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Surveys and valuations

   1. Surveys

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   3. Basic valuation example

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   5. Homebuyer's report example

   6. The surveyor's inspection

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Surveys and valuations

Homebuyer's report example

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Because we are such a caring and thoughtful enterprise, we have spent a bit of time recreating a homebuyer report in its entirety, all because we want to show you how they differ from a basic valuation report. It is very long and you may not do anything but skim over it, but it should serve to help you decide whether you need one. Bear in mind that not all homebuyer reports from all surveyors will look exactly the same, but they should all cover the same points. Oh and in case you didn't work it out, the homebuyer's report is genuine, but the company and people are made up:

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CROOKED HOUSE SURVEYORS

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HOMEBUYER
REPORT

23, Fantasy Drive

A: INTRODUCTION

Please note that this Report is solely for your use and your professional advisers' and no liability to anyone else is accepted. Should you not act upon specific, reasonable advice contained in this Report, no responsibility is accepted for the consequences.

The Report has been prepared in line with the Description of the Homebuyer Service already provided. I f any addition to the standard Service was agreed before the Inspection, this is confirmed at the foot of the last page.

Objective
The principal objective of the Report and Valuation is to assist you to:

• Make a reasoned and informed judgement on whether or not to proceed with the purchase
• Assess whether or not the property is a reasonable purchase at the agreed price
• Be clear what decisions and actions should be taken before contracts are exchanged

Content
The general condition and particular features of the Property are covered, but the Report focuses on the matters which the Surveyor judges to be urgent or significant.

'Urgent matters' are defects judged to be an actual or developing threat either to the fabric of the building or to personal safety; it will be advisable to have these put right as soon as possible after purchase (in some cases even before). 'Significant matters' are those which, typically, in negotiations over price would be reflected in the amount finally agreed.

Matters assessed as 'not urgent' or 'not significant' are those outside the scope of the HOMEBUYER Service and are generally not reported. However, other matters (such as legal and safety considerations) are reported where the Surveyor judges this to be helpful and constructive.

Action
If - after reading and considering all the information and advice in the Report - you decide to proceed with the purchase, then there are probably some things on which you should take action at once. Each such item is highlighted in the report with the word ACTION and is also listed in Section F, together with advice on what to do next.

OVERALL OPINION

Below are the Surveyor's conclusions, in brief, on whether or not this Property is a reasonable purchase at the agreed price, and on particular features which affect its present value and may affect its future resale. The opinion takes no account of factors outside the scope of the HOMEBUYER Service.

It is hoped that this overall view will help you to keep in perspective the detailed facts and advice which follow. You are asked to bear in mind particularly that it can be misleading to treat individual matters in isolation. So that you may use this Report to best advantage in reaching your decision on whether or not to proceed with the purchase of this Property, you are most strongly advised to read and consider its contents as a whole.

This two storey purpose built flat is generally in fair condition for its age and design. There are no essential repairs for mortgage purpose and the purchase price is not considered excessive in the current market.

B. THE PROPERTY & LOCATION

This section covers the important general background information on the Property and its location, including amenities and features of vicinity as well as any environmental and other wider considerations. It also includes the state of occupation and the weather at the time of the Inspection.

Type and age
The property is a purpose-built two storey maisonette with six others in a four storey building, built around 1985.

Construction
The external walls are of traditional cavity construction with elevations. The floor is solid concrete construction. The main roof is covered with mock slates. External walls of the block are of traditional cavity construction. Floors are solid and are of concrete construction.

Accommodation
Third floor: Entrance hall, reception room, kitchen

Fourth floor: 2 bedrooms, landing, bathroom

Garage and grounds
There is no garage.

Location
This modern purpose built flat is situated in a reasonably quiet cul-de-sac close to a public park and within half a mile of comprehensive shopping and travelling facilities at Surrey Quays including the Canada Water Jubilee line underground station. The immediate area is mixed with some local authority housing and close to a former office block now being converted into flats.

Weather
It was dry at the time of the inspection.

Limits to inspection
The flashings and parapet gutters could not be inspected. At the time of the inspection the property was occupied and furnished with fixed floor coverings. In addition it was not possible to obtain a full inspection of the roof voids as only a head and shoulders view was possible because of the small size of the loft hatch.

