Can You Sleep at Night?
- asks Roger Conway, FRICS IRRV- Partner in Conways - Independent Chartered Surveyors
The single most important purchase that most people make in their life is the buying of their home, be it a flat, maisonette or house. Why then do so few purchasers comrnission either a full Building Survey (previously a Structural Survey) or an RICS Homebuyers Survey and Valuation Report.
Most purchasers rely on a Mortgage Valuation which has been prepared on behalf of the lending institution by a surveyor who advises the institution on the suitability of the property for mortgage purposes. Less than 25% of purchasers actually have a more detailed survey. However, the cost involved in having a fliller survey is relatively minor when taken in the overall context of the purchasing costs. Would you buy a second hand car and not have it properly inspected by the AA or another reputable mechanic?
There are two types of survey, over and above the standard Mortgage Valuation Survey that a purchaser can have. These are as follows : -
1. A Building Survey (previously known as a Structural Survey). This is a detailed survey of the building generally with a flill typewritten report advising the purchaser on all facets of the condition of the property ranging from the condition of the roof, walls and foundations etc to the condition of the interior including the services and fittings. A ft~ll inspection of the loft is also carried out.
2. The RICS Homebuyers Survey and Valuation Report. This is a slightly cheaper option which is not designed to report on every defect but details significant problems and generally advises on whether the property will prove to be a sound purchase.
It is important to have one or other of the above surveys carried out, particularly on an older property. Even on properties of more recent construction, including those built in the 1960's, 1970's, and early 1980's there may be defects in the design and materials used.
Whether you choose to have a full Building Survey or an RICS Homebuyers Survey and Valuation Report, it is money well spent, reducing the risk of major works having to be undertaken without your prior knowledge. Compared to the purchase price, the fees are comparatively minor, and the reports can often be used as a negotiating tool to obtain a reduction in the purchase price.
Think before you proceed to purchase a property to ensure that you get a good nights sleep.
53 Abbey Road
St. John's Wood
London
NW8 0AD
Tel: 020 7328 1330
Fax: 020 7328 0771 |
71-73 West Ham Lane
Stratford
London
E15 4PH
Tel: 020 8519 3939
Fax: 020 8519 8069 |
Email: enquiries@conways-surveyors.co.uk
Website: www.conways-surveyors.co.uk
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