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A Brief Description about Surveyor Services | Law Cases & Case Briefs

 

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A Brief Description about Surveyor Services

February 4, 2015   Real Estate

If you are wondering who a surveyor is or what they do, wonder no more. A surveyor is a person or corporate body offering such services as mortgage valuations, building surveys, homebuyer’s survey and valuations, quantity surveying, estate management, auctioneering and such other related services. This article will give a brief description about property valuation surveyors. Chartered property surveyors are ordinarily hired by property buyers or mortgage providers to conduct a ‘health-check’ on a property to identify any major structural problem with the property, which either influences their decision to make a purchase or allows them to get the property at a lower price, which will have been negotiated to reflect the overall costs of the necessary repairs. Here is a brief description about surveyor services.

What is a valuation report?

This is a report containing vital information about the general condition of the property. It is usually arranged by banks, building societies and other finance providers, to inform the lender about the value of the property, to ensure that the mortgage advanced is appropriate.

Reasons for carrying out a valuation report

  • To enable a buyer to spend appropriate amount of cash when making a property purchase.
  • To enable the property sellers estimate the value of their property based on its general condition before putting it in the market. This ensures that the price quoted is appropriate.
  • To assist divorcing couples in fair and equal division of their matrimonial property.

A homebuyer’s survey and valuation report will normally include:

  • The overall condition of the property.
  • Any major structural faults that may affect the value of the property in question.
  • Any damages detected on the timbers, including rot and woodworm infestation.
  • The insulation condition of the property.
  • The general condition of the plumbing system.
  • The estimated costs of rebuilding the property in the event of fire. This information is provided for building insurance purposes.
  • The estimated costs of repairing the damages detected.
  • The estimated price at which the chartered surveyor would place the property on an open market.

If you are interested in getting accurate valuation of a property before buying or selling, it is essential that you engage the services of a professional chartered surveyor. Contact Harvey Donaldson & Gibson residential surveyors. They provide competent property valuation for both property buyers and sellers. Visit hdg.co.uk for details.