C: THE BUILDING

Movement, timber defects and dampness are, in their various forms, the three greatest potential threats to the structure of a building. Where evidence is found of any of these conditions, advice is given on what action should be taken. (Where a problem is judged to be serious, it might prove necessary for a separate, detailed examination to be undertaken - perhaps by specialists. For example, the foundations might have to be laid open to analyse the cause of some structural movement, or the full extent of timber rot might require further investigation.)

Movement
There were no signs of significant cracking, current settlement, subsidence or structural movement in this property. However there has been some very slight movement to internal partitions with some minor cracking noted. However this is not considered to be of serious structural significance.

Timber defects
During our visual inspection there was no obvious evidence of significant timber decay in this property.

Dampness and condensation
We cannot confirm whether a damp-proof course is present or not on the external elevation. However it is unlikely a property of this age and type would have been built without one. Where access could be obtained, moisture readings were taken internally at regular intervals and we found no sign of significant rising or penetrating damp in this property. There is no evidence of significant condensation in this property.

However, due to the lack of full gas fired central heating this property will be prone to condensation although none was evident at the time of inspection.

Insulation
The general standard of thermal insulation is generally satisfactory.

The roofs, chimneys and other external surfaces of the building are examined from ground level, where necessary from adjoining public property and with the help of binoculars. The roof structure is examined from inside the roof space where accessible (insulation material, stored goods and other contents are not moved or lifted). The efficiency of rainwater fittings (gutters and downpipes) can only be assessed properly during the Inspection if there is heavy rain.

Roof structure and covering
The main roof is a pitched roof which is formed in four different sections. The roof design is slightly unusual with each different section separated by a parapet wall. The roof has been covered in mock slates and the water from each section of roof drains onto a gully which is formed in both concrete and what appears to be metal. However as mentioned at the beginning of the report it was difficult to obtain a full view of the roof coverings from ground floor levels. A view was possible from balconies to the upper levels. The original mock slate coverings are in fair condition although the slates have faded in the sunlight. Although there is no evidence of any significant cracked, broken or missing slates, it was noted that there is a very small number of loose slates to one of the roof slopes. The valley gutters appear to be satisfactory although you should be aware that these are vulnerable to blockages and leakage. In addition it was noted that a number of slates have lifted slightly and under very stormy/windy conditions these could lift further. We would strongly recommend that you enquire of the managing agent /freeholders whether there are any plans to overhaul or refurbish the roof with particular emphasis on the valley gutters which should be cleaned out as a matter of routing. However with those sections of roof that were visible there is no reason to believe why this covering should not give years of service. The metal flashings appear to be in satisfactory condition where visible externally.

Chimneys
There are none.

Rainwater fittings
The roof to this property is unusual in that water drains via a short section of concrete gutter. There are no conventional gutters or downpipes draining onto ground floor level. However it was noted that there are a number of downpipes which service the drainage from the balconies and these were found to be in fair condition. The balconies themselves are covered in asphalt and it was noted that some of the soakways, particularly to the balconies of subject flat are blocked and these should be cleared at the earliest possible opportunity to prevent pooling of water to the balconies. Apart from that visible rainwater goods are in satisfactory condition.

Main walls
The brick cavity walls are reasonably true and plumb with no evidence of significant structural movement. The brick finish is generally satisfactory and there is no evidence of any serious cracking or ongoing structural movement. However it was noted that the upper elevations are covered in some form of manmade cladding. A partial view of this cladding was possible from the balcony to the rear elevation. This appears satisfactory although it was noted that some of the fixing screws are missing and therefore some maintenance may be due in the short term. The brick parapet wall where visible appears reasonably sound.

External joinery
The property is fitted with timber windows and doors. The single glazed units are generally in satisfactory condition although it was noted that they are now overdue for varnishing.

External decoration
Some of the external decorations are beginning to deteriorate. At the time of inspection a resident on site advised that the external decorations were carried out in the summer. Some of the metal finishes are in fair condition although the timber finishes are in poor condition and require revarnishing. Under the circumstance we would recommend that you make further enquiries of the managing agents to advise if any further works are to be carried out. It was also noted that there is a broken pane of glass to the ground storage cupboard which gives a somewhat rundown appearance.

Other
Internal walls to the communal areas require repainting.

