Residential Home Surveys

Introduction

When buying a home, it is important not to rely on the mortgage providers valuation.

A mortgage valuation is commissioned by the mortgage lender and is for their benefit alone, designed to confirm to the lender that the mortgage to be granted for the property will be secure. It is effectively a risk assessment exercise and will only comment on aspects of the property that affect its value.

What a mortgage valuation doesn’t do is provide an impartial view of the condition of the property, nor information about repairs that may need to be carried out. It is therefore important to arrange your own survey.

Broadley Commercial are able to offer two levels of RICS regulated Home Survey.

RICS Level 1 Home Surveys

An RICS Level 1 Home Survey, previously called a “Condition Report”, describes the condition of the property, identifies any risks and potential legal issues, and highlights any urgent defects.

Typically the lowest-priced survey, it is aimed at conventional properties and newer homes. It will note defects in the property but will generally not provide advice on how to manage those defects. Choose an RICS Level 1 Home Survey if you’re buying a conventional house, flat or bungalow built from common building materials and in good condition.

RICS Level 2 Home Surveys

Previously called a “Home Buyer Report” or “Home Buyers Survey”, an RICS Level 2 Home Survey is most suitable for conventional properties that are in reasonable condition and are simple in form and layout (for example, a property that does not have multiple alterations or extensions). The report gives you more detailed information about the property, and ideas about future repairs or maintenance that may be required.

Level 2 Home Survey - survey only

Includes all features of the Home Survey Level 1 and more extensive roof space and drainage chamber inspection. It includes advice on defects that may affect the property and what maintenance or repairs may be required. Choose an RICS Level 2 Home Survey if you would like more extensive information while buying or selling a conventional house, flat or bungalow, built from common building materials and in reasonable condition.

Level 2 Home Survey - survey & valuation

Includes all the features of the RICS Level 2 Home Survey, plus a market valuation and insurance reinstatement figure, to help you avoid under or over insurance. Choose this option if you would like all the benefits of an RICS Level 2 Home Survey along with a valuation.

Broadley Commercial do not provide RICS Level 3 Home Surveys.

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