We hope you like our new helptobuy-valuations website. It is designed for clients looking to redeem their helptobuy equity loan. The site includes some useful information from Target and facilitates clients in providing us with the information needed to proceed with a professional RICS Valuation for Target. The terms and conditions can be downloaded from the site to save time and to make the process as simple as possible. Of course we are more than happy to speak with you over the phone if you would like to talk through the process.
Surveys and Valuations during the Coronavirus Outbreak
In accordance with Government Guidance and in the interests of the health and safety of all concerned we ceased undertaking Survey inspections on Monday 23rd March. At the time of writing there have been no changes in the advice and, given the progression of the virus, it appears that we shall be unable to carry out Surveys and Valuations until early May. A small benefit of the current situation is that we have temporarily deregistered for VAT and this will constitute a 20% reduction in fees for our clients in coming months. Wishing all our clients, past and future best wishes in this difficult time.
Desktop Reassessments for Helptobuy Valuations
Since we started undertaking Valuations for Target as part of the helptobuy scheme there has been a policy that Valuations are valid for a period of three months. After this we carry out a desk-top reassessment in order that the Valuation could be extended for a further period of three months. Because this involves extra work and redrafting the original Valuation Report we normally charge a small additional fee to cover our costs, this is usually 50% of the original Valuation fee.
Target rules are such that carrying out a desk-top reassessment is only possible if instructed within two weeks of the three month anniversary of the original Valuation. Otherwise a new inspection of the property is required and a new report. Because this involves almost the same amount of time as the original Valuation we have to charge another fee.
We do not wish to charge clients a second time for work already carried out especially as it is unlikely that the property will have changed. It is strongly recommended that clients press for matters to be concluded within three months of the original Valuation and if not, please contact us as soon as possible for a desk-top reassessment. Again we do not wish for clients to be disadvantaged by having to pay twice for the same service.
New RICS Professional Statement
In November 2019 the RICS published a new Professional Statement relating to residential Surveys.
The document is the result of a period of consultation with industry stakeholders and the public and a need to update the existing range of Surveys, given the fact that many companies now use their own formats and branding.
Implementation has been delayed to the end of 2020 but the aim is to simplify various different types of Surveys making it easier to understand. Any company is able to use their own branded Survey products but they must be benchmarked to a set level of inspection and reporting.
Level one (eg RICS Condition Report). This is a basic inspection and a brief inspection for modern houses built after 1990. It does not include repair advice or a Valuation. It uses Condition Ratings for the various external and internal elements from 1 – 3. A typical inspection would take between 1 – 2 hours.
Level two (eg RICS HomeBuyer Report – these have been available with or without Valuation). These are more detailed reports which include repair advice and are a good choice for standard houses built after 1900. Again it uses Condition Ratings for the various external and internal elements from 1 – 3. A Surveyor would be expected to spend 2 – 3 hours inspecting an average Victorian terrace or 1930’s semi.
Level three (formerly known as a Building Survey having changed from a Full Structural Survey many years ago). A Level three Survey is suitable for any property but is the obvious choice for a complex or large property, a Listed Building, an old cottage or a house needing modernisation. Possibly also a house with old extensions or a loft conversion which may lack the necessary Local Authority approvals and permissions. For each elements, there will be a description, an assessment of condition, repair options and recommendations along with advice as to when the repair should be carried out and by whom. The time spent on site varies but typically would be between 4 – 6 hours.
If you require further information, please email or call us to discuss your own requirements.”