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Why you should get an RICS House Survey

Thu, 20 Apr 2023 08:30:36 GMT

"Caveat Emptor - Buyer Beware"

Buying a house is a big investment, and it's important to make sure you're getting what you pay for. A RICS house survey can help you do just that.

A RICS survey is a comprehensive inspection of a property that is carried out by a qualified surveyor. The survey will identify any potential problems with the property, such as structural damage, damp, or subsidence.

There are many benefits to having a RICS survey before you buy a house. Here are the top five:

Peace of mind . A RICS survey can give you peace of mind knowing that you're buying a property that is in good condition. This can be especially important if you're buying an older property or a property that has been renovated.
Avoiding costly repairs . A RICS survey can help you avoid costly repairs down the road. If the survey identifies any potential problems, you can factor the cost of repairs into your offer price. This could save you thousands of pounds in the long run.
Negotiating a better price . If the RICS survey identifies any problems with the property, you may be able to negotiate a lower price with the seller. This is because the seller will know that they will have to pay for the repairs themselves.
Making an informed decision . A RICS survey can help you make an informed decision about whether or not to buy a property. By knowing the condition of the property, you can make a decision that is right for you and your family.
Protecting your investment . A RICS survey can help protect your investment by identifying any potential problems with the property. This can help you avoid costly repairs down the road and ensure that you're getting what you pay for.

If you're thinking about buying a house, we of course highly recommend getting a RICS survey. It's a small investment that can save you a lot of money in the long run.

Here are some additional tips for getting a RICS survey:

Get a survey from a qualified surveyor who is regulated by the Royal Institution of Chartered Surveyors (RICS).
Make sure the surveyor is familiar with the type of property you're buying.
Ask the surveyor to provide a written report that includes their findings and recommendations.
Get the survey done before you make an offer on the property or make the offer subject to a Survey report
Don't be afraid to negotiate with the seller if the survey identifies any problems.

A RICS survey is an important step in the home buying process. By getting a survey, you can protect yourself from costly repairs and make an informed decision about whether or not to buy a property.

Call us today for more information and a quote for your Home Buyers/ Buildings Survey 01227 671765

RICS Help to Buy Valuation - KENT

Thu, 16 Mar 2023 16:43:55 GMT

Target Compliant Help to Buy Valuations

If you are selling a property that was purchased with the assistance of the government's Help to Buy scheme, it is essential to have a qualified RICS surveyor carry out a Help to Buy valuation. This will ensure that you accurately determine the current market value of your property, which is required when selling or repaying the equity loan. Here's why you should consider hiring us , RICS surveyors for your Help to Buy valuation.

Firstly, RICS surveyors are experts in their field and are regulated by a professional body, ensuring that they maintain high standards of professionalism, integrity and impartiality. When it comes to Help to Buy valuations, RICS surveyors have extensive knowledge and experience in assessing the unique features of Help to Buy properties, such as the equity loan and restrictions that come with it.

Secondly, getting a Help to Buy valuation from a RICS surveyor can help you avoid any complications that may arise during the selling or repayment process. Accurately valuing your property can help you avoid over- or underestimating its worth, which can lead to a delay in the sale or repayment process.

Lastly, having a RICS surveyor carry out your Help to Buy valuation can give potential buyers and mortgage lenders confidence in the accuracy of the property's value. This can lead to a smoother and quicker sale process, as buyers and lenders are more likely to trust the expertise of a qualified RICS surveyor.

In conclusion, if you are selling a property purchased through the Help to Buy scheme, it is essential to have a qualified RICS surveyor carry out a Help to Buy valuation. This will provide you with an accurate market value of your property and help you avoid any complications during the selling or repayment process. Contact a us today to get your Help to Buy valuation and ensure a smooth and successful property transaction.

Help to Buy Valuations in KENT from £200* + VAT

Call 0330 1331 541

Can I buy a house without getting a home survey?

