What is the function of a chartered surveyor in a property purchase and what other services can they provide? We asked the experts from MAP Surveyors to explain
What is the function of a Chartered Surveyor?
To enable the customer to make an informed decision on whether to purchase a property based on the results of the inspection carried out by the surveyor. The report produced will advise on the condition and provide recommendations on urgent repairs or areas of the property that require further repair, maintenance or improvement.
Why is it important to have a survey done when buying a property?
You wouldn’t cross the road without looking, so why make one of the most significant purchases of a lifetime without checking the condition of your new home before you sign on the dotted line. Not only will it save you time and money in the long run, it will also provide you with the factual information needed to make an educated decision, thus allowing negotiation on the price if need be.
What sort of defects or potential expenses is a survey likely to reveal?
Properties are to be structurally sound and watertight. Common defects are invariably easy to rectify and prices can vary and estimates are recommended.
If the property has structural movement or poorly constructed it can cost thousands to rectify, and this can be caused by a number of reasons, such as poor ground conditions or construction, trees, or drainage defects.
Damp, decay and beetle infestation, defective roof coverings, leaking or blocked gutters, defective or dangerous services in most case are easy to rectify, depending on the severity of the issue.
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In addition asbestos and Japanese Knotweed are expensive and problematic to resolve. All these problems could potentially cost thousands of pounds to fix and cause a tremendous amount of stress and worry for the new purchaser. This highlights the importance of having a survey.
How long does it take to get a survey done and how much does it cost?
Every surveying company has different completion delivery times for the surveys they offer – some take longer than others.
At MAP Surveyors, we do our utmost to accommodate our customer. Depending on the survey chosen, will denote the time taken to complete and return the report. A completed survey can be delivered to the customer within 24 hours to 5 working days.
MAP Surveyors offers a range of surveys at different prices to suit all pockets. The cost of the survey will depend on the type of survey chosen based on accommodation and purchase price.
What is a Homescore survey?
Homescore is a unique survey developed and copyright to MAP Surveyors and offers excellent value and is suited for generally well maintained and presented properties.
A Homescore Report is undertaken by a qualified RICS surveyor and at each of the 18 sections of the report a rating of 1-10 is given, 10 being excellent, based on condition. At a glance it is easy for the customer to see which sections need attention.
Using the latest eTech technology, the report is delivered the same day as inspection and any follow up questions can be dealt with over the telephone with the surveyor after the report is received.
What other residential services can chartered surveyors offer with regards to residential property?
The services chartered surveyors offer varies from surveyor to surveyor, but the core services are as follows:-
• Homebuyers Reports
• Building Surveys
• Homescore (Copyright to MAP)
• Mortgage Valuations
• Lease Extensions
• Residential Valuations
• Inheritance tax valuations
• Matrimonial valuations
• Common & development appraisals
What is a Building Survey?
A Building Survey is the most comprehensive inspection of all accessible elements of a property. This type of survey should be used for larger or older properties, or when planning major works. It can be undertaken on any property age, though is generally not suitable for flats.
The report provides an in-depth analysis of the property’s condition and includes advice on defects, repairs and maintenance. It also highlights which parts of the property might be a problem and will help you find out if there are any structural problems, such as subsidence.
Prior to undertaking this survey, our surveyors would be happy to receive any concerns you may have regarding the property.
Every MAP RICS surveyor is also happy to receive any follow up questions or concerns the customer may have over the telephone after they receive this report. This ensures peace of mind and assists the customer to put to bed any worries they may have.
What is a Homebuyer Report?
A Homebuyer Report is a survey suitable for most property types up to 170 years old in reasonable condition. This will generally report the more significant and urgent defects and covers all elements of the property. The report is not as detailed as a building survey and will score and RAG rate the elements 1, 2, 3 and Red, Amber, Green.
What is the function of a lease extension survey?
It is important to understand that a property which has a lease is a wasting asset, therefore, if the term of your lease is reaching 80 years MAP Surveyors strongly recommends that you consider extending.
By increasing a lease on a property you also increase its value and thus, make it more attractive to buyers. It will also be easier for a buyer to obtain a mortgage on the property, especially as some lenders do not lend on properties with a short lease term of less than 80 years. Extending a short lease not only provides peace of mind, but it ensures that a valuable asset can be inherited by loved one.
The lease extension valuation is an important part of the process to extend a property’s lease. A RICS qualified surveyor will inspect the leasehold property and calculate how much the premium should be, compared to the amount being suggested by the Freeholder to extend the lease. It is vital that a qualified surveyor is engaged to provide this service as a leaseholder could be paying far more than they should. The surveyor will also negotiate on behalf of the leaseholder with the Freeholder, this is particularly important if the Freeholder does not agree with the premium suggested by the surveyor.
What different types of property valuation are available?
With regards to a residential home purchase, valuations can be prepared for all purposes to advise the individual homeowner, a bank or mortgage lender or any other corporate client the value of the property. In addition, chartered surveyors can offer advice with regards to the property based on valuation assessments, defects or disputes that may arise when purchasing a home.
This is a brief report that advises the Lender on the value of the property and its suitability for mortgage advance. Sometimes these are automated and do not involve a surveyor inspecting the property.
This is a report that advises on the value of the property for lending purposes as above and the rent that is expected to be achieved. Sometimes these are automated and do not involve a surveyor inspecting the property.
When relationships come to an end, there are often significant financial issues to resolve. Sometimes this can include the property you share with your partner. To protect your interest, getting a professionally prepared, independent valuation of the shared home to assess its market worth is recommended.
Capital Gains Tax Valuations
Usually, capital gains tax is based on the difference between what you paid for a property and how much you sold it for. You will need to obtain a market valuation for situations such as:
• Gifts: Based on the property value on the date it was gifted.
• Assets sold for less than their value to benefit the buyer: Based on the property’s market value at the time of the sale.
General market valuations
For inheritance tax, retrospective valuations based on the property’s market value at the time of the benefactor’s passing or for any other reason.
For more information contact MAP Surveyors on 020 8300 1144, or visit the website at www.mapsurveyors.co.uk.