Residential Valuation Report

This is a brief inspection of the property to gather sufficient information to enable the surveyor to comment on the current market value. This is defined as “The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion.”.This inspection is not a survey and does not make comment on the condition of the property although defects of a serious nature will be considered (along with factors such as location, any environmental factors and comparable sales evidence to name but a few). The valuation report should not be relied on when deciding whether to purchase a property and a survey could bring to light other issues which may have an adverse affect on value. A reinstatement valuation is provided.

This type of inspection is suitable for all ages of property.

Valuations are produced for a variety of purposes (for example tax, probate, relocation, and matrimonial dispute). Please see the section titled Services.

Homebuyers Survey

This is a general internal and external inspection aimed at highlighting ONLY urgent and essential repairs likely to cost significant amounts of money. The aim of this is to enable a purchaser to make an informed decision whether or not to buy. The report is restricted to those parts of the property which are open and readily available for inspection. In other words, sealed hatches are not opened, furniture is not moved, carpets are not pulled back and floor boards are not lifted. The report includes an opinion of the current market value of the property. A reinstatement valuation is provided.

This type of survey is suitable for modern, traditionally built properties which are, essentially, unaltered.

Building Survey (Summarising and Technical)

This is a detailed internal and external inspection of the property. The surveyor will attempt to access all areas provided that there is no risk of damage to the property (or the surveyor!). All Building Surveys vary. We include contingency costs for repairs as well as providing an opinion on the current market value of the property. We offer clients the option of a Building Survey with either a Full (technical) Report or a Summarising (‘plain-English') Report. Both contain essentially the same structural and repairing information. The summarising report, however, presents the repairing issues in ‘bullet-point’ style and does not contain the same level of detail where discussion on construction is concerned. A reinstatement valuation is provided.

This type of survey is suitable for all property.

What about flats?

Depending on the age of the building of which the flat or apartment forms part, either a Homebuyers survey or Building survey can be carried out. A Homebuyers report will concentrate on the flat and the walls/roof areas directly relating to that flat, only. A Building survey will include a brief external inspection of the building of which the flat forms part as well as a comment on communal areas.

Flats and apartments in England are generally Leasehold. This will mean that you will have a shared responsibility for the upkeep of the whole building. If there is disrepair, this could affect future maintenance charges. A Building survey will alert you to such problems, a Homebuyers report will not.

What about Domestic Services?

Within the scope of a Valuation report, we advise on which services appear connected to the property. If there is obvious disrepair, this will be taken in to account in arriving at our opinion of market value.

Within the scope of a Homebuyers Report or Building Survey, a visual appraisal of the services is made. No tests are carried out. If there are clear areas of disrepair or if we consider aspects of the services to be dangerous, we will advise and, where appropriate, recommend tests. If the services appear modern and in good order, we will say so. Nevertheless, we may advise tests dependent on the age of the installations and based on current industry guidance (eg from Gas Safe (formally CORGI), NIC/EIC etc).

What is a Reinstatement Valuation?

This is an assessment of the property’s estimated current reinstatement cost in it’s present form for insurance purposes, including outbuildings, site clearance, and professional fees but excluding VAT (except on fees). This figure may be higher or lower than the current market value of the property and has no bearing on what the property may be bought or sold for. In providing this figure regard will have been taken of the ABI/BCIS House Rebuilding Cost Guide and Index as prepared for the Association of British Insurers. You can check whether your home is adequately insured using the RICS/BCIS Calculator (http://calculator.bcis.co.uk/), although, this is a guide only. If you think you may be over or under insured, contact us and we will be happy to advise.

Offices throughout East Anglia - St. Ives, St. Neots, Ely, Fakenham, Holt, Cromer and Norwich