Choosing the right report? Remember a valuation is not a survey
Buying a property can be complex enough without offering a range of overly technical reports where on the surface, it appears there are similarities amongst them all. Choosing a new home brings into play emotions and aspirations, at a time when it always pays to be practical.
At Sonas, we like to keep things simple and therefore, whilst there are specialist reports available, we find that the majority of our clients are looking for one of our three main ones which, should provide the majority of information a purchaser needs in order to make the right decision based on tangible fact.
Mortgage Valuation Report
This report is produced for use by building societies, banks and other lenders to assist them with a lending decision. It involves a limited inspection of the property and only major visible defects which affect the value will be reported.
Sonas is on panel for the all high street banks and building societies and all second charge lenders, which means that a Sonas Report should be the only one you need to assess the value of your home or new home. These reports let the lender see that their loan sits within the valuation parameters and is not designed therefore to bring to your attention any smaller matters, issues or defects of which you might wish you had been aware when making your initial commitment.
Homebuyers Survey and Valuation Report
Buying a home is one of the largest investments you are likely to make in your lifetime, therefore this is the minimum level of report we recommend you should obtain.
Its completion involves a thorough inspection and focusses on the defects and other problems which the surveyor considers to be significant or urgent, and which would have an effect on the value of the property.
The report will highlight the main problems found or suspected and may recommend further specialist investigations.
The key objectives of the service are to assist you to;
- Decide what price would be reasonable to purchase the property
- Assess urgent and significant matters before making an offer
- Make an informed judgement regarding whether or not to proceed with the purchase
A Building Survey is a highly detailed report. It can also be designed around your specific requirements.
It is suitable for any residential property and provides a full picture of construction and condition. It would be sensible to request such a report for an older property; one of unusual construction; or one where you suspect, or already know, that some defects are present.
The report will include:
- A comprehensive appraisal of construction.
- A technical analysis of significant defects revealed and advice on further actions.
- Identification of less significant defects, general disrepair and shortcomings in the physical condition, maintenance and design of the building.
- A photographic record of the main defects.
RICS Condition Report
This report is suitable for a variety of property types defined by RICS as a conventional house or flat that is built from common building materials and in reasonable condition.
This type of survey focusses purely on the condition of the property by setting out the following:
- Clear "traffic light" ratings of the condition of different parts of the building, services, garage and outbuildings, showing problems that require varying degrees of attention.
- A summary of the risks to the condition of the building.
- Highlights areas where guarantees, warranties, planning and other consents need to be investigated by your legal advisers.
This level of investigation produces a report that enables a purchaser to allow for essential works, and seek further advice where necessary. It potentially allows purchasers to negotiate a better deal with the seller, where funds may need to be diverted into rectifying underlying issues in respect of the property. Sellers may also want to consider a report of this nature as this level of information can help in preventing unforeseen pre-sale issues cropping up in lender/buyer valuations and surveys and it can be a useful additional item when marketing the property in that it has already been pre-sale surveyed.
This type of survey report does not automatically include a valuation. This can be provided as a additional service if required. The report format uses standardised RICS reports with a clear traffic light ratings system which makes it easy to see what may require attention.
Product overview Which is the right report for me?
There are essentially four standard report forms. The table below is designed to give some guidance as to which might be the most appropriate one to choose for your specific circumstances.
If you are in any doubt, please do not hesitate to call our office on 01332 693106 and speak to a member of the team.
|Valuation||RICS Condition Report||RICS HomeBuyers Report||RICS Building Survey|
|Includes Market Valuation|
|Is prepared for me|
|Is prepared for the Bank or Building Society|
|Provides guidance on the need for minor repairs|
|Highlights items requiring urgent repair|
|Might help me to negotiate with the sellers|
|Includes photographs from the inspection|
|Always involves an internal inspection of the property|
|Detailed report on the property construction|
|Includes figures for insurance (re-instatement cost)|
|Provides useful information to your solicitor for the conveyancing process|
|Can be discussed with the surveyor after the inspection|
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