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It's perfect, but is it faultless?
Buying a home is likely to be the largest single purchase you may ever make. It therefore makes sense to find out more about the property you propose to buy, before being committed to it.
Cotswold Surveyors are a well established and independent firm of Chartered Surveyors. We utilise extensive knowledge and expertise to undertake residential and commercial surveys and valuations on behalf of private and corporate clients.
We work on all types of property across Gloucestershire, Wiltshire, Worcestershire and Oxfordshire, Bristol and Avon aswell as many parts of the Midlands.
We can also help you arrange surveys and valuations throughout the rest of the country utilising our extensive network of independent firms of chartered surveyors. |
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You can minimise the risks involved in purchasing a property by asking our qualified Chartered Surveyors to answer general questions which may include:
- Is the agreed purchase price reasonable?
- Are there drawbacks I don't know about?
- Is so, what do I need to do about them?
- What are the significant defects and what is the property's general condition?
- What are the implications of the defects and possible repair costs?
Commissioning your own Independent Survey is the simple, economical way to avoid unpleasant - and costly - surprises after moving in. Depending on the seriousness of any defects and the cost of necessary repair work identified, you can renegotiate the purchase price to reflect the cost of repairs in your offer, or decide not to proceed with the purchase.
A good property survey can save you money and will provide you with considerable peace of mind.
For more detailed information, please contact one of our Surveyors on 0845 300 5452.
There are different types of Property Valuations and Properties Surveys available and our summary below explains what you can expect from each type of Property Report.
The Homebuyer Survey and Valuation Report (HSV)
The Homebuyer Survey and Valuation Report involves a more detailed inspection of the property than the Mortgage Valuation and is a service designed to provide the Client with useful information in an easily read and understandable format at a mid-range cost.
The HSV is a service designed for properties which are of conventional construction and in apparently reasonable condition.
An HSV includes the following information:
- The Property’s general condition.
- Any significant defects which may affect its value.
- Urgent and significant matters that need assessing before exchange of contracts, including recommendations for any further investigation by specialists.
- Results of testing walls and floors for dampness and timbers for damage, including woodworm and rot.
- Comments on the existence and condition of damp-proofing, insulation and the services (although the latter will not be tested).
- The recommended reinstatement cost for insurance purposes (the anticipated costs of rebuilding a property in the event of damage by fire or other insured risk). This is not the same as the market value of the property.
- The value of the property will be assessed in the light of its condition, as found on the day of inspection.
The main objective, is to assist you, the prospective purchaser, in making a reasoned and informed judgement on whether or not to proceed with the purchase, and to be clear about what decisions and actions should be taken before Contracts are exchanged.
The Building Survey
This is a comprehensive inspection, suitable for all property types, but especially recommended for:
- Listed buildings.
- Property built before 1900.
- Property which you plan to renovate or alter.
- Property which has already had extensive alteration/extension.
- Property which has been neglected and poorly maintained.
The Building Survey involves a detailed examination of all accessible parts of the property and can be tailor-made to suit your individual needs and concerns.
The Building Survey includes the following information:
- The Property’s general condition.
- The implications of any defects and the possible cost of repairs.
- Results of testing walls for dampness and timbers for damage, including woodworm or rot.
- Comments on the existence and condition of damp-proofing, insulation and services (although the latter will not be tested).
- Extensive technical information on the construction of the property, and details about materials used in construction.
- Specific comments on aspects of the building, tailor-made to your requirements.
- Recommendations for any further specialist inspections.
The Building Survey does not include a Valuation, although we can provide a separate Valuation Report, if required.
Property Valuations
A Mortgage Valuation is an inspection carried out on behalf of your Lender to determine the amount and terms of a Mortgage Offer. We act for numerous Lenders and are electronically linked to most, to enable a quick turnaround of reports, thus avoiding any unnecessary delays.
A Valuation is not a Survey, and should not be used as the only basis for deciding whether or not to buy. A property can have defects that are critical to a prospective Buyer, but are not of concern to the Mortgage Lender, and therefore, will not appear in a Valuation Report. Some Mortgage Lenders do not release their reports for you to see. It is advisable and prudent to arrange a Survey by your own Chartered Surveyor, providing independent advice.
Both The Consumers’ Association publishers of Which? Magazine and The Council of Mortgage Lenders advise you to arrange a survey before buying a property – don’t just rely on a Valuation.
Other Services
We have other services and reports available, such as, Valuation Reports for cash buyers. If you are a cash buyer and do not require mortgage finance, we are able to prepare an individual valuation report to a format approved by the Royal Institution of Chartered Surveyors, where obvious defects are drawn to your attention, but should further assurances be required, a more detailed survey would also be recommended.
Insurance Valuation and House Rebuilding Costs
It is important that your home is adequately insured, to ensure that you are covered in the unhappy event of partial or total loss by a fire or other insured risk, but also to ensure that you are not over insured and paying excessive premiums. Cotswold Surveyors can provide you with a formal valuation to present to your insurer, based on the latest building and cost information.
Probate Valuations, Capital Gains Tax and Inheritance Tax
Cotswold Surveyors are able to offer this additional service where valuation of assets are recommended for inheritance tax/capital gains text purposes.
The open market value of any relevant property’s assets will be calculated, as at the date of the relevant event. In preparation for a submission of a formal valuation report for the Inland Revenue, we can therefore, handle any negotiations/discussions with the Inland Revenue District Valuers Office, as may be required and agreed, between you and our surveyors.
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