At the present time the principle caveat emptor - let the buyer beware - applies to a purchase of a property although proposals have been put forward to amend this so that the vendor of a property obtains a survey which can be used by a prospective purchaser. It is, however, unlikely that the vendors' surveys, as they will be known, will come into effect on a national basis before 2003.

There is confusion between the different types of inspection and what is covered in subsequent reports.

A valuation of a property is required by Banks and Building Societies in order that they may consider granting a mortgage. The inspection carried out is very limited in nature and the Valuer will probably not spend more than 30 minutes carrying out his inspection. The subsequent written report will be very limited in nature as its purpose is purely to enable the Bank/Building Society to decide whether or not to grant a mortgage.

Purchasers who wish to have a more detailed report have the option of deciding to have either a Homebuyer Survey & Valuation report or a Building Survey, previously referred to as a Structural Survey.

The Homebuyer report is a concise nine-page report that details the general condition of a property. It can be used to advise on the condition of houses, bungalows and flats that are of a traditional form of construction and built within the last 100 years. The time spent on site by the Surveyor varies from property to property but is generally between 1and 2 hours. In the case of houses and bungalows the inspection covers the interior and exterior, entry is made to the roof void to check the roof structure and the manhole covers are lifted to check the condition of the drainage runs. The inspection of flats - whether converted or purpose built - is concentrated on the interior of the flat, although comments are made on the condition of the exterior of the building and any internal common parts as, under the terms of most leases, the owner of a flat has an obligation to contribute towards the cost of repairs to these areas. It is especially important to check these areas in the case of converted flats which as a general comment are within the older more substantial building where the annual maintenance costs can be substantial. An opinion of the value of the property, ie house, bungalow or flat is included in this form of report. Importantly, the report includes a valuation for insurance purposes that can be different from the market value of the property.

A Building Survey is a comprehensive report of a property that is of non-traditional construction or which is of some age, it cannot generally be used on flats as access to each and every flat cannot generally be obtained. The time spent on site obviously varies from property to property although the minimum time at any property would be 1 hour 30 mins; on larger, older properties a survey can take up to 4 or 5 hours. The inspection is very comprehensive, the subsequent written report will also be comprehensive and can extend to many pages. A valuation is usually provided at he end of a building report.

For peace of mind the Homebuyer report is the most commonly used report, it provides concise information of the condition of the property and provides the prospective purchaser with knowledge of he property so that he or she can decide whether or not to proceed with the transaction.

Courtesy of Roger Morehen B.Sc (Est Man) ARICS
Messrs Kingston Morehen