedial work is required; e.g. underpinning.
Please let us know if you have any questions at all
How soon after inspection can I expect my report?
As standard, we will issue reports within 48 hours of the inspection of our inspection subject to payment being received.
Can I ask specific questions ahead of the survey?
We actively encourage clients to ask any questions in relation to the property that are of significance to them before we carry out our inspection. This is to ensure that the client receives the most benefit from a survey report. Typical questions asked are, is the loft space suitable for a loft conversion or a rear extension or do you think the neighbour is encroaching on my property.
When is the best time to get a survey done?
Property surveys should be carried out early in the legal process.
Tip: Getting a Building Survey post-offer could enable you to negotiate a price reduction once the legal work is underway. Either way, the survey should be carried out before exchange of contracts, i.e. once you have legally committed yourself to the purchase.
Unfortunately, the seller might pull out at any stage before exchange of contracts so you do run the risk of paying for a survey which you may not need, but you have little choice but to carry out a survey prior to exchange.