Patterson Francis and Associates Blog
Finding Issue Prior Property Buying
One of the most alarming facts about the property market in the UK at the moment is that large numbers of people are purchasing properties without first commissioning a professional building survey. Many homeowners have also revealed they were unaware of the value of a survey before they bought their property. The result is that many people buy what they believe to be their dream home but which turns out to have concealed flaws. A building survey is essential as it highlights any structural issues and the presence of any dangerous materials in the building. This information can greatly influence your decision whether to buy or not.
As a homebuyer, your survey will provide you with many advantages. Buying your first house can be a daunting process, but a survey can prove very reassuring. The information revealed can facilitate negotiation of the asking price and prevent nasty surprises such as dry rot and rising damp making an appearance when you are settled in.
If a survey reveals that work needs to be carried out to improve the property’s condition, you have two options. You can either ask the owners to take the required amount off the asking price and have the work done yourself, or you can ask them if they would be willing to rectify the issue before you continue with the transaction.
A building survey will provide you with comprehensive analysis of older or listed properties. If a building has been standing for many years there is significant potential for problems and it is in every buyer’s interest to identify them at the earliest possible point.
A survey consists of an entire visual inspection and a full check for dry rot and woodworm. Damp levels will also be checked. Surveys also include a full assessment of floors, walls and foundations as well as door and window frames. All gas, electricity, drainage and plumbing systems will be inspected but safety tests will not be carried out. All external features will also be checked including fences and driveways.
We are conscientious surveyors and we offer thoroughly professional surveys along with value for money. As reputable building surveyors in Maidenhead we can be relied on for valuations, surveys and appraisals of both domestic and commercial properties.
Re-evaluating RICS Surveys
RICS is planning to introduce changes to their Home Buyer Report (HBR), Condition Report and Building Survey. Currently only the first of the three includes a valuation to advise buyers about the current market value of the property. The plan is to start offering a survey only version alongside this so that surveyors and consumers have greater choice. Alternate versions of the other two types of survey will also be made available so people will have the option to choose either of the three with or without a valuation in the future.
The changes will be beneficial to RICS members and will remove a potential barrier to businesses. In order to provide a market valuation, a member needs to be a Registered Valuer. This puts limitations in place and means that only certain people could conduct a Home Buyer Report. The change means that surveyors unqualified to offer a valuation will be able to provide the HBR alongside the other two types of survey.
Surveyors who are Registered Valuers will be able to continue to provide HBRs with valuations in the same way they currently do. Additionally they would have the option to include a valuation in documents when they conduct a Condition Report or a Building Survey if they chose to provide it or a customer requested it.
RICS has been reviewing their surveying services to ensure they satisfy the needs of the market and consumers for a number of months. The changes are designed to update and improve the services to achieve this. A public consultation is currently ongoing to allow people to share their insights into the proposed changes. It will run until 31st January.
As a professional building surveyor in Slough, we have provided property surveys and valuations for many years, serving both lenders and private individuals. We are committed to offering the highest level of service each time and providing impartial, honest assessments of properties throughout the entire region. We always make sure to stay up to date with the latest changes in the surveying profession.
Checking Subsidence Signs
Subsidence is one of the most important problems to look for before you purchase a property. This issue can be hugely expensive to repair and could potentially require the building to be demolished. When you get a Home Buyer Report or a building survey, the surveyor should always check for signs of subsidence, including inspecting any cracks. If the structure is subsiding, it is crucial to know exactly what you will be getting into if you go ahead with the purchase.
Finding cracks in a property can be alarming, but it is not always an indication of subsidence. In the best cases they are caused by settlement, or the compression of the soil beneath the property. This generally occurs after construction and the ground will eventually stabilise once the soils are suitably compacted. The movement is classed as subsidence when it is caused by reasons other than this natural compaction of the soil, such as the presence of voids, sub-soil disturbances and when the structure is built on tipped materials.
If your building surveyor indicates that cracks could be caused by subsidence, you may need to arrange to monitor the property for a period of time to make sure the problem is not ongoing and that cracks aren’t growing at a rapid rate. If this is happening, it is likely that major repairs are needed on the property.
At Patterson Francis and Associates we can provide you with a highly trained building surveyor to inspect your Reading property. Our building surveyors are fully qualified and will provide you with the information you need to buy property with confidence.
When we deliver our report on the condition of a property, we will highlight any repairs we feel are urgent. When it comes to subsidence, we will provide an estimate of the repair cost so you can get an idea of how much you will need to invest to correct the problem. You can then factor this into your offer if you do want to go ahead with the purchase. If you have any questions about subsidence or would like to arrange a survey please contact us.
