Property Valuations And Survey FAQs
If you want to find out more about property valuations and surveys, get in touch with the team at Viking Surveyors. We offer easy to understand, hassle-free services to ensure you get the property report you need. Our team operates out of several offices across Ipswich, Peterborough, Wisbech, Birmingham, Manchester, London and Oxford so we can cover a wide geographical area.
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We have documented some of our frequently asked questions, please take a look. If you can’t find the answer you are looking for or would prefer to talk to our team directly please get in touch.
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Anyone purchasing a home or investing in commercial premises should endeavour to have a professional property survey carried out before contracts are exchanged. A comprehensive survey should cover all bases, highlighting issues such as structural problems, which could impact the property’s value or even prove unsafe.
Necessary in many instances, an RICS Home Survey Level 2 normally takes between 90 minutes and 4 hours to complete, though this can vary depending on other factors such as property type and access restraints. Covering different areas of necessity, this survey can provide buyers with more in-depth information on property condition and value.
A RICS Level 3 Building Survey is more extensive than a traditional Level 2 Homebuyers Survey and will give you a comprehensive report of damages. We do also provide an add-on service of Costings of Repairs for a small fee, applicable to be added only to Level 3s.
Modern Red Book Valuations represent a comprehensive and unbiased assessment of a property’s market value, and are conducted by RICS registered surveyors. Common factors accounted for during these valuations will include location, property size, condition, local market trends, and comparable sales in the area.
Accounting for aspects some other surveys may not have considered, a snagging survey provides an independent and comprehensive review of a property. Snagging surveys involve a detailed examination of every aspect of a new build, accounting for routine ‘snags’ such as windows, doors, external masonry and roof coverings.
Help To Buy FAQs
The best bet for any form of property survey, RICS Regulated surveyors are trusted by The Royal Institution Of Chartered Surveyors – a global professional organisation that establishes and enforces standards. Our reports also meet Target’s requirements, the Government Approved Scheme for Help to Buy.
Help to buy was first introduced by the Government in 2013 with many people taking advantage of the scheme to get a foot on the first step of the property ladder. It’s a shared equity scheme where first-time buyers can borrow up to 20% of the cost of a new build house (40% if you live in London).
If you bought a home using the Help to Buy scheme, your loan is interest free for 5 years. The full loan must be repaid after 25 years.
Alternatively, you can choose to repay the loan sooner, re-mortgage or pay it off when you sell your property.
When the time comes to sell, the amount you must pay back will be calculated based on the current market value of your home. Not the original purchase price.
Target (who have been appointed by the Homes and Communities Agency to administer the Help to Buy scheme) require you to get an independent Help to Buy valuation from a RICS registered valuer. This independent Help to Buy valuation will determine the current market value of your property and, as such, the amount you must repay can be calculated.
If the value of your property has decreased, then the amount you must repay will be less than you originally borrowed. However, if the value of your house has increased, so will the amount you must repay.
When you have obtained a Help to Buy valuation from a RICS registered valuer, you must send it to Target who will tell you how much you need to repay.
It is important to note that your Help to Buy valuation will only be valid for 3 months. Therefore, it is vital that you plan your timings carefully as, if you get your valuation report too soon, it may not be valid by the time the sale on your property is completed.
This is also important to bear in mind if you are re-mortgaging as this process can take some time.
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