Most home buyers require a mortgage. In such cases, the Lender arranges for an inspection of the property and normally provides a copy of the subsequent report for the purchaser. These inspections/reports are often referred to as 'Surveys' although in fact, they are not. They are Valuation Reports, similar to those described below and their prime purpose is to advise the Lender as to whether the property is suitable security for the loan. They should never be relied upon as a detailed report of the condition of the purchase.

The purchase of a home is a major long-term commitment and it would seem wise at the onset to know as much as possible about the condition of the property. The subsequent discovery of defects not revealed by the Mortgage Valuation Report can have serious implications for your budget. Had they been revealed prior to the purchase this could have perhaps resulted in a reduction in the price or indeed, in a decision not to purchase at all.

You should give serious consideration as to whether a Mortgage Valuation Report will provide adequate information on which to base your decision. This may be of particular relevance when the age of the property is such that there is no builder's guarantee or it is nearing its expiry date. Where a mortgage is not required, it is clearly even more important to obtain an independent report as to the value and condition of the property.

The following is intended as a brief guide to the types of surveys and valuations available and the differences between them. Further information is available on request.

Building (Structural) Survey
This involves an inspection of all parts of the property that are visible and reasonably accessible, without risk of damage to the building or injury to the surveyor. This includes accessible roof and sub-floor spaces. We test for damp and investigations are carried out for outbreaks of dry rot, wet rot or woodworm attack. Particular attention is paid to any signs of structural movement. Visible elements of services such as plumbing, electrics and drains are inspected, but not tested; if required we can arrange for tests, if the visual inspection suggests that these are advisable.

The reports are extremely thorough and, where possible, will describe the type of construction, the nature of any defects, their probable cause and advise as to appropriate remedial measures. Open market and insurance valuations can be included if required. This form of survey is strongly recommended for older properties and properties in poor repair.

Homebuyers Survey & Valuation
When a Homebuyers' Survey is undertaken, the same elements of the property are inspected as for a Building Survey, but the inspection is less detailed. The object is to report on the general state of repair and condition of the property. Non-serious defects, which do not significantly affect the value, are not necessarily mentioned. Advice on remedial measures is not normally included. Open market and insurance valuations are included as a matter of course.

This form of survey is regarded as generally suitable for relatively modern property. It is not appropriate to those in serious disrepair; in such cases a Building Survey should be carried out.

Open Market Valuation Report
Many factors, including comparison of style, age, perceived condition, construction and location, together with prevailing market conditions are taken into account in the preparation of an Open Market Valuation Report. It involves a full inspection of the building in which any readily apparent serious defects are noted. However it is not a survey.

Capital Gains, Probate & Other Valuation Reports
Valuation reports are available for a wide range of purposes such as probate, matrimonial matters or in conjunction with company relocation schemes. We are also able to advise whether a proposed purchase or sale price is reasonable given market conditions at the time. Similar reports are available for builders and developers to advise as to the likely realisation value of a proposed development and as to the current value of any land and/or buildings to be acquired as part of the development scheme. Valuations for capital gains tax assessments can be provided with evidence to prove values in March 1982. We can also act on behalf of clients to agree Capital Gains Tax property valuations with the District Valuer.

Insurance Valuations
The purpose of these is to advise as to the sum for which a building should be insured against loss or damage by fire, storm, subsidence or other risk. This form of valuation is based on the estimated cost of rebuilding the property in its present form and bears no relationship to its market value or to the price paid. If you have altered or extended your property, carried out improvements such as fitting double glazed windows or refitting of the kitchen and bathrooms, your sum insured probably needs to be revised. Insurers may refuse to meet the full amount of a claim if the property is under insured.

Commercial Property
Our team of experts are able to provide detailed valuations and survey reports in respect of offices, shops, industrial premises and commercial land for either freehold or leasehold premises. We are also able to advise an assist tenants or landlords in rent reviews and negotiations.

Charges
Our fees for building surveys and valuations to meet specific needs are based on such factors as age, size and nature of construction. We will be happy to give an estimate on request. Our charges for homebuyers' reports are based on purchase price, as detailed below:

Inspections can normally be carried out within 48 hours and we can provide a brief verbal summary immediately after inspecting the property. The written report would usually follow within a further 48 hours. Our fees are agreed in advance, based on time taken. Estimates are available on request.

Expert Witness
We are able to provide qualified expert witnesses in respect of property related matters. Our experts would normally initially provide fully illustrated reports for the client's legal advisor and can appear in court if required. We would stress that we are a completely independent firm. We are not linked to any Lending Institution and our advice is wholly impartial. Our consultant surveyors are fully qualified professionals with many year's experience.

Architecural Services
Many properties and sites can be developed in a variety of different ways to suit the individual client's requirements and needs. We are able to provide a full design service for new homes, barn conversions, extensions, renovations, alterations or more extensive redevelopment to suit a potential purchaser or to create opportunities for a vendor. Commercial sites and buildings may also benefit from extension, restructuring or redevelopment in one or a variety of forms.

A wide range of services can be provided from initial ideas and advice to fully developed schemes, form discussions with the local authority to submissions to the planning department. A comprehensive architectural service is also offered to clients who wish for a complete service including design and build projects.

Our fully qualified consultant architects have many year's experience working on large and small-scale projects, both residential and commercial. We have been involved in many developments over the years, working with new, existing and listed buildings. Our professional services team includes fully qualified surveyors, architects, structural engineers and expert witnesses, all of whom have extensive experience.

Know How and Know Who equals Knowledge!

Please contact MKPS to arrange a Survey / Valuation.