What are the different types of Surveys?
Level 2 Survey
The RICS Level 2 Survey previously known as a RICS Homebuyers Report is the traditional mid-range level survey.
This report is now available with or without a valuation for clients purchasing a property without a mortgage and where a mortgage valuation is also needed.
This survey includes a physical inspection of the property covering as much of the property as is physically accessible and provides a report based on the inspection including the condition of internal and external elements which are condition rated to identify any repairs or further investigations. The RICS Surveyor will not conduct any tests on the fabric or services of the building (e.g., electrics, plumbing, heating).
The service aims to give you professional advice to allow clients to make an informed decision on whether to go ahead with buying the property whilst considering any repairs or replacements the property needs and consider what further advice they should take before committing to purchasing the property.
Valunation can supply these reports including those with or without a valuation for clients buying with a mortgage.
Level 3 Survey
A Level 3 Survey previously known as a Building Survey is a detailed report suitable for any residential property and provides a full picture of the construction and condition of the property.
These surveys are completed by specialist Building Surveyors, who undertake an extensive inspection of the property, so these reports also have a significant cost for the client.
In most cases, this type of survey is far too detailed for most houses and these surveys are only suited for older properties, those of unusual construction or that have been substantially altered or extended or plan to be extended.
Valunation only offer these reports in limited areas as most properties are suitable for the Level 2 survey discussed above. In addition, we are able to refer clients to a trusted third-party supplier of these reports.
What other products and services do Valunation provide?
Valunation also provide a range of RICS Market Valuations or Private Valuations as they are sometimes known. These may be suitable in the following circumstances;
- Clients purchasing a property without a mortgage (cash buyers) but who also require a valuation.
- Valuations needed for Help to Buy, Shared Ownership or Shared Equity purposes.
- Valuations for Tax, Probate or Matrimonial (Divorce) purposes.
Valunation also conduct many valuations for mortgage lenders including mortgage valuations, desktop valuations and specialist valuations for Buy to Let, Leasehold and HMO’s.
We can provide specialist reports such as Damp & Timber, Arbor, Structural Engineers, Electrical etc. through a trusted third-party provider.
Survey with or without Valuation?
The most common Level 2 Survey is now available with or without a valuation. This was purposely created to reduce the cost of having a survey for buyers also using a mortgage to purchase a property.
Most mortgages will also require a separate mortgage valuation, some lenders charge for these so opting for a Level 2 without a Valuation avoids any duplicate costs.
It also avoids any potential issues where property values provided do not agree.
Please contact us on 01206 363658 or referrals@valunation.com