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Valuation

RICS Valuation

Choose this report to get a Market Value of a home, and also if you require a valuation for repayment of a Help to Buy Equity Loan. Valuations are conducted by an RICS registered valuer to Red Book standards - the professional guidelines that are the gold standard for valuation. Valuations include a site visit alongside considerable desktop research, the combined evidence of the two supporting a market value. The property's insurance reinstatement value is also included. Please note: a valuation does not include potentially costly property defects if they are deemed not to affect the property's Market Value. If you have specific concerns about the condition of the property then a Level 2 Survey may be more appropriate.

A RICS Condition Report (Level 1) provides you with a professional account of the property’s condition on the date of inspection, helping you to be confident in the home that you are buying. As the least detailed survey type you can choose, it gives a basic overview; no advice or valuation is provided in this survey.

 

A Condition Report (Level 1) is targeted at conventional properties that are new or nearly new. The property must be in reasonable condition, with an easily accessible maintenance history. This type of survey is not appropriate for buildings that are more than 5 years old, those of non-standard construction or properties with known defects.

 

Your Peer King surveyor will carry out an inspection of the property, including the visible interior and exterior, as well as permanent outbuildings and boundary structures. You will then receive a report describing the property’s current condition and details about its construction.

 

If any serious concerns or problems are identified the report will highlight them in an easy-to-follow ‘traffic light’ system so that you can address them appropriately with the seller, or a specialist contractor.

 

The RICS Condition Report (Level 1) may also point out legal aspects of your property, such as planning & building control issues or access rights, that should be investigated by your legal advisers as part of the conveyancing process before you exchange contracts.

What’s included in a RICS Condition Report (Level 1):

  • Visual inspection of the property to assess its overall condition

  • Summary of obvious surface level issues and the possible risks involved

  • ‘Traffic light’ grading system to highlight the severity of any defects found

  • Other matters for your conveyancer to follow up

  • No advice on necessary repair work or maintenance

  • No property valuation

When to Choose a Condition Report (Level 1)

Condition Report (Level 1) are targeted towards conventional flats or houses that are new, or nearly new (less than five years old). They should be in reasonable condition, with a maintenance history that is easily accessible. They are not suitable for older homes, unusual construction methods or materials, or providing detailed information about known defects.

If you are not sure which survey is the most appropriate for your potential new home, contact Peer King Surveyors today and a member of staff will be happy to help.

RICS Valuation

Market valuation and insurance reinstatement cost. Includes site visit.

£299

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