To establish or confirm the value of a property, for a variety of purposes including:
- Inheritance Tax
- Capital Gains Tax
- Charities Act
- Housing Act
As members of the Royal Institution of Chartered Surveyors, and as RICS Registered Valuers, our valuations are RICS compliant.
Property Survey & Valuation Service (RICS Level 2)
This level of service, which is a level two service as described by RICS, is designed for people (who may be buyers, sellers or owners) who want a professional opinion of the property at an economic price. The focus is on assessing the general condition of the main parts of a property. The inspection is not exhaustive and no tests are undertaken. There is, therefore, a risk that certain defects may not be found that would have been uncovered if testing and/or a more substantial inspection had been undertaken. You must accept this risk.
This level of service suits a broad range of conventionally built properties although it is unlikely to suit:
- complex buildings, for example, those that have been extensively extended and altered;
- some unique and older historic properties;
- those buildings in obviously poor repair; or
- properties where you plan to carry out extensive repair and refurbishment work.
Where I am concerned about a hidden problem or defect, I will identify these and what action you should take. This may often be further investigations.
For each part of the building, my report will:
- describe it in sufficient detail so it can be identified;
- describe its condition;
- provide a clear and concise expression of my assessment of each part;
- include comments where I think the building will need more frequent and/or more costly maintenance and repairs than would normally be expected;
- broadly outline the scope of the likely remedial work and what needs to be done by whom and by when; and
- concisely explain the implications of not addressing the identified problems.
The report will also make it clear that you should obtain any further advice and quotations I recommend before you enter into a legal commitment to buy the property.
Building Survey Service (RICS Level 3)
This level of service, which is a level three service as described by RICS, is for people who are seeking a professional opinion about the condition of a property and is based on a detailed assessment. Therefore, my inspection is more extensive than for the Property Survey and Valuation (level two service) and I will spend a considerable time at the property.
I will closely inspect all parts of the dwelling and I will assess the interdependence of the different parts of the structure, especially the way in which the roof, walls and floors act together.
Where I am concerned about a hidden problem or defect, I will try to identify these and explain the risk they pose and what action you should take. Recommendations for further investigations will usually be the exception.
This level of service will suit any domestic residential property in any condition, depending on the competence and experience of the practitioner.
My report will reflect the thoroughness and detail of the investigation and I will:
- describe the form of construction and materials used for each part of the building in detail and outline their performance characteristics (especially important for older and historic buildings);
- describe obvious defects and state the identifiable risk of those that may be hidden;
- outline remedial options and, if I consider it to be significant, explain the likely consequences if the repairs are not done;
- propose a timescale for the necessary work including recommendations for further investigation prior to commitment to purchase (only where appropriate and necessary);
- discuss future maintenance of the property and identify those elements that may result in more frequent and/or more costly maintenance and repairs than would normally be expected; and
- identify the nature of risks of the parts that have not been inspected.
I will also make it clear that you should obtain any further advice and quotations I recommend before you enter into a legal commitment to buy the property.