Patterson Francis and Associates Blog
Home Buyer Reports Offer Protection than Mortgage Surveys
Before you can purchase a property, mortgage lenders require an independent survey be conducted to determine the valuation. This helps them to decide how much they are willing to lend you based on the collateral the building offers. Buyers have to pay the cost of the survey but the documentation will be owned by the lender so if anything is missed in terms of the condition you can’t claim liability on the part of the surveyor.
With the cost of the mortgage valuation many buyers are better off paying slightly more and getting a full home buyer report or structural survey done. Both of these options provide more protection and mean the surveyor is liable if a full picture of the property’s condition is not provided. Each of them also takes a much closer look at the property so you’ll have more details to base your decisions whether to buy and how much to pay on.
The best surveyors conduct detailed reports and provide evidence because they could be liable for errors that aren’t found. This means they have the motivation to look at properties closely and do the best job they can. Parts of the property that aren’t looked at will be noted on reports and recommendations provided for additional checks and tests. Information about any repair work and a ranking of how urgent it is should be provided. Some providers also offer estimations for the repair costs.
We are committed to offering impartial property surveys and reports, and can offer you a full and comprehensive home buyer report in Reading or any of the surrounding areas. We can be on hand to examine a building at short notice and can have the report ready a short time after the site visit. We understand the importance of speed when it comes to buying a property, especially when it is in a high demand area, and will ensure we keep delays to a minimum.
All of our reports are presented in the standard RICS format. We follow professional guidelines at all times and strive to ensure we provide the best level of service possible. Make us your number one choice when you are in need of a suitable home buyer report in Reading.
Buying Surveyed Property
There are so many potentially undisclosed issues with properties that it is advisable you get a full survey done before you go ahead with a purchase. This offers the best possible protection and means you don’t buy a time bomb that will result in huge costs further down the line. From a casual look at a property it is almost impossible to get an accurate idea of the condition; the survey will help you to get a fuller picture. Even if you are confident of your assessment it is good to get a second opinion. As a professional building surveyor in Maidenhead, we can provide all the help you need to inform yourself before you go ahead and buy.
A recent study conducted by RICS asked 1,017 property buyers in the UK whether they got the property surveyed when they bought a home. Of the number a quarter didn’t, many of them to their regret further down the line. The most interesting finding is that 73% of the people asked got a survey simply for peace of mind.
Many of the most severe issues with a property cannot be seen by the untrained eye. Several of them will even be hidden by the fabric of the building and will only become apparent when the damage is extensive. Things like rising damp, wet or dry rot, inadequate roofing support and subsidence can go unnoticed for several years before they come to light and are incredibly costly to fix. The survey should find signs of these and ensure you know exactly what you are getting in to.
There are a few reasons people fail to get a building surveyed but the most common are the costs and the amount of value buyers perceive they offer. Some base their decision on the mortgage survey. It is important to remember that this is done at the request of the lender and won’t look at the property from your perspective; instead it only takes the value into account. By requesting your own examination of the building you ensure the surveyor looks at it with you in mind. Many providers even include estimations of repairs costs for you.
If you’re looking for a building surveyor in Maidenhead with a fantastic track record we are the company for you. We are experienced local specialists with an in-depth knowledge of the conditions properties in the area have to face. All of our surveys are delivered in RICS format and include an assessment of the severity of conditions. We promise the best value for money and look at structure in fine detail to give you the most accurate information we can.
Providing Premium Property Evaluations
Investment in a property is a monumental financial outlay, and it is crucial to obtain a full and detailed report concerning the condition of a property before you think about buying. A professional building surveyor can conduct a thorough assessment of a structure and furnish you with the comprehensive knowledge you need before you enter into any financial contracts. As a professional building surveyor in Slough, we can provide all the help you need.
Our service consists of a full inspection. We will check all the visible and accessible structural components. If you are considering the purchase of an older building, it is advisable to have it checked completely as they are more vulnerable to decline. It is vital to check the structural integrity of the property in order to identify any movement or other problems with the foundations and walls. A full survey also includes a roof inspection to determine the existing condition and locate any defects such as holes, cracks and leaks.
We will also look for any indication of woodworm and dry rot as well as search for any presence of damp and check all condensation levels. A visual inspection of gas, plumbing and electricity systems will be carried out, but safety tests are not included in the survey. We will fully examine all doors, windows and internal hinges. Driveways, paths and external structures such as fences will also be checked.
The point of the inspection is to discover any and all defects the property possesses. There are all manner of issues that can conceal themselves and present problems once you have taken possession which will inevitably lead to unwanted expense. It is our role to make sure that you avoid these pitfalls. Upon completion of your inspection you will receive a detailed and concise report highlighting any issues and an estimate of repair costs.
When in need of a reputable building surveyor in Slough and throughout the surrounding areas, we are the one stop solution. Every surveyor we recruit is a member of the Royal Institute of Chartered Surveyors. We believe in consistently updating our knowledge and replenishing our resources to deliver excellent standards of service.
Our comprehensive service includes mortgage valuations, home buyer reports and structural surveys. We offer professional guidance and every aspect of our work is underpinned by integrity. Contact us for advice and information and discover how we can help you make an informed decision that will save you valuable time and money.