Floor surfaces and under-floor spaces are examined so far as they are accessible (furniture, floor coverings and other contents are not moved or lifted). If a part or area normally examined was found to be not accessible, this is reported; if a problem is suspected, advice is given on what action should be taken. It is not possible to assess the internal condition of any chimney, boiler or other flues. (In some cases, when furniture and pictures are removed internal decorations may prove to be damaged or faded.)

THE INTERIOR

Roof space
There are two separate lofts to this property which are accessed via the bathroom and bedroom one. Due to the small size of the loft hatch it is not possible to carry out a full inspection of the void and this was limited to a head and shoulders view. In addition it was particularly difficult to obtain full access to the roof void to bedroom one because of the location of the current owners bed. The roof is of a traditional trussed rather rafter design and timbers were found to be satisfactory. The roof space has been insulated and party walls are properly in place. Sarking felt has been laid between roof slopes and roof timbers and the roof void has been ventilated. There is no built-in ladders or electric light. Generally those sections of roof void that were visible are in fair condition.

Ceilings
The ceilings which are formed of plasterboard are in reasonable condition. Ceilings are finished in an Artex.

Floors
The solid floors are with no evidence of subsidence or settlement. However it was difficult to obtain a full view of the floors because of closely fitted carpets.

Internal walls and partitions
The internal walls and partitions consist mainly of plastered masonry and timber studwork lightweight proprietary hollow-cored partitioning finishes. Some slight cracking was noted to the plasterwork to bedroom one and internal partitions have settled very slightly. However this is not considered to be of structural significance.

Fireplaces etc.
There are no open fireplaces. Subsequently there are no chimney breasts to this property.

Internal joinery
The internal joinery is in fair condition and is of an acceptable standard associated with properties of this type and age. The internal doors although basic are serviceable. The kitchen fittings are fairly modern. Skirting boards whilst basic are satisfactory.

Internal decoration
The internal decorations are generally clean and tidy but need attention in some areas. It would appear that the current owners have recently carried out some repainting to the interior of the flat. Whilst the paintwork itself is satisfactory it was noted that paint has been splashed on carpets and internal joinery.

Other
It was noted that the internal communal parts are in need of redecoration.

D: THE SERVICES & SITE

The efficiency, compliance with regulations and adequacy of design of services can only be assessed by tests conducted by suitably qualified specialists. Although surveyors are not specialists in these particular areas, an informed opinion can be given on the basis of the accessible evidence. Where possible, drainage inspection-chambers are examined (except in the case of flats), but drains are not tested during the Inspection. However, in all cases advice is given if there is cause to suspect a problem. Leisure facilities and non-permanent outbuildings are noted but not examined.

THE SERVICES

Electricity
The electricity meter could not be located directly. However it is understood to be on the ground floor and accessed by an exterior door. As no access could be obtained however we cannot confirm. The consumer unit is located in the entrance hall and was found to be satisfactory. Generally the installation appears satisfactory although there is not a great deal of electrical outlets throughout the flat. Ideally electrical systems should be inspected every year.

Gas
No gas is connected to the property.

Water
The property is connected to the water mains. We could not locate the outside stopcock and we suggest that you contact the water authority to enquire where exactly it is situated so that the supply can be turned off in an emergency. The internal stopcock is believed to be under the kitchen sink. Visible plumbing is formed in copper and PVC and found to be generally satisfactory. The PVC cold water storage tank is adequately supported and located in the loft, being fitted with a proper overflow and lid. Hot water is provided by two electric immersion heaters and is stored in a hot water cylinder being located in the entrance hall to the lower level. The property is on the Economy 7 system. The sanitary fittings are modern and in satisfactory condition.

Heating
There is no central heating in this property. The property does however have a small number of electric storage heaters. These were found to be working reasonably well at the time of the inspection. However you should be aware that these do not operate as efficiently as full gas fired central heating. The heat can dissipate in the later evening leaving the flat somewhat cold. In addition there were a number of electric wall hung heaters and some Dimplex warm air heaters.

Other
There are no other common services and there is no passenger lift.

Rainwater drainage
Soil and foul water drains via pipework which is concealed within the block. Aside from this no further comments can be made because extensive opening up works would have to be undertaken to expose the system. It was noted that there was a manhole cover to the front of the property though it was not difficult to lift the cover. Without extensive exposure work we cannot confirm the type or layout of the underground rainwater drainage system. As mentioned earlier rainwater drains directly off the roof coverings via concrete gutters and there are no downpipes or soakaways.

