Surveys & Valuations
Choosing the right survey will help highlight any serious problems and advise you of the specific risks before you commit to the process of buying
or selling a property.
To ensure that you have the facts to hand about the property you are buying, we would recommend that you have a survey carried out. Not only can this identify potential work that needs doing but it can also save you from unexpected surprises further down the line.
Surveys and valuations are via referral to The Moving Portal, who are experts in their field.
What are the benefits to having a RICS survey?
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Offers a detailed examination of the property’s structure and condition
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Identifies visible defects, such as damp, roof issues, or structural movement
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May reveal problems not immediately visible, such as subsidence, timber decay, or roofing defects
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Includes guidance on necessary repairs, estimated timescales, and future maintenance needs
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Can be used to renegotiate the purchase price based on identified issues and repair costs
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Offers peace of mind and allows for an informed decision to be made
Who or what is RICS?
RICS stands for the Royal Institute of Chartered Surveyors and it is the industry's most respected authority on surveying.
What is the right survey for me?
This depends on the age of your property, whether it is listed or whether it has undergone any structural alterations. Read below for the differences between each survey type.
RICS Home Survey Level 2 (previously known as the Homebuyer report)
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Will highlight common defects and areas of concern
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For modern, conventional properties made from traditional materials
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For houses in good condition with no obvious defects
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An easy-to-read report with clear condition ratings of all accessible areas
RICS Home Survey Level 2 with Valuation
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For modern, conventional properties made from traditional materials
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The surveyor’s professional opinion on the ‘market value’ of the property
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An insurance reinstatement figure for the property
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A list of problems that the surveyor considers may affect the value of the property
RICS Home Survey Level 3 (previously known as the Building Survey)
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Suitable for older, extended or structurally modified properties or those of non-standard construction
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Describe the identifiable risk of potential hidden defects
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Designed to help you make a reasoned and informed decision
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Outlines the scope of any appropriate remedial work and explains the likely consequences of non-repair
What is a Help to Buy Valuation?
Help to Buy was a government scheme to assist first-time buyers to purchase a property with just a 5% deposit. You could borrow 20% of the purchase price (40% in London) interest-free for five years - the scheme was open until 31 October 2022.
If you purchased a home using this scheme, when you come to sell the property or repay the government loan you will need to get an independent valuation. The reason for this is that the amount needing to be repaid depends on the value of the property at that point in time.
What are my Help to Buy redemption options?
Full redemption: if you decide to sell your property, you will have to pay back all of your Help to Buy loan.
The amount that needs to be repaid depends on the value of the property at that moment in time (as determined through a RICS Help to Buy Valuation), or the agreed sale price (whichever is higher).
Staircasing: If you decide to partially repay your loan without selling the property so that you can increase the share that you own, you will also need a RICS Help to Buy Valuation.
What does the Help to Buy valuation include?
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A surveyor who is local to the area will come and inspect your property
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They will prepare an overview of the property including its construction, location and accommodation
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This will include details of the property’s condition and they will take photographs to support their findings
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To help with the valuation they will find three comparable properties nearby that have been sold in the past 12 months
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The surveyor will then prepare a valuation report of the property which will include details of their findings.
How long are Help to Buy valuations valid for?
In accordance with government requirements, Help to Buy Valuations are valid for three months.
If the valuation report expires before you repay your equity loan, you'll need a desktop valuation which will extend the original valuation by three months. The report must be made within two weeks of the expiry date of the original valuation report and completed, signed and dated by the same RICS surveyor.
If the two week expiry date is missed, a new valuation will be required.
What's included on a Help to Buy valuation report?
The report is made up of several pages.
The first page will provide an overview of the property, detailing information regarding its location, size and tenure. It will tell you when the property was built and whether or not it is of standard-construction. If there is any data on any previous sales this will also be included here.
You will next see a list of the three comparables that were used to help determine your home’s market value. Comparables are similar properties nearby. These are assessed against your property for things like location, condition size and fittings. This will help the surveyor decide whether the comparables have a higher, lower or similar value to your property.
The end of the report will have the surveyor’s assessment of the current housing market in your area. They will advise whether it is rising, static or falling.
Finally you will find the estimated market value, along with any pertinent notes and evidence on how that value was determined.
How can I organise a survey or valuation on my property?
Please email info@vfinances.co.uk and we will be more than happy to arrange a quote for you.