FAQs

We find that unless previously agreed with your mortgage provider, most will only undertake a valuation of the property to confirm to the bank the current purchase price is correct.

The Mortgage Surveyors will only look briefly into anything that may affect the value, however, will not provide you with an outline of the repairs that may be needed.

It is therefore recommended to have an independent surveyor look at the property to provide you with sufficient information to make an informed choice on whether to proceed with the purchase or not.

We are able to undertake a survey on any property, whether that be a house or a flat, and can provide additional information for yourself and your legal advisor to check prior to completion of your purchase in regard to leasehold properties.

Whether you are buying a property with a mortgage or as a cash buyer, it is always prudent to understand what you are buying.

It is well known that being a cash purchaser can speed the process up when buying and selling property, as there is no risk or delay when having to deal with mortgage valuations. However, this does leave you to undertake the due-diligence process yourself and wonder if the price you are paying is correct.

A survey will bring to your attention any defects that may need further investigation before you complete, which could impact the cash you have available.

We are also able to undertake a valuation on the property at the same time as the survey, giving you peace of mind that you are buying the property for the correct price.

Buying a property is a big investment no matter what the purchase price is and it is always worth understanding the potential repairs that may be needed before you complete.

By having a survey, this will highlight items that may not have been picked up by yourself whilst viewing, as you focus on 101 other things you may want to do when you move in. This then gives you a chance to obtain further quotations for these works and whether these are within your budget or a renegotiation of the purchase price is needed.

We have seen within the market that approximately 80% of properties are undervalued when building insurance is considered. This has a knock-on effect in the event that a claim needs to be made and we have found that either the insurer will refuse to pay out or will out pay out on a pro-rata basis.

It is strongly recommended to have an up to date reinstatement valuation every 3 years, to take into consideration inflation and the rise of building material costs, which can alter dramatically, as seen over the past couple of years.

Commercial agents advertise properties normally at a ‘guide price’ and therefore it is always recommended to seek independent advice on whether your agreed purchase price is indeed the correct one for the property, whether you are buying it cash, with a mortgage or through a SIPP/SASS.

Depending on the lease arrangements a Schedule of Dilapidations can happen during, towards the end and after the completion of a lease term, to highlight to the tenant what repairing responsibilities they are required to rectify under the lease.

It is always worth commencing a Dilapidations review prior to the tenant vacating the building to give them time to rectify any issues that arise. Unfortunately, once a tenant has vacated the property, they are unable to re-enter to sort the issues and it is down to yourselves, as Landlord’s, to rectify and claim as damages.

We are able to assist with the whole process, including negotiating with the tenant to ensure the works are carried out.

A Schedule of Condition identifies and records the condition of any building prior to signing a lease, therefore potentially limiting your responsibility of repair at the end.

Without a comprehensive Schedule of Condition, which is signed by both parties and attached to the lease, there is no other record to confirm the state of a property and companies are therefore liable to putting the property in a greater state of repair than what could have been required, costing more.

Our fee for commercial valuations vary depending on the extent of valuation that you require together with the size of the building. Give us a call to discuss your property in more detail and to get a personalised quote.

There are three types of surveys for residential properties, with each costing slightly differently due to the extent of investigation needed. For us to provide a personalised quote please give us a call where we can best advice on the survey that you will need.

It can always be scary when receiving a report with a lot of red condition warnings without fully understanding the implications. The benefit of having a RICS Survey is that they now use what is called a ‘traffic light condition rating’ system, which makes it a lot more user friendly to read and understand the areas that need further investigation.

The ratings are briefly as follows:

• Level 3 (Red) – Elements that require urgent attention
• Level 2 (Orange) – Elements that require attention but are not serious or urgent
• Level 1 (Green) – Elements with no current issues

If a report has a lot of ‘red’ condition warnings it is worth understanding what they mean and what further investigation will be need.

We are happy to talk through the report with you after you have had a chance to read through it and explain any part of the findings that may cause you concern. The benefit of being local is that we understand the properties well and can answer any questions you may have or point you in the correct direction next.

When buying a New Build we are still able to undertake a survey on the property if required, however we would strongly recommend having an independent snagging report done which you would then be able to take to your builder to rectify any issues that have arisen.

We are able to help with this and can advise on the best course of action for you.