RICS HomeBuyer Survey Report 

This is the most popular type of survey, suitable for the vast majority of homes. We inspect the inside and outside of the main building, but we do not force or open up the fabric. We also inspect the parts of the electricity, gas/oil, water, heating and drainage services that can be seen, but we do not test them. 
The RICS HomeBuyer (Survey) aims to help you make a reasoned and informed decision on whether to go ahead with buying a property; take account of any repairs or replacements the property needs; and consider what further advice you should take before committing to purchase the property. 
 
Condition ratings are given to the report. This will help you identify: serious defects which need to be investigated/repaired urgently (Condition Rating ‘3’); defects that need repairing or replacing but are not considered to be either serious or urgent (Condition Rating ‘2’); and where no repair is currently needed - the property must be maintained in the normal way (Condition Rating ‘1’). 
The report can also include a valuation and insurance calculation, if required (RICS HomeBuyer Survey & Valuation). 
 
The survey is carried out by a qualified MRICS or FRICS Chartered Surveyor. 
 
The HomeBuyer Survey is not normally suitable for older period buildings, unusually large houses, rambling mansions, or properties in need of extensive renovation. For such, we would recommend a Building Survey & Photographic Appendix 

Help to buy valuation specialists 

Target are the administrators charged by the HCA (Housing and Communities Agency) to deal with homeowners looking to redeem their Help to Buy loan. Obtaining a valuation should be undertaken as early as possible in order to avoid delays in the legal process. 
 
Whilst Target do not have a panel of valuers, for conflict of interest reasons, they usually refer homeowners to the RICS (Royal Institute of Chartered Surveyors) in order to find a local RICS registered valuer. 
For Help to Buy loan redemption, the valuation criteria is quite specific and a market appraisal by an estate agent or a copy of a mortgage lenders valuation will not suffice. The valuation report must be in a prescribed format, show an analysis of comparables relied on and be prepared by a RICS registered valuer. 
 
This is where we can help 
Over recent months, ML Surveyors have prepared a significant number of Help to Buy redemption valuations and desktop extensions, all of which have been satisfactorily processed by Target. 
 
If you are looking to redeem a Help to Buy loan, need further advice or a valuation, please do not hesitate to contact us

New Electrical Safety Regulations 

Do you rent your property? New electrical safety check regulations proposed from 1 July 2020 
 
Mandatory five-year electrical safety check regulations to be enforced in England 
 
The Government has proposed detailed regulations for enforcing mandatory five-year electrical safety checks in the private rented sector from July this year. 
 
We would be happy to recommend a trustworthy local electrician, should you require this. 

RICS Probate Valuations 

When someone dies, if their property (or estate) is likely to be subject to inheritance tax, an RICS Probate Valuation is advisable in order to calculate the amount of tax due to HM Revenue and Customs (HMRC). 
 
Where an Executor of a will has relied on Estate Agent valuations, additional enquiries may be made by HMRC in order to establish if the correct amount of duty has been calculated. If HMRC believe the true value of the property is greater than the figure presented, it has the power to impose financial penalties against the estate and personal representatives. 
If you are discharging your duties as an Executor to the estate it is clearly beneficial for you to obtain an RICS Probate Valuation in order to accurately submit to the HMRC. 
To discuss how we can help, call 01403 218621