Tue, 24 Jan 2023 18:36:52 GMT

With Two Home Surveys Level 2 and Level 3 should you get one of these or none at all!

At Property Surveys SouthEast , we understand the importance of making sure you purchase the right property at the right price. A Homebuyers Survey is not a legal requirement, however, it is highly recommended to provide you with peace of mind and confidence in your purchase. A Level 2 Homebuyer Survey will allow you to obtain impartial and independent advice on the condition of the property from our experienced surveyors before making your purchase. We pride ourselves on delivering honest, accurate and high quality advice, giving you complete confidence in your purchase.

RPSA Residential Surveyors

Wed, 17 Nov 2021 12:39:26 GMT

Working to the highest of Standards

Setting the standards in residential surveying

The Residential Property Surveyors Association (RPSA) is a not-for-profit representative body for independent residential surveyors who are the industry's leading specialists in reporting on the condition of residential properties on behalf of homebuyers.

Helping consumers at the time they are making one of the biggest decisions of their lives
Helping its members deliver a leading range of high-quality survey products
Raising standards throughout the residential surveying industry
Working with industry stakeholders to improve the home buying process
We are proud members of the RPSA - ensuring we provide the best surveying service for you.
https://www.rpsa.org.uk/

What Does the Homebuyer Survey Include?

Thu, 19 Aug 2021 09:22:05 GMT

An essential part of buying your home

The Homebuyer Survey includes a visual inspection of all major indoor features including ceilings, roof, walls, and bathrooms, as well as permanent outdoor buildings and features including roofing, pipes, gutters, walls, windows, and doors. A surveyor will further inspect the heating, drainage, electric, gas/oil, and water services and provide an energy efficiency rating.

The Homebuyer Survey uncovers any serious structural problems with the building such as subsidence. The surveyor will also inspect damp-proofing, drainage, insulation, and damp test the walls to ensure damp is not present in the property. They will further investigate the condition of the property’s timbers for woodworm and rot.

The property survey includes details of all major faults and how they may affect the value of the property and the cost to fix these issues. The building surveyor will also offer repairs and maintenance advice on how to rectify these faults.

The survey highlights defects within the property and rates these issues in terms of seriousness using a traffic light coding system. Level 1/green indicates that no action is required, 2/amber indicates that defects need repairing but not urgently, and level 3/red indicates serious defects that require urgent attention and repair. This allows you to evaluate the condition of the property and determine what action is needed.

Your Homebuyer Survey will provide outline information on the property being surveyed and its location. Our RICS surveyors will also highlight specific areas where you will need to consult a legal advisor to further investigate these issues and seek specialist attention.

Call us today to discuss your Homebuyer Survey in Kent or Essex 0330 1331 541

A valuation is NOT a Survey

Fri, 19 Apr 2019 14:35:44 GMT

Get a Survey carried out.

A valuation is not a survey. Make sure you know as much as you can about the true condition of your future home before you commit to buying.

One of the first steps in the process of buying a property is arranging a survey. This will help you make a more informed decision on whether to purchase the property, what is a reasonable price, and whether you should take further advice before you commit.

While your mortgage lender will arrange a valuation, this is solely for its own benefit; the home survey is for yours. You are also under no obligation to share the results of the survey with the seller.

An MiHome Buyers Survey will highlight potential problems with a property, as well as giving you an independent valuation. Getting a survey carried out can help you avoid the average £5,750 repair bill that homebuyers face once they have moved into their new home, too.

The Myth of Down Valuation

Fri, 19 Apr 2019 14:14:40 GMT

Do surveyors deliberately under value a property?

When you buy a home with a mortgage and, therefore, borrowing money, a lender’s valuation is usually required to establish that the price you are paying for the property represents the home’s market value.

If you pay over what the estimated market value is, the lender is placed at extra risk and you possibly end up paying too much for the property. The valuation is to determine the value of the property for the bank, but worth noting this might be different to what a cash buyer would pay for the property, for example.

