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An estate agent and a chartered surveyor are different creatures in the property world. One works on the buying and selling side of things; the other is concerned with the assessing and valuing. Though, to be fair, both help with the making and saving of money in property transactions. Estate agents work alongside you as navigate the ups and downs of the residential property market. When you need a residential property to be looked at in a detailed, rigorous way—so much so that the assessment might serve as an inspection before the purchase is made—you should consult a chartered surveyor.
Several things affect what a Notting Hill property is worth. What matters most is the current condition of the home, how it has been maintained or improved over time, and whether it’s structurally sound. If you have a home that has any degree of historical significance, that’s beneficial to its value. The location of your home—how close or far away you are from city amenities, parks, institutions of higher learning, etc.—and the configuration of your property also conveys certain value.
The responsibilities of property management stretch far beyond just gathering the monthly rental checks. In fact, property managers hardly ever see the tenants and rarely get to know them very well. Yet, in terms of basic human interactions that keep a landlord-tenant relationship running smoothly, property management should encompass much more than what both parties currently expect. When human interactions are neglected, issues can easily become misunderstandings and then escalate into problems needing to be solved.
A home’s interior can affect its worth. A property won’t be appraised at the same value as something done up with contemporary yet timeless flair. Interior design pumps up the per-square-foot pricing potential of any given interior.
If you’re moving to or within Notting Hill, it’s vital to understand the property market in detail. The local team has Notting Hill postcodes covered. Team members live and work in the area every day and have an in-depth knowledge of the Notting Hill property market and the various submarkets, which is crucial if you want to buy not just a property but a home that meets your lifestyle needs.
Knowing the local area is invaluable. Operating there throughout the year, local professionals will provide critical market intelligence that allows clients to render better-informed decisions in buying and selling property. Surveyors will ensure that clients make the right calls on estimating capital appreciation to lease extensions.
The Non-Domicile Valuation applies to individuals who are living in the UK but are not domiciled here. It is an important form of assessment for individuals who own property in the UK, especially if they could be held liable for inheritance tax on their worldwide assets.
A Divorce Settlement Valuation provides a means of ascertaining the true value of your property so that it can be divided accurately in your divorce settlement. This guarantees that you will not be short-changed and that any joint property will be fairly valued for division among the parties.
The Full Building Survey report includes the following:
When it comes to the detail that the surveyor will go into concerning defects, repairs, and maintenance, the Homebuyer Survey is fairly standard. Full Building Surveys, however, are more refined and go into more detail about possible and likely defects. Repairs and maintenance are covered in more detail. The Survey cost depends on the age, size, and value of the property.
The analysis they undertake is a visual inspection. This means that, for the most part, the building components that can be seen will be looked at and assessed in accordance with the surveyor’s remit. The Home Survey Report will show you the visible defects and then go on to discuss the kinds of partially hidden or totally hidden defects that the surveyor thinks you should be aware of. It will also try to clarify what kinds of repair work need to be done and the nature of the repairs. The survey is effectively a way to consider “defects” and their potential impact on the building.
A Building Survey Report contains the most important information for understanding the condition of a property. The surveyors that undertake the work follow a set procedure. The first part of the report contains a general overview of the property and its surroundings. The second part details the major and minor problems with the property’s components, inside and out. These problems range from serious structural defects to issues with doors or windows that don’t close properly, and everything in between. The report is written in clear English, complemented by diagrams and photographs. If any of the problems found are what a surveyor might consider important, that’s what the report indicates—using clear and unambiguous language.
Surveyors usually use a tick box to indicate methods of repair when drafting a building survey report. They are also required to comment on the timescale of any repairs. A condition rating is typically included: what needs to be addressed immediately, what is in the process of deteriorating but is in reasonable condition, and what has not deteriorated at all.
A building surveyor is responsible for a variety of checks and tests during a building inspection. These could be checks or tests for damp and woodworm, or they could be visual inspections of the building’s structure. In building surveying, there are visual inspections of roofs – checking for tiles and slates (if applicable) and also checking for leadwork (if applicable) and looking at the junctions between roof and wall. If the wall structure has brick in it, the surveyor will visually check for any “spalling” (brick breaking apart visibly) and any bulging (brick failing to hold its place visibly), for example.
If defects need fixing immediately, then the options recommended for this survey specify what to repair and give some idea of how long the problem has existed. For the most part, this survey describes recommended repair approaches that are standard in the industry and that do not require excessive expenditure. Future maintenance is also discussed, including what to expect when the problem being surveyed is not repaired and what to expect with repairs that are made but with questionable methodology.
Your surveyor will explain some of the legal aspects of purchasing the building, covering—in as much or as little detail as you desire, and their implications, but this is subject to your solicitor verifying.
You might consider having a separate market valuation done to determine whether the property’s asking price is warranted. You’ll also need a reinstatement cost valuation for insurance reasons.
RICS’s industry guidelines suggest building surveys for properties that are large, very old, in some disrepair, or have unusual features. Building surveys are also recommended if you plan to do any significant renovations or extensions.
If you’re purchasing a relatively modern home that’s in decent shape and built to ordinary standards, then a Home Buyer Survey is an acceptable choice. If you want the assurance of an inspection and report that are pretty much guaranteed to turn up any issues that might be hidden or just hard to see, then you should go for a Full Building Survey instead.
The Full Building Survey is more detailed; it is more specifically tailored to the property your surveyor would be inspecting. It also comes with more advice on the visible defects found and on the potential hidden defects that they suspect may be present. Your surveyor will illustrate reports with photographs so that you can clearly see what has been discovered. Both the Home Buyer and Full Building Surveys describe the repairs needed, the order in which the repairs should be done, and the kind of “maintenance measures” that will be required to keep the property in good condition.
A HomeBuyer Report does include a market valuation as well as reinstatement costs. However, a Full Building Survey does not. The main reason for the differences in what is and isn’t included in the two types of reports is how focused the reports are on the condition of the property. The Full Building Survey is the most in-depth and comprehensive survey of a property that you can have done.
When the splitting of assets in a divorce becomes a matter of dispute, it is essential that property be valued impartially and accurately. The courts may appoint a certified valuer affiliated with the Royal Institute of Chartered Surveyors, Chartered Institute of Building or Residential Property Surveyors Association to provide expert guidance on the fair and reasonable division of property in a divorce. You might also obtain your own valuation of property to ensure you have received your just and equal share to minimize future reparative legal expenses.
Looking for a Chartered Surveyor? If you are buying a property, contact us for a building survey. Our panel of CIOB, RPSA and RICS surveyors will help you with the Level 2 or Level 3 property survey you need in Notting Hill. We can also assist you in Red Book Valuations, Party Wall Awards and other services. Reach out to us today for building surveyors, valuers and party wall surveyors in London!