The site
There is no separate covered car parking space as far as we are aware but there is an allocated car parking space, your solicitor should confirm its exact location. There are no significant hazards within the boundaries of the site.

E: LEGAL & OTHER MATTERS

Your Legal Advisers are responsible for checking relevant documents relating to the Property (these might include servicing records and any guarantees, reports and specifications on previous repair works) as well as for carrying out all the standard searches and inquiries. However, if any specific matters are identified which the Legal Advisers should investigate on your behalf, these are reported in this section. You are asked to pay particular attention to the ACTION paragraph at E4 below.

Tenure
We understand that the property is leasehold but the standard Appendix on leasehold properties (as promised in paragraph C3 of the Description) is not attached because in this case the lease is not likely to be common to other building owners and therefore may not involve the usual complications of management companies, service charges, etc. Your legal adviser should be asked to confirm this assumption; if it is so, they should be asked ti confirm the level of rent, the Unexpired term of the lease, and that the lease contains no unusual or troublesome clauses. You may also wish to instruct your legal adviser to investigate the possibility of purchasing the freehold (which might be complicated).

Regulations, guarantees and other matters
Your solicitor should confirm original planning permission took place for this development. Your solicitor should confirm that there is a proper programme of management and maintenance in place.

F: SUMMARY

Assuming that you decide to proceed with the purchase of this Property, there may be some things on which you should take action before you exchange contracts - such as obtaining competitive quotations for urgent repairs. (If any further investigation of some urgent matter is recommended, this will involve a second visit to the Property, perhaps by an appropriate specialist who will submit a separate report.)

Action
No copy of this report need go to your legal advisers. No urgent repairs are necessary on this property. We recommend that you should ask your solicitor to make enquiries of the managing agents whether there are any plans to carry out external decorations, overhaul roof coverings and decorate internal communal parts.

Maintenance considerations
Other than the normal maintenance work which is required for a property of this type and age, there are no other significant items to bring to your attention.

Other considerations
This two storey upper maisonette is situated in an improving residential area close top the River Thames and comprehensive shopping and travelling facilities at Surrey Quays. This area has seen significant price rises in the last year particularly because of the proximity of the Jubilee line underground extension at Canada Water. Externally the property is in fair condition for its age and design. However you should note our comments regarding the roof covering which may require some short term maintenance. The block as a whole does not appear to be actively managed and there was a broken window to the ground floor level and communal parts would benefit from some redecoration. In addition the entry phone system to the block appears to require replacement. Internally the flat is reasonably well presented although you should note our comments regarding the lack of central heating. There is likely to be a fair demand for this type of property on resale and given its location and the fine views from balconies at all levels, the purchase price is considered reasonable and your purchase is recommended.

G: VALUATION

In arriving at the opinion of the Property's Open Market Value as defined in Section D* of the Description of the Homebuyer Service, a set of standard assumptions is adopted, subject to any change stated below. Legal Advisers, and others who undertake property conveyancing, should be familiar with the assumptions and are responsible for checking those concerning legal matters. The opinion of the Open Market Value given below could be affected by the outcome of the inquiries by your legal Advisers [Section E] and / or any further investigation and quotations for urgent repairs [section F]. The valuation assumes that your Legal Advisers will obtain satisfactory replies to their inquiries relating to the assumptions made in this Report.

In our opinion the Open Market Value on 12th November 1999 of the leasehold interest in this property as inspected, with vacant possession was £166,000 (one hundred and sixty six thousand pounds).

The current cost of reinstating the property in its present form is estimated for insurance purposes to be approximately £71,000.

This report is provided in accordance with the terms of the Description of the Homebuyer Service previously supplied, subject to any agreed addition noted below.

The report is solely for your use and your professional advisers', and no liability to anyone else is accepted. Should you not act upon specific, reasonable advice contained in the Report, no responsibility is accepted for the consequences.

I hereby certify that the Property has been inspected by me and that I have prepared this Report, including the opinion of Open Market Value.

