Residential Surveying

The Homebuyer report is intended to provide reassurance to purchasers concentrating on matters that need urgent attention, or are significant in cost or effect on value. It has a concise layout report using our own template and is equivalent to the RICS Service Level 2. It summarises the construction and condition, whilst identifying larger repairs and maintenance concerns affecting the property. The inspection covers all major parts of the property, and will be undertaken by a Curchod & Co Chartered Building Surveyor.

Overview:

• An economic report format intended for moderate sized, standard homes.
• A visual inspection of the accessible property parts.
• Describes the construction and condition of the property.
• Describes visible defects with recommendation for repair or other action.
• Outlines the heating, wiring and plumbing, installations.
• A condition rating focuses attention on serious matters.
• Available with or without valuation advice.

A Homebuyer Report is best suited to:

• Moderate sized houses and flats of standard, traditional, construction.
• Property thought to be in reasonable condition (it is of course our function to check this).
• Buildings that have not been significantly extended, or altered.
• Property where the purchaser is not considering significant improvement, extension and alteration

Buildings are complex and problems sometime arise that are not easily explained. Curchod & Co’s Chartered Building Surveyors advise owners, occupiers and prospective purchasers, as to the causes of specific building issues, and how they may be overcome. We will visit your building, to investigate, diagnose and understand the full extent of the problem. In some instances we will co-ordinate our services with those of contractors who are exposing parts of a building, or specialists responsible for specific testing. Often these reports can assist owners in making claims against others, perhaps a building insurer.

We aim to provide advice on the severity of any issue and it’s consequences. Our report will discuss the options for any repair, with recommendation for the next steps to a resolution.

Building problems can be troublesome. Frequently we can provide reassurance. We will talk you through our findings and can assist with any works recommended.

Overview:

• A defect report provides detailed diagnostic analysis and recommendations to resolve a building problem.
• For specific issues such as cracking and movement, dampness and condensation, leaks, roof failures, timber decay and rot or woodworm.

Curchod & Co’s Chartered Surveyors are experienced in the local housing market. Our RICS Registered Valuer will provide an impartial professional opinion.

We will require to briefly view the house or flat so we can understand it’s general size, quality and location, but this is not a survey. We then appraise the property against comparable information from other homes that have recently sold making appropriate allowances. A short report summarises the matters we consider to affect the value. We are always happy to discuss and justify our opinion.

Market valuations of residential property are often required for matters such as:

• Inheritance Tax (Probate)
• Marital disputes and settlement (divorce)
• Asset management
• Litigation

Our valuations follow the RICS Valuation – Global Standards 2017 criteria, often referred to as the Red Book. It provides an opinion of value for which the property would have been sold between a willing buyer and willing seller. It does not consider any special interest or conditional offers, but must reflect development potential if buyers would proceed unconditionally. The market value should not be confused with an estate agency asking price.

It is important to ensure you have adequate insurance cover in case your home is damaged or destroyed by fire, flood, storm, subsidence or other peril. If your property is underinsured, you may not be fully compensated if you need to claim. If you declare too high an insurance value, you may be paying unneeded premiums. Many website calculators will not include all the factors necessary for an accurate rebuilding cost assessment.

Curchod & Co will visit your property to understand it’s general size, standards of construction, quality of fittings such as kitchen and bathrooms. We consider issues that might affect building costs such as difficult site access. We use Building Cost Information Service (BCIS) data, also used by the Association of British Insurers which we adjust to reflect your specific property.

Overview:

• An assessment of the rebuild cost for use with building insurance policies.
• For houses, bungalows, individual flats, or blocks of flats and maisonettes.
• The sum insured will often be quite different to the market value for sale.
• A complete loss and rebuild of the property to a modern equivalent is assumed.
• Generally allows for demolition of remains, reconstruction and professional fees.
• Allows for the main building structure fabric and fittings but excludes contents.
• Garages, outbuildings, common parts, hard landscaping, garden walls and fences should be included.
• Listed and unusual buildings need special consideration as standard cost data might not be appropriate.
• A reassessment is recommended every few years as Index linked policies may not reflect local trends and all changes in standards.
• Extensions and alterations to properties will affect the rebuilding cost

Many flats, and a few houses, are owned by a lease which will eventually expire. As the term becomes shorter the owner will see a drop in their property’s value. This situation is reversible, but can be costly. Curchod & Co are experienced in valuing the premiums payable to the landlord, by the leaseholder. We can assist with negotiations on the values between landlord and tenant, and encourage a settlement, although we have made representations at Tribunal.

Legislation including the Leasehold Reform, Housing & Urban Development Act 1993 and the Commonhold and Leasehold Reform Act 2002, together with Tribunal and some Court rulings, provides a basis for the extension of leases, or a freehold purchase. Lease extensions on flats normally add 90 years to the existing unexpired lease, reducing the ground rent to zero. The flat must have been owned for at least 2 years. For enfranchisement there are many rules including that there must be at least 2 flats, at least 50% of leaseholders must participate each of whom may own no more than 2 flats no more than 25% of the floor area can be non-residential (shops and offices), the freeholder cannot be a resident of a properties with less than five flats that were converted by that freeholder.

Overview:

• Valuation of the premium payable to extend the leasehold interest in a residential property.
• Assessment of the enfranchisement premium where a leaseholders of a block of flats wish to collectively purchase the freehold.
• Professional advice for leaseholder (tenant) or freeholder (lessee/landlord).
• Shorter leases have a lesser value and the premiums will be higher.
• Premiums compensate the landlord for the loss of future ground rent income.
• Premiums compensate the lessee for their deferred ownership, or their being forced to sell the freehold.
• Leases of less than 80 years will be subject to marriage value (50% of the difference between the original short lease and the extended lease ownership market values). This can be considerable.
• Leases of less than 70 years can be difficult to mortgage and to sell

The Building Survey (previously call a ‘Structural Survey’) is a bespoke inspection and report carried out by a Curchod & Co Chartered Building Surveyor. We adapt the service to fit the needs of our client and the property involved – it’s a comprehensive report that can be adapted for all types and ages of house or flat. The inspection will be time consuming and reports can be lengthy. Where a buyer is considering an extension or other alterations, the potential for these can be considered.

Overview:

• A detailed inspection of all accessible property parts, including the grounds.
• Describes the construction and condition of the property.
• Describes visible defects, and potential for hidden defects.
• Comments on heating, wiring and plumbing, based on a visual appraisal.
• Recommendations for repair, refurbishment or improvement to the building.
• Consideration of future building performance and maintenance.
• Guidance on budget costs for works, and their urgency.
• Valuation advice is available for a supplementary fee.

We aim to be clear and conclusive in our advice.

In addition to providing the written report we are always happy to discuss report findings with you further.

A Building Survey is often required for:

• Larger and high value houses.
• Older and period properties, especially Edwardian, Georgian and Victorian buildings.
• Listed Buildings and non- traditional construction forms
• Houses and Flats that have been altered or extended.
• Properties known to be in need of repair and refurbishment.
• Properties with extensive outbuildings.
• Buildings where the purchaser is considering significant improvement, extension and alteration