Investing Initial Property Surveys Save Thousands
In the last few years there has been a rise in people skipping full building surveys in an effort to save money and raise enough cash to buy a home. The Royal Institution of Chartered Surveyors has warned of the risks homeowners take by failing to have their new homes thoroughly inspected.
One in five of the people who opt out of structural surveys find themselves facing unpleasant surprises at a later date, with more than 15% of new owners spending £12,000 on average to rectify the faults that they initially failed to look for. Properties may look incredible at first sight, but there can be all manner of unseen flaws, from leaking joints in central heating pipes to dangerous electrics and wet rot in the floors.
Pressure on family budgets is a big contributor to the reluctance to carry out proper surveys, but the fact is that the early outlay can save people thousands in the future. Entering a property deal with the knowledge that the building is sound is valuable and highly cost-efficient.
A complete inspection consists of an assessment of all accessible and visible structural components. Older buildings are particularly susceptible to problems and a full survey is essential. By inspecting the property’s structural integrity we can identify any movement in the walls and foundations. The roof will also be fully inspected for cracks and leaks.
Surveys also look for woodworm, damp and dry rot as well as check condensation levels. Gas, electricity and plumbing systems will be visually inspected as well as windows, doors and hinges. Driveways, paths, fences and other exterior features will also be checked.
If there are any faults and issues lurking you can be sure that a building survey will discover them and help you avoid buying a property with the potential for further decline. By neglecting to commission a survey homeowners can end up with a home buying time bomb on their hands. People can find themselves stuck with houses they can neither sell nor afford to fix.
A survey can highlight all issues and help you renegotiate on the price of the property. If you are in need of a building surveyor, we can provide you with professional, affordable and dependable assistance. We are dedicated to providing a valuable service throughout Maidenhead and the surrounding areas, and our customers can have complete confidence in our comprehensive building surveys and home buyer reports.
Survey Interests Protection
Buying a property is a major investment and could provide fantastic returns in the future, whether you are looking for a home to live in for the next twenty years or one you can renovate and return to the market quickly. In either case, the buyer needs to be careful to inform themselves about what they are getting into with their chosen property. To do this they can commission a survey before signing any contracts.
Surveys give buyers a great deal of relevant and useful information about a property they are interested in buying. There are three options to choose from, but most people will opt for either a Home Buyer Report or a Building Survey. A valuation of the property can also be done, either on its own or alongside the other two surveys.
Home Buyer Reports are perfect for newer properties and will highlight any issues with the condition or maintenance of the property. The information in the report will help you to get an idea of what work is needed so you can factor this into the price you are willing to pay.
Building surveys are more comprehensive than Home Buyer Reports. This makes them well suited to older properties that may have more issues due to their age. The survey will give you an idea of how much you will need to spend on the property to get it into top condition, including estimate costs for each repair.
It is wise to have a survey done after you register your interest in a property and make your initial offer. If the offer is accepted, then you are in a favourable position and can make the investment in a survey. Once you have the report you can renegotiate the price if you discover any big problems that need attention. Alternatively, the seller may opt to pay for the repairs themselves.
We are committed to providing honest, impartial advice about every property we inspect in the Slough area. Clients can call on us for a Home Buyer Report or a Building Survey depending on their needs. The inspection will be completed by a trained specialist and all reports are presented in RICS format, with clear and concise information to help you make informed decisions.
Providing Valuations Without Bias
It is widely known that the present day property market in the UK is very healthy. The level of demand for property exceeds the supply, which means sales are normally negotiated and settled in a quick and amicable manner. In order to achieve optimum efficiency, it is important to have a fair and accepted frame of reference in place within the market. Accurate and transparent property valuations will allow negotiations of sales to progress in a positive way. As leading providers of valuations and home buyer reports in Reading, we are trusted for honest and objective property valuations.
There are a number of instances where people may assume that the valuation can be left to the estate agents handling the sale, particularly those who are selling a property for the first time. This is an approach which one must follow with care and consideration. In terms of property, the person responsible for the sale cannot be regarded as completely objective. Allowing the estate agent to exclusively value a property and set the price can carry risks. On the one hand, they could set the value far higher than it should be as a means to impress the seller. By the same margin, they could also set a valuation far too low to ensure a faster sale.
An independent, fair and objective property valuation is essential for quick and successful sale negotiations. If both the buyer and the seller have confidence in the validity of a valuation and accept the professional report, then fair discussions can take place. Over the years, our property valuation reports have allowed for swift, professional and mutually beneficial negotiations and sales to take place.
Our property valuations are also used for review purposes by lenders. As we are trusted for fair and accurate valuation reports, financial institutions offering mortgages trust our findings when determining whether or not the purchaser is making a reasonable offer, and if the amount to be loaned will be sustained in terms of the long-term value of the property.
