Mortgage Options Hull
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Surveying

Codys Estate Agents & Lettings use a number of local surveyors to carry out surveys, we can advise on which company we think you should use as we are totally independent. Purchasing a property to live or work in is the most significant financial commitment most people make in their lifetime, yet 80% or so purchasers do not commission an independent survey.

Admittedly a survey may cost several hundred pounds at a time when money is tight, but it will almost certainly draw your attention to defects that you didn’t know existed or the seriousness of which you may not have appreciated.

These defects may require considerable immediate or future expenditure, or in the extreme make a property virtually impossible to sell. Suddenly a modest investment in a survey becomes money well spent.

You are buying a new home and will probably need one of the following three choices:

• “Valuation survey” not a survey(cost approx £100 - £250)
• “Homebuyer survey and valuation” (cost approx £250 - £1000)
• “Building survey” (cost approx £500 - £1500)

Many homebuyers are uncertain as to what they need. In purchasing a property you are about to make a very large investment and with this in mind a comprehensive " Building survey may be the safest choice. However, this will cost more money than a simple "Valuation survey" which may only be the minimum requirement to obtain a mortgage. A "Homebuyer survey and valuation" may be a good compromise and may save some money (or maybe not?).

RICS - CHOOSING BETWEEN SURVEYS

Background Information and Advice from the Royal Institution of Chartered Surveyors and The Incorporated Society of Valuers and Auctioneers

Why do I need my own Surveyor?

The best way to reach an informed decision on such an important investment as a home is to have a professional survey and valuation of the property which interests you. Before you decide to go ahead and commit yourself legally, you can minimise the risks by asking a qualified surveyor to answer these questions for you:

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 renegotiate 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 and ISVA 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 their 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 and 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 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.

What else should I know about the Homebuyer Service?

The Service--the inspection, the report and the valuation--are all explained in detail in the accompanying description of the Homebuyer service but the highlights are:

This is an economy package. Because of the practical limits on the type of property and on the scope of its coverage, the Homebuyer Service is Priced mid-range--more expensive than a Mortgage Valuation, but less than a Building Survey.

The surveyor's main objective in providing the Service is to assist the prospective homebuyer to:

• make a reasoned and informed judgement on whether or not to proceed with the purchase, assess whether or not the property is a reasonable purchase at the agreed price, be clear what decisions and actions should be taken before contracts are exchanged

The surveyor also gives his or her professional opinion on the particular features of the property which affect its present value and may affect its future resale.

The concise report covers the building inside and outside, the services and the site. It focuses on the defects and other problems which in the judgement of the surveyor are urgent or significant, but it also covers:

• the general condition and particular features of the property, particular points which should be referred to the client's legal advisers, other relevant considerations concerning. For example, safety, the location, the environment, or perhaps, insurance.

Matters which are judged to be not urgent or not significant are in general not included in the report, but the surveyor will mention matters judged to be both helpful and constructive.

Where the client has a particular concern - perhaps whether the property is suitable for a disabled person - the surveyor will keep this in mind during the inspection. Or, a specific addition to the service - perhaps to the standard inspection - may be agreed between client and surveyor.

Where necessary, the surveyor may also be able to provide some extra service which is outside the scope of the standard package - perhaps providing a schedule of minor defects (for later discussion with a contractor), or arranging for testing of mains services by suitably qualified specialists.

Where the client should take some action before deciding to purchase, this is signaled clearly in the text of the report and included in the summary of action and other key considerations.

The main features of the Homebuyer Service are compared below with those of a Building Survey;

For more information on surveys, please read the following advice from the Royal Institution of Chartered Surveyors (RICS) www.rics.org .