If the valuation is less than the estimate that the estate agent or seller originally gave you, this may be called a ‘down valuation’. You could still go ahead with the sale if you had the funding, but the mortgage lender would not take the risk for you.

The mortgage valuation

Firstly, it’s important to note that a lender’s valuation isn’t a survey of the home’s condition or any possible issues. It is a limited check carried out to ensure the house is worth the amount of money being paid for it and to calculate the loan the lender is able to offer. We would always advise you also get a home survey from an RICS professional , to inspect the condition of your prospective new home, and whether it has any potential issues.

The valuation report carried out for the lender is normally carried out by an RICS-registered valuer who has a duty to report independently and accurately the market value to the lender. All RICS valuers in the UK are regulated by RICS against international valuation and ethics standards.

The market value is based on comparable market evidence, which is usually confirmation of a minimum of three sales transaction of similar types of properties in the local area, and also the professional’s knowledge of the local market including supply and demand dynamics.

For this reason, it is quite possible that the lenders valuation at market value does not match the asking price of a property set by a broker, seller or agent.

An increase of down valuations in an uncertain market?

When house prices are falling or rising at a faster rate than typical as they are in some areas of the country, or when transaction levels are perhaps not what they might be surveyors have to be very certain they can evidence the value on paper (as they can be sued for over valuing properties by lenders).

The valuation process – technical aspects

RICS-registered valuation professionals are required when putting a valuation on a property to adopt the International Valuation Standards (IVS), as set by the International Valuation Standards Council (IVSC), for all written valuation work they undertake on behalf of their client. The IVSC set a number of definitions for the basis of value to be adopted in different circumstances. Where secured lending is involved (eg. mortgage purposes) most clients (the bank or building society) request that the valuer undertake a valuation to the IVSC’s definition of market value.

It is important to recognise that the client in most circumstances is the bank or building society, not the person taking the mortgage. The bank or building society are asking the valuer to provide them with their opinion of the market value of the property to safeguard themselves both from any loss that may be incurred if they lend too much against an individual property, and also align their capital adequacy requirements under financial regulations

Information Via RICS

Looking to move in 2019?

Fri, 28 Dec 2018 13:47:50 GMT

If you are thinking of moving home or extending your own we can help

Will 2019 be the year that you buy a new home, or extend of convert your existing one?

Many people of course are concerned with BREXIT and what may bring, but one thing is for sure, we will still be living in properties, and we may still want to move or extend our own.

So with that we just want to let everybody who may be thinking of moving home and seeking out what home to purchase or if you are looking to add and extension to where you live now or perhaps you are considering converting your loft space to living accommodation then we can assist you.

Covering both Essex and Kent our Home buyers survey are ideal to let you know all about the property your are about to spend many many thousands of pounds buying, you would not buy a car without an MOT, why would you buy a house without a surveyor checking it over first.

You can get free quotation for our range of surveys by visiting our website www.propertysurveysessex.co.uk or www.propertysurveyskent.co.uk where you can find out more about the types of survey and choose which is the most appropriate for the property you are buying , of course you can always call us to find to more on 0330 1331 541

But if you are extending or carrying a Loft conversion then you may well have works that are covered by the Party Wall etc ACT 1996, and so will need to go first through the process of creating and serving "NOTICES" on your neighbours under certain parameters. We can assist with this, and some see it as a minefield however it is not if acted properly in the first instance - without following the correct legal procedure you may be left with thousands of pounds worth of legal costs and very upset neighbours. So speak with us prior to carrying out the works - ideally at the time you have had drawings created as we can make it a straightforward process that allow firstly you to progress with your project and also to comply with the law. See our websites www.pwsessex.co.uk and www.pwskent.co.uk for further information and free fixed price quotations.

We look forward to providing you with our professional property surveying services for 2019

Happy New Year.