Valuations are the most basic and briefest form of inspection and report. This involves a very limited inspection of the property to determine the overall condition and current Market Value.
A typical valuation inspection may take only 20 to 30 minutes.
Valuation inspections may also be called Level 1 inspections. These are a very limited inspection of the property to assess the extent of the accommodation (number of bedrooms, living rooms etc., its overall condition and current market value. The inspection may only take 20 to 30 minutes including a ‘head and shoulders’ inspection of the main roof void.
Such valuations are frequently carried out on behalf of Banks, Building Societies or other lending institutions to ensure that the property offers adequate security for their mortgage loan. The report for the lender may only be one or two pages in a preset format including standard phrases required by the lender.
Whilst a copy of this report may be made available to you by the lender (but increasingly they do not provide you with a copy), it is most unwise to rely on the contents of this report to confirm that the property is free from defects that may affect your decision to proceed with the purchase.
A similar report may also be provided for cash purchasers or for a variety of other reasons, including Help to Buy Loan Redemption, probate (Inheritance Tax), part exchange, matrimonial (separation or divorce) and Capital Gains Taxation etc. Whilst a private valuation report will be longer than a lenders report this still may only be 4 to 6 pages in length.
We will provide you with two paper copies of the valuation report supported by at least front and rear photos illustrating property. We can also provide an electronic PDF copy of the report if required for your records or submission to another professional party.
Our fees for private valuation reports range between £225.00 plus VAT (£270.00 gross) to in excess of £500.00 plus VAT (£600.00 gross) depending on the age and size of the property.
This type of report is not a detailed survey and it is, therefore, possible that there may be other factors or faults present in the property which could only be revealed by a more comprehensive inspection. A more extensive inspection and report might alter your decision to proceed with the purchase.
Why do I need a more detailed report?
A professional report prepared by a Chartered Building Surveyor and Registered Valuer will help you to:
- Avoid costly mistakes
- Check the purchase price is reasonable
- Highlight any drawbacks
- Minimise risk
- Discover any significant defects
- Prevent unpleasant surprises
- Provide peace of mind
We have recently inspected this Victorian mid teraced house to prepare House Purchase Report and Valuation (simialr to an RICS Hombuyer) for the prospective purchaser.
We were recently instructed to inspect this extended 1900’s detached property to provide a private valuation for Inheritance Tax (probate) purposes.
We were recently instructed to inspect this Local Authority 1950’s built semi detached house to prepare a House Purchase Report and Valution (similar to an RICS Homebuyer) for the prospective purchaser.
Please tell us your name, company (if applicable) and contact details.
If you tell us a little about your enquiry including the property location (ie Evington, Blaby, Lutterworth or Melton), type (ie detached, semi or office or factory), the size (number of beds and living rooms or floor area) and the reason for your enquiry (ie purchasing, leasing, had works done) we will try to assist you.
If you are buying or leasing a link to the agents details would be helpful.
David Beaumont & Associates
Chartered Building Surveyors
39 Central Avenue
Leicestershire LE18 2AB
0116 281 2865
David Beaumont & Associates is a trading name of D B & A Limited
Registered Office at 3 Leicester Road, Oadby, Leicester Leicestershire LE2 5BD
Incorporated in England and Wales. Registered No: 4190564