Pre Purchase Surveys and Home Reports Explained

 
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Pre Purchase Surveys and Home Reports Explained


When you decide to sell your house, you must employ a professional valuation surveyor to survey the property to establish the condition of the property and note what defects there are. The surveyor will then issue the Home Report which is required to be created for all Domestic Property Sales. This report will give a valuation of the property but does not include pricing for any repair work but will detail any evident current or potential problems. This process allows you to determine a market value for your property and helps you decide an asking price for the property. A copy of The Home Report is then given to anyone who is interested in buying your property. 

Why do I need a Specialist Survey from Richardson & Starling?

When you are selling your property, it is important to sell it defect free to get the best sale price. If you are thinking of selling your property you could ask Richardson & Starling to carry out a property survey for Rot, Damp and woodworm infestation. Should any problems be found these could be repaired so that you can sell your Home with a clean bill of health. 
If you have already had your Home report and there are issues highlighted, then you can ask Richardson & Starling to survey the points raised and issue a specification and quotation for the repairs which could be repaired at that point or agreed with the buyer to do before they move in to the property to keep the disturbance to a minimum.

The quotation is an opportunity for you to negotiate with the buyer using quantified costs rather than guessing which could take thousands of pounds off the selling price. For example, once you have the quote for repairs you could negotiate an equivalent reduction in the overall cost of the property. Alternatively, you could make the required repairs based on the report.
Property Survey carried out by our qualified surveyor

Survey Costs

The cost of your Home Report will vary based on the size and type of your property. When obtaining your own surveyor it is recommended you get several quotes before choosing. 

Richardson and Starling 
We charge £95.00+VAT for a Pre-Purchase survey. This is deducted from the estimate we provide if the remedial work is carried out by our company.

Different Types of House Survey

Basic Valuation
A basic valuation is a report that is prepared based on a brief inspection of the property. The purpose of a basic valuation is to assist the mortgage lender in assessing the risk in lending against the property. The mortgage lender will select a Royal Institution of Chartered Surveyors (RICS) Valuation Surveyor to establish the risk. This is an opportunity for obvious flaws in the property to be highlighted to the mortgage lender. It is a basic report. A building survey or homebuyer’s report will also be required. 
Homebuyer’s Report
A Homebuyer’s Report is a much more detailed evaluation and analysis of the condition of the property. The purpose of the homebuyer’s report is to show the buyer if the agreed price is suitable for the condition of the house. This thorough report is more expensive than the basic valuation report. 
A Homebuyer’s Report is always carried out by an RICS qualified Surveyor and will include all areas of the house that are accessible. A homebuyer’s Report is less detailed than a Building Survey. A Homebuyer’s Report should highlight all the main flaws. 
The Homebuyer’s Report is an opportunity to give advice to the buyer about specific details of the property or to advice for further specialist investigation. 
Building Survey
A Building Survey, previously known as a Full Structural Survey, is the most comprehensive type of survey and is conducted when a full assessment of the property is required. A Building Survey is the most expensive type of house survey.

It is strongly advised that a Building Survey be conducted in the following circumstances:
  • The house is built pre 1900
  • The house is very large or has unusual architecture or any other unusual features
The duration of a Building Survey takes longer than the Home report. This is due to covering every aspect of the property in greater detail than the Homebuyer’s Report. If a defect is highlighted via the Building Survey that was not mentioned in the initial survey then the buyer has the right of recourse to the Surveyor. 
Property survey by Richardson & Starling
Mortgage lenders typically work with surveyors who have been accredited and approved. Therefore it is in most cases acceptable to use the surveyor that the lender has selected for the basic valuation. If you choose to get a Homebuyer’s Report many lenders will supply the surveyor for this as well. 

If there are any flaws and faults found in the property, the surveyor could advise that you acquire a specialist report. This is the case for all ranks of survey which Richardson & Starling could help you with. 

Next Steps after the Home Report

Now that you have your Home Report you need to contact a specialist contractor who can come and evaluate the issues and provide you with a quote for the required repairs. Here at Richardson and Starling we are professional and have over 80 years of experience in dealing with Domestic Property problems. From the first contact with a potential customer, we ask that a copy of the home report is provided which will let us know the type of problem and the area to be surveyed and reported on. Richardson & Starling have 12 branches covering Scotland and the North of England and your local branch would be pleased to help you whether you are selling or buying the property.

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