Property surveys
Lender valuations
A lender valuation isn't a survey. It's a limited check on the property that your mortgage lender carries out to ensure it's worth the money they're lending you.
They'll probably ask you to pay for the valuation. Lenders may provide a copy of the mortgage valuation to the buyer but it is unlikely to cover items of detail which would be picked up in a survey.
There may be problems in the property that would cost a huge amount to put right - and they won't appear in the valuation report. This is why it's really important you have a survey. An RICS surveyor is fully qualified to carry out a detailed survey, before you buy your home.
The property may not even be visited. To view what a valuation includes and does not include visit, www.rics.org/propertysurveys and download our valuation factsheet.
Energy Performance Certificate
An Energy Performance Certificate is part of a Home Information Pack. The certificates are commissioned by the seller (or their agent) from an accredited Energy Assessor, who visits the property to collect the relevant data and creates the certificate.
This data includes the date, construction and location of the house and relevant fittings (heating systems, insulation or double glazing, for example).
The Energy Performance Certificate is similar to the certificates now provided with domestic appliances such as refrigerators and washing machines.
Its purpose is to record how energy-efficient a property is as a building and advise you how to make your home more energy efficient. The certificate will provide a rating of the property from A to G, where A is very efficient and G is very inefficient.
The ratings will vary according to the age, location, size and condition of the building. The potential rating on the certificate will take these factors into account, and the suggested measures will be tailored so that they are realistic for the particular building.
Home Condition Report
This report contains information about the physical condition of various common elements of a property, which sellers, buyers and lenders will be able to rely on legally as an accurate report.
Unlike a survey it does not contain advice. The Report is a voluntary document which can be included in the Home Information Pack. It is prepared by an accredited Home Inspector, who may or may not also be a chartered surveyor.
However, concerns raised in an HCR can be investigated further by a Chartered Surveyor who will advise you on remedial action.
"Having an independent and comprehensive survey by an RICS member makes good sense - and could save you thousands of pounds in repair bills."
Phil Spencer