HOME BUYER SURVEYS, REPORTS & VALUATIONS
Edward Watson offer 2 types of RICS Home Surveys to property buyers.
1 The RICS HomeBuyer Report (survey & valuation)
The HomeBuyer Report Service provides an inspection of the Property, a Report on the condition of the Property and includes the Surveyors opinion of the Market Value of the Property. A HomeBuyer Report is suitable for most property types.
The Report use a traffic light system to rate the condition of each element of the building, including advice on defects/repairs and maintenance considerations.
It also provides:
A checklist for your solicitor, for example confirming boundaries, checking for boiler maintenance records and confirming planning permission for an extension.
An insurance reinstatement figure for the property;
A list of problems that the surveyor considers may affect the value of the property.
2 The RICS Building Survey
The Building Survey (formerly called a structural survey) offers the best value for money if you’re dealing with a large, older or run-down property, a building that is unusual or altered, or if you’re planning major works.
A Building Survey costs more than the HomeBuyer Report because it gives detailed information about the structure and fabric of the property.
The Survey inspection is slightly longer with our Surveyors taking more detailed site notes producing a more technically detailed Survey Report written using technical building terms.
It does not provide a valuation, however a valuation can be included if necessary at a modest additional cost.
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HELP TO BUY VALUATION REPORTS
If you have a Help to Buy loan and are now selling the property.
If you have a Help to Buy loan and are now selling your property or want to pay back the equity loan you will need an Independent Valuation Report from an RICS Registered Valuer to send to Target.
Our Valuation Report meets all of the criteria set out by Target.
The Valuation Report is valid for three months. If you do not complete the transaction in the three month period we can provide a Desktop Valuation as requested by Target.
Edward Watson Associates will give you the true market value of your property.
Private Valuation Report
There are many reasons why you may need a valuation report, for example if you are purchasing a property and don’t need a mortgage. Your accountant may suggest you have one if you are going to visit your bank manager with a business proposal or you may just need an accurate valuation of your home.
These are needed if someone in your family passes away with property to bequeath. A solicitor may advise the executor of the estate that they need to provide a valuation of the deceased property in valuing the estate for inheritance tax purposes. HMRC’s website has more information on inheritance tax.
Separation and divorce can be a stressful and emotional time in your life. The family home may need to be valued to decide how your joint assets are to be shared.
We can provide a valuation for this purpose and we are used to producing reports that comply with the family procedure rules if the matter should proceed to court.
Valuation Report for SIPPs
If you are placing your property into your SIPP we provide a Valuation Report on your property as required by your pension provider.
Capital Gains Tax Valuation
If you sell a property that is not classed as your main residence, you will be liable to pay capital gains tax on the proceeds of the sale. If the property was purchased before 1982 the cut off point for the valuation is 31st March 1982. We can provide a 1982 valuation Report for capital gains tax purposes. HMRC’s website has more information on Capital Gains Tax tax.
If your house is leasehold (i.e. you pay a ground rent and don’t own the freehold) you may or may not be aware of the length of time left on the lease. Leases are usually 99 or 999 years in length, however when there are less than 70 years to run, many mortgage companies and banks will not consider the property suitable for a mortgage. This will affect the value of your property should you wish to sell it. We can provide valuations under the Leasehold Reform, Housing and Urban Development Act 1993, and give our opinion of the price you should pay for a new lease. If necessary, our surveyor can also enter into negotiations with the other party’s surveyor to agree a fair price.
This is slightly different to leasehold extension in that you are purchasing the freehold title of the property, making your home freehold and not leasehold. We can provide a valuation of the premium (price) for buying the freehold title, under the Leasehold Reform Act 1967 as amended by the Commonhold and Leasehold Reform Act 2002.
Edward Watson are experts in many areas.
Commercial Valuations & Building Surveys
We offer our clients Valuation Reports for market rent and market value purposes and Building Surveys of commercial property including: commercial offices, retail premises and light industrial units.
Expert Witness Reports
An expert witness report can be used if a dispute arises between two parties, for example over the valuation of a property or an allegation of negligence. When acting as an expert witness, a surveyor has a duty to be truthful to the facts, and to give independent, objective and unbiased advice. If Court proceedings have started or if the matter progresses to Court the surveyor is bound by Part 35 of the Civil Procedure Rules and he must produce a report that complies with these rules.