Three Different Property Surveys Type
RICS (Royal Institute of Chartered Surveyors) is charged with the regulation and promotion of the highest standards within their industry. They have a very big role to play and accredit over 110,000 professionals in the UK, promoting the best in education, conduct and ethics. The organisation can be traced back to 1792 and the formation of the Surveyors Club.
One of the major roles RICS plays in the modern world is determining how properties are surveyed. In terms of homes this can be broken down into three different surveys; condition reports, home buyer reports and building surveys.
A condition report is the most basic and looks at the status of the property including highlighting any defects and offering legal guidance. This is typically the cheapest survey you can have done and is usually prescribed for newer homes and conventional properties.
The home buyer report includes everything the conditional one does, but with a number of extra useful details such as a market valuation. Where the condition survey only highlights defects, this one will assess how they affect the value of the property and how much they could potentially cost to repair and maintain.
The final option is essential for larger properties and older ones, particularly if you are planning any renovation or construction work on them. This is the most detailed survey of the three and includes a great deal of information. It is also the most expense of the three.
Buying a property without having any form of survey done is very risky. Even a simple conditional report can provide some extra measure of security although it is advised to get one of the other two so you can have as much information as possible.
If you’re planning on buying a property, we can provide you with a professional and skilled building surveyor in Reading to help inform you before you proceed. This will offer great protection for your money. Home buyer reports are useful because they will establish the value of the building and help to prevent you from overpaying. Additionally they will reveal much more about the condition of the structure than you can find in viewings. If you have any worries about the structure a building survey should be done. Contact us for further details about the services we can offer you.
Home Buyer Report is Needed
Whether they are moving from their existing property to a new one or purchasing for the very first time, many property buyers ask themselves is if they need a home buyer report. According to statistics, four out of five buyers do not have a full investigation of their new home carried out, which can lead to costly mistakes in the future. A lot of people believe that they do not need a report because of a variety of reasons, including the age of the property, local knowledge, and believing that their mortgage lender will do it for them.
However, this is simply not the case. Lenders only instruct surveyors to construct an accurate valuation of the property to make sure that they are not lending too much, impairing the ability to be reimbursed if the property is repossessed in the future. While some may go into further detail, it is too risky to rely solely on a valuation.
The National House Building Council (NHBC) is the UK’s first choice for new home warranties and many home owners believe that their new build will be protected with this, steering away from a report. In fact, the terminology is misleading as it is not a guarantee but a warranty only effective for the first two years after construction.
Unless you are buying a home directly from the developer, it is still recommended to include a home buyer report in your buying strategy. There are a variety of different surveys available for individual requirements and which one you select is entirely dependent on your specific circumstances. You can choose from:
– Building Survey: This provides a comprehensive report on the structure and is tailored to your property. It includes highlights of any defects that may be in the building, along with outlining maintenance and repair options that you should consider.
– RICS Home Buyer Report (HBR): This offers ratings on the condition of the property, details of urgent defects that need to be taken care of and legal advice. In addition, it also provides a market valuation and advice concerning anything that may decrease the value. HBRs sometimes include recommendations regarding ongoing maintenance too.
When you come to us for a home buyer report in Maidenhead and throughout the surrounding regions, you don’t have to spend a fortune to gain an accurate understanding of your new property. We are dedicated to providing affordable service to help our clients protect their investment in the long run. As purchasing a home is likely to be the biggest financial commitment of your lifetime, it is paramount that you make sure you are investing correctly. We can help facilitate decisions like these so that you secure your financial future. Contact us today for more information.
Secure Investment Using Home Buyers Report
Once you have an offer accepted on a property, it’s important that you have a home buyer’s survey carried out. They help to gain an understanding of the condition of the building and allow you to understand any repairs that may be required. Not only does this help you plan for the future, but it can also provide you with a powerful reason to negotiate a lower price or ask the seller to fix any issues before you buy.
Many people are under the misconception that you do not require a survey to be carried out if the home is a new build, but actually this is far from the case. While you may not need the complete report that an older property does, it is still highly recommended to have a new build snagging survey done. This is a specialist survey that assesses new homes, picking up any possible mistakes such as poorly finished paintwork or plumbing mistakes. If anything is found during this assessment, your inspector will work with the developer of the property to make sure that all defects are resolved.
It’s important to know that a mortgage valuation is not the same as a home buyer’s survey, but it is easy to confuse the two. A mortgage valuation is something that you also pay for but is entirely in favour of the lender, and not really of any benefit to the buyer. It simply confirms that they are lending the correct amount, meaning that there is no obligation or responsibility to report on any repairs needed. To secure your investment, it’s best to ensure that you have both. If you would like help with any aspect of purchasing property, give us a call.
We have provided specialist property services for over 30 years, gaining a reputation as a reliable and convenient company. Whether you would like a home buyer report in Slough or any other area, a building survey, structural survey, new building snagging, or need help with landlord and tenant act negotiations, we are the ideal choice for your needs. Our team are able to service both commercial and residential clients, providing expert solutions for all.
