RICS has introduced the RICS Condition Report, a new type of survey for the residential property market.
It gives buyers of conventional properties and newer homes a clear, concise picture of the state of a property. The report does not provide an additional price valuation, but instead is designed to complement a mortgage valuation.
An alternative to the RICS HomeBuyer Report or a building survey, the Condition Report is principally aimed at buyers who would otherwise rely purely on a lender’s mortgage valuation, rather than face the expense and complication of a traditional survey.
Other types of clients benefiting from the report will be landlords wanting to assess the condition of their investments and sellers looking to highlight any problems that may potentially impact on a future sale.
As it does not contain a valuation, both RICS valuers and those not registered with the RICS Valuer Registration Scheme will be able to conduct condition reports, opening up a new market for the industry.
For more, see David Dalby’s blog.
Comments
Mike,
Judging by the increase in premiums I was quoted recently the answer must be a substantial number.
If not perhaps the PII companies are not being entirely fair and taking advantage of the whole industry
@Ace
I'd love to know how many SUCCESSFUL claims are made against surveyors who fail to spot something.
As I said, their reports are full of ifs, buts and maybes - full of caveats designed to avoid responsibility.
If a building begins to settle - and the owner carefully fills the cracks and paints the exterior brickwork with masonry paint to mask his handiwork - and you get a full survey done and nothing is reported - and you buy it and two years later are faced with having to underpin - could you claim against the surveyor? Not in a million years.
Another jem ... "The first floor is of timber joist construction. Timber in properties is subject to beetle infestation and other conditions such as dry rot or wet rot. We were unable to establish whether the timber in the first floor of the property is sound without removing the floor covering and the floorboards.
I mean, really, what is the point?
Mike - I hope your builder has good PII insurance
When are people going to wake up to what a waste of money surveys by 'qualified surveyors' are.
... "The property is of cavity wall construction with a brick outer leaf and (probably) a blockwork inner leaf. The inner leaf may be a dense concrete block or a lighter weight 'thermalite' type block - it is not possible to tell without removing some plaster or, perhaps, a window to determine what the cavity closer is constructed from across the reveals."
.... "The lead flashing around the chimney is discoloured and the pointing retaining the top of the flashing has deteriorated to some extent and may need replacing in the medium term."
.... "The ground floor appears to be of beam and pot construction but it is not possible to be absolutely certain without removing the floor coverings and some of the floor screed. Houses of this type and age were typically of that construction but it is possible that it is a timber floor with brick support piers or walls. If there are support walls below a timber floor, they may, or may not, be ventilated allowing unimpeded air flow. If the air flow is impeded it is more likely that timber problems will occur."
I made an offer on a property once and the vendor handed me a copy of the 'full structural survey' he had commissioned. 32 pages it ran to - full of the most ridiculous, vague twaddle that I had ever read. (I used to be in the construction industry in the site engineering side).
I'd rather take advice from a reputable local builder than a 'qualified' surveyor. The first thing I do when I am seriously interested in a house in an area I am not familiar with is go and have a chat with the council's building inspector. He'll tell you straight away what the ground conditions are like in the road you are interested in - and if there is a history of subsidence or flooding.
You can get a detailed flood report for £25 so, straight away, your biggest worries - subsidence and flood - can be dealt with.
Other than that, a good builder is much more likely to spot the tell-tale crack that has been carefully repaired than a surveyor.
Interesting isn't it? The Home Condition Report was slated by the majority of RICS and low and behold there is suddenly one of their own!
and the reason for this is...........................they do not have to give a value.................less claims lower PI insurance.