SIGNATURE

SURVEYOR'S NAME: Mr. Dod G. Builder

PROFESSIONAL QUALIFICATIONS: ARICS

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AGREED ADDITION (IF ANY) TO THE DESCRIPTION OF THE SERVICE DATE OF REPORT

 

DATE OF REPORT:March 8th 2000

 

APPENDIX TO THE HOMEBUYERS REPORT

Concerning the materials, construction, services, fixtures and fittings, etc., that:

• No significant defects or cause to alter the valuation would be revealed by an inspection of those parts which would not have been inspected;
• No hazardous or damaging materials or building techniques have been used in the Property: there is no contamination in or from the ground: and the ground is not land-filled;
• The Property is connected to, and there is a right to use, the reported main services; and
• The valuation takes no account of furnishings, removable fittings and sales incentives of any description.

Concerning legal matters, that:

• The Property is sold with "vacant possession" (i.e. only you will be entitled it occupy it when it is sold);
• No laws are broken by the condition of the property or by its present or intended use;
• The Property is not subject to any particularly troublesome or unusual restrictions; it is not affected by any problems which would be revealed by the usual legal inquiries; and all necessary planning permission and buildings regulations consents (including consents for alterations) have been obtained and complied with; and
• The Property has the right to use the main services on normal terms: and the sewers, main services and roads giving access to the Property have been "adopted" (i.e. are under local authority, not private, control).

LEASEHOLD PROPERTIES

Please Note: This Appendix is an integral part of the Homebuyer Report for all Leasehold Properties.

Everybody planning to buy a Leasehold property (most flats and maisonettes and a few other properties are Leasehold) is advised to pay particular attention to the terms of the Lease.

Your Legal Advisors, who are normally responsible for checking the Lease for you, do not normally see the Property - so it is only the Surveyor who has the opportunity to note any specific features which may have legal implications.

Any such matters are reported in Section E: Legal & Other Matters (where you are advised to pass a copy of the Report immediately to your Legal Advisers).

In arriving at the opinion of the Open Market Valuation of the Property (Section G: Valuation), unless otherwise stated the Surveyor assumes that all the terms of the Lease which might have an effect on the value of the Property are standard ones*, and that only a small ground rent is payable. This should not be relied upon, however, without being checked by your Legal Advisers.

You are advised to ask your Legal Advisors to supply answers to the following questions:

a) Are there other flats occupied by owners or tenants?

b) Is there a Management Company and/or Managing Agent correctly set up to deal with the running and maintenance of the block containing the Property?

c) Does a suitable maintenance and replacement fund exist, with suitable reserves, to deal with general cleaning, maintenance and repair of common parts, and repairs to the main structure, centralised heating installation, lifts, etc.?

d) What is the ground rent: what sum was last paid as a maintenance/service charge, and what period did it cover; and are the maintenance/service charge accounts satisfactory and up to date?

e) Is there evidence of regular maintenance of services; and are there satisfactory current certificates for the testing/servicing/maintenance of the following common services: (1) the lifts; (2) the fire escapes and fire alarms; (3) the security system(s); (4) any common water/heating system; and (5) other common facilities?

f) Are there any existing or foreseeable management problems or disputes, or any outstanding repairs or programmed works, which would affect the level of service/maintenance charge payable?

g) Is the Liability clearly set out - as between the Leaseholders, the Freeholder and the Management Company - for the repairs to the Property and to the common parts and the main structure; is the liability shared equally between Leaseholders; and is there suitable machinery for settling any disputes which may arise is this area?

h) Is it the Management Company or each individual Leaseholder who is responsible for the buildings insurance, and is there a block insurance policy?

i) Are there any unusual restrictions on the sale of the Property?

*Full details of those assumptions are available from the Surveyor. The most important are, in brief:

• If there are more than six properties in the building, the Property is either managed directly by the Freeholder or by a professional managing agent;
• If there is more than one block in the development, the Lease terms apply (except for upkeep or common roads, paths, grounds and services) only to the block containing the Property;
• There are rights of access over all communal roadways, corridors, stairways etc., and to use communal grounds, parking areas and other facilities;
• Where there is more than one Leaseholder, all the Leases are the same in all important respects;
• The Lease gas no particularly troublesome or unusual restrictions;
• The is no current dispute over the Lease or any outstanding claim or lawsuit concerning it;
• The unexpired term of the Lease in 70 years;
• The Property is fully insured.

