Category: Information and Advice

Having an offer accepted on a property is an exciting step towards buying a home. However, the process can become more complicated if your mortgage lender values the property at less than the price you have agreed to pay. This is known as a down valuation, and it can affect how much you can borrow.

A lower valuation does not necessarily mean you have agreed to pay too much. However, it can raise questions about the property’s market value, its condition, and the evidence supporting the agreed price.

Understanding why down valuations happen, and what you can do if one affects your purchase, can help you make a more informed decision.

What Is a Mortgage Valuation?

When you apply for a mortgage, your lender will usually arrange a valuation to assess whether the property provides suitable security for the money they intend to lend.

The valuation is primarily carried out for the lender’s benefit. It is not designed to provide you with a detailed assessment of the property’s condition or identify every repair that may be needed.

According to the Royal Institution of Chartered Surveyors (RICS), a mortgage valuation is different from an RICS Home Survey, which provides more detailed information about a property’s condition.

Depending on the lender and the property, a mortgage valuation may involve an in-person inspection, an external inspection, or a desktop assessment using available property data.

If the valuation comes in below the agreed purchase price, the lender may calculate its mortgage offer using the lower figure. This can leave the buyer needing to find additional funds or reconsider the agreed price.

Why Might a Property Be Down Valued?

There is no single reason why a lender’s valuation might be lower than the price agreed between a buyer and seller. Several factors can influence the assessment.

1. The Agreed Price Is Higher Than Comparable Sales

One important consideration is how the property compares with similar homes that have recently sold nearby.

For example, a seller might agree a price based on strong demand, an attractive asking price, or the level of interest from competing buyers. However, if comparable properties have sold for less, the valuer may conclude that the agreed price is above the property’s current market value.

The RICS guidance on residential mortgage valuations sets out the professional framework for valuations undertaken for residential mortgage lending.

Recent comparable sales can provide useful evidence, although differences in property size, condition, location and specification must also be considered.

2. The Property Market Has Changed

Property values do not remain static. If market conditions change between the time a seller sets an asking price and a lender assesses the property, expectations may no longer align.

For example, a property may have been marketed during a period of strong buyer demand. If demand subsequently weakens, or comparable sales indicate lower values, the lender’s assessment may differ from the agreed price.

This can be particularly relevant when there are few recent comparable transactions available. Valuers must use the available evidence to form an opinion of market value rather than simply accept the price negotiated between the parties.

3. The Property Has Defects or Other Concerns

A property’s condition can also influence its valuation. Visible signs of structural movement, damp, significant roof defects or other problems may affect a valuer’s assessment. Certain construction types or property characteristics can also influence whether a lender is prepared to accept the property as security.

However, a mortgage valuation is not a substitute for a detailed property survey. The inspection may not investigate defects in the same depth as a RICS Level 2 or Level 3 Home Survey.

If you are buying a property, an independent survey can help you understand its condition, identify potential concerns and determine whether further specialist investigation is advisable.

4. The Property Is Unusual or Difficult to Value

Some properties are harder to assess because there are few directly comparable homes. This might apply to unusual designs, properties with extensive alterations or homes with features that make them difficult to compare with others in the local market.

In these circumstances, the valuer may need to consider a wider range of evidence. The outcome will depend on the individual property and the information available.

How Can a Down Valuation Affect Your Mortgage?

A down valuation can create a financial gap between the amount you planned to borrow and the funds required to complete the purchase.

For example, imagine you have agreed to buy a property for £300,000 with a £60,000 deposit. You would need a mortgage of £240,000, equivalent to 80% of the purchase price.

If the lender values the property at £280,000 and is prepared to lend 80% of that valuation, the maximum mortgage would be £224,000.

You would therefore need an additional £16,000 to complete the purchase at the agreed price, unless you could negotiate a lower price or arrange alternative financing.

These figures are illustrative. The actual outcome will depend on your lender’s criteria, mortgage product and financial circumstances.

A lower valuation does not automatically mean the sale must fall through. However, it is important to understand the implications before deciding how to proceed.

What Should You Do If Your Property Is Down Valued?

If your mortgage valuation is lower than expected, there are several options worth considering.

1. Speak to your mortgage adviser or lender. Ask how the valuation affects your mortgage offer and whether the lender can explain the reasons behind its assessment.
2. Review the agreed purