homebuyer's report and valuation

This is a report on the condition and value of residential property which, for the type of property that it suits, provides sufficient information for most purchasers to make decisions.

What type of property is suitable?

The Homebuyer’s Report comprises a limited inspection and report using a standard format.

The format is designed for small houses or flats which are of modern construction and built to broadly modern building regulations standards where the risk of a major defect being present is reduced.  This includes property constructed since the end of the Second World War.  Although building regulations have changed over the period up to the present, many of the defects found within older buildings are rare.

Where major works have been carried out to a building such as underpinning, extensions and loft or other conversions, including converting into flats, the scheme and format are not suitable.

Buildings constructed prior to the end of the Second World War are not suitable.

Commercial property is excluded from the Homebuyer’s Report and Valuation scheme.

A Building Survey or Survey-Plus are suitable for these types, and any type, of building.

The Inspection

The whole of the property is inspected from within, from the exterior and, where necessary, from a 3 metre high ladder.  Parts of the exterior of the building which cannot be seen from ground level are excluded and are not reported upon.

Underground drains inspection chamber covers are not lifted and the condition of drains is not reported upon.

Leisure facilities and outbuildings are not examined.

The external surfaces of a block of flats are examined in general together with internal areas providing access to the flat.  Roof spaces are examined only if there is a hatch within the flat.

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The Report

The Report is in a standard format with standard headings.

The Report includes:-

  1. Urgent repairs;

  2. Significant matters requiring further investigation;

  3. Significant (but not urgent) repairs and renewals;

  4. Other significant considerations which the surveyor wishes to draw to the attention of the client.

  5. Matters identified by inspection about which the client should instruct legal advisers to make further enquiries.

Matters assessed as not urgent or significant are not reported upon.

The Valuation

The report includes an opinion of market value.  This is the estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

If you are taking a mortgage the bank or building society will arrange a valuation which may be supplied to you.

The Reinstatement Cost

This is the estimate for insurance purposes of the current cost of rebuilding the property in its present form.  Garages, outbuildings, boundary walls and fences, site clearance and professional fees are included.

If you are taking a mortgage, the valuer from your bank or building society will specify the minimum amount for which the property should be insured as a condition of the mortgage.

If you are purchasing a flat it is common for the block as a whole to be insured for an amount specified by the freeholder.

Fees for a Homebuyer's Report are a little lower than those for a Building Survey.  However, a full survey is recommended to provide the best advice and best value for the majority of clients.

James Flynn Chartered Surveyors?

We are an independent firm of chartered surveyors and have been advising clients on all aspects of property value and condition since 1980 from our offices in London, Surrey, Hampshire, Sussex and Kent.  We mainly cover the London and South East region but travel further afield when this is requested.

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To contact us please select from the appropriate area link below:

London | Surrey | Sussex | Hampshire | Kent

 

 

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