Description of the Homebuyer Service

A The Service

A1 The Homebuyer Service comprises:

• an Inspection of the Property (Section B below)
• a concise Report based on the Inspection (Section C)
• the Valuation, which is part of the Report (Section D)

A2 The Surveyor's main objective in the Homebuyer Service is to give Clients considering buying a particular Property the professional advice which will assist them:

• to make a reasoned and informed judgement on whether or not to proceed with the purchase
• to asses whether the Property is a reasonable purchase at the agreed price
• to be clear what decisions and actions should be taken before contracts are exchanged

A3 The Homebuyer Service therefore covers the general condition of the Property and particular features which affect its present value and may affect its future resale. The Report focuses on what the Surveyor judges to be urgent or significant matters. Significant matters are those which, typically, in negotiations over price would be reflected in the amount agreed.

B The Inspection

B1 The Inspection is a general examination of those parts of the Property which are accessible: in other words visible and readily available for examination from ground and floor levels, without risk of causing damage to the Property or injure the Surveyor. Due care is therefore exercised throughout the Inspection regarding safety, particularly the constraints of being a visitor to the Property (which may be occupied). So, furniture, floor coverings and other contents are not moved or lifted; and no part is forced open to make it accessible.

B2 The services are inspected (except, in the case of flats, for drainage, lifts and security systems), but the Surveyor does not test or access the efficiency of electrical, gas, plumbing, heating or drainage installations, or compliance with current regulations, or the internal condition of any chimney, boiler or any flute. Also the Surveyor does not research the presence (or possible consequences) of contamination by harmful substance. However, if a problem is suspected in any of these areas, advice is given on what action should be taken.

B3 Where necessary, parts of the Inspection are made from adjoining public property. Such equipment as a damp-meter, binoculars and a torch ay be used. A ladder is used for hatches and also for flat roofs not more than three meters above ground level. Leisure facilities and non-permanent out buildings (such as pools and timber sheds) are noted but not examined. In the case of flats, exterior surfaces of the building containing the Property, as well as its access areas, are examined in order to assess their general condition; roof spaces are inspected if there is a hatch within the flat.

C The Report

C1 The Report provides the Surveyor's opinion of those matters which are urgent or significant and need action or evaluation by the Client before contracts are exchanged. It includes some or all of the following:

• urgent repairs (e.g. gas leak, defective chimney stacks) - for which the Client should obtain quotations where appropriate
• significant matters requiring further investigation where essential (e.g. suspected subsidence) - for which the Client should obtain (and may have to pay for) reports and quotations from suitable contractors
• significant but not urgent repairs and renewals (e.g. new covering for flat roof before long)
• other significant considerations (e.g. some potential source of inconvenience) which the Surveyor wishes to bring to the attention to the Client
• legal matters (e.g. a possible right of way) which the Client should instruct the Legal Advisers to include in their inquiries.

C2 Matters assessed as not urgent or not significant are outside the scope of the Homebuyer Service and are generally not reported; however, other matters (such as safety) are reported where the Surveyor judges this to be helpful and constructive. If a part or area normally examined is found to be not accessible during the Inspection, this is reported; if a problem is suspected, advice is given on what action should be taken.

C3 The Report is in a standard format arranged in the following sequence: Introduction & Overall Opinion; The Property & Location; The Building; The services & Site; Legal & Other Matters; Summary; Valuation. In the case of Leaseholds, the Report is accompanied by a standard appendix called Leasehold Properties.

D The Valuation and Reinstatement Cost

D1 The last section of the Report contains the Surveyor's opinion both of the Open Market Value of the Property and of the Reinstatement Cost as defined below.

D2 "Open Market Value" is the best price at which the sale of an interest I the Property would have been completed unconditionally for cash consideration at the date of valuation. In arriving at the opinion of the Open Market Value, the Surveyor also makes various standard assumptions covering, fore example: vacant possession; tenure and other legal considerations; contamination and other hazardous materials; the condition of unexpected parts; the right to use mains services; and the exclusion of curtains, carpets, etc., from the valuation. (If required, the details are available from the Surveyor.) Any additional assumption, or any found not to apply, is reported.

D3 "Reinstatement Cost" is an estimate for insurance purposes of the current cost of rebuilding of the Property in its present form, unless otherwise stated. This includes the cost of rebuilding the garage and permanent outbuildings, site clearance and professional fees, but excludes VAT (except on fees).

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