Best Value U.K. Ltd - Buying Land & Property

Surveys are designed to give you the information you need to make an informed and sensible offer on your future home. We and the relevant professional organisations strongly advise you to obtain a survey before you make an offer to buy any property. You must not rely on a valuation report only.

Valuations
A valuation is an inspection carried out on behalf of your mortgage provider in order that they can decide the amount and terms of your mortgage offer. Your mortgage lender will probably ask you to pay for the valuation and should send you a copy of the report.

A valuation is not a survey. It is a limited inspection to identify problems that could affect the security of your mortgage lender's loan. A property can have defects that are critical for a prospective buyer, but are not of concern to the mortgage lender and therefore may not appear in a valuation report. That's why you should not just rely on the information provided by a valuation when deciding whether or not to purchase a property.

Surveys
You should have a survey carried out on the property you intend to buy and carefully consider its results before entering into a contract to buy. Depending on the seriousness of any defects and the costs of necessary repair work, you could try to renegotiate the purchase price to reflect the cost of those repairs in your offer or decide not to purchase the property at all.

Surveyors should comment on all parts of a property that are readily accessible but they are not obliged to inspect areas that are difficult to access. They won't lift carpets, shift furniture, use a ladder to inspect the roof or move items stored in the loft.

Similarly, since most surveyors are not experts in electrics or plumbing, they won't test services such as the wiring and water supply. However they may comment on their condition. Where necessary, surveyors will recommend that an expert examination be carried out.

The Homebuyers Survey and Valuation Report (HSV)
A HSV is a service carried out to a standard format and designed for properties built after 1900, which are of conventional construction and in reasonable condition.

An HSV includes the following information:

The properties general condition.
Any significant defects, in accessible parts of the property, which may affect its value.
Urgent and significant matters that need assessing before entering into exchanging contracts (or before making an offer in Scotland) including recommendations for any further specialist inspections.
Results of testing walls for dampness and timbers for damage including woodworm or rot.
Comments on the existence and condition of damp-proofing, insulation and drainage (although the latter will not be tested).
The recommended reinstatement cost for insurance purposes (the anticipated costs of re-constructing a building in the event of damage by an insured risk eg. Fire). This is not the same as the market value of the property.
The value of the property on the open market.

An HSV is not a detailed survey of every aspect of the property and focuses only on significant and urgent matters. It's not suitable for properties built before 1900, those in need of renovation or that you are planning to extend.

Building Surveys
A building survey involves a detailed examination of all accessible parts of a property and can be tailor-made to suite your individual needs and concerns.

A building survey includes the following:

All major and minor faults.
The implications of any defects and possible cost of repairs.
Results of testing walls for dampness and timbers for damage including woodworm or rot.
Comments on the existence and condition of damp-proofing, insulation and drainage (although the latter will not be tested).
Extensive technical information on the construction of the property and details about material used in construction.
Information on the location.
Recommendations for any further specialist inspections.

A building survey does not include a valuation, although your surveyor should be able to provide a separate valuation report if required.

What Do You Want To Find Out From Your Survey?
Before the survey talk to your surveyor about any specific information you would like to know, for example whether or not it would be feasible to make any structural alterations. You should also mention any specific areas for investigation, such as testing the drains or checking for woodworm. If your surveyor isn't qualified to do this, they should be able to arrange for another specialist to do so.

Make sure you fully understand what is and isn't automatically included in the survey. Read the terms and conditions carefully, and double check with your surveyor if you are unclear about anything.

The Costs
The cost will depend on what type of survey you need. Prices will differ according to the type and value of the property, its size, age and the complexity of the survey. If a valuation survey is being arranged on your behalf, perhaps by a bank or building society, they may charge an administration fee for this service. You are entitled to know the amount of the fee being paid to the surveyor and the amount being retained by the lender.

The Unique BVUK Survey Service
Acting independently for the purchaser we can provide a full survey, priced schedule of defects, photographic record, log book and negotiation. Not only will this in all probability save time and money, but also you will certainly be aware of the potential problems and associated costs before negotiating to buy. We are not aware of any other person or organisation offering the same service package, but then like our fees, we are BEST VALUE. If you need a valuation or survey and would like a quote from Best Value U.K. Ltd. then please fill in our straightforward and secure on-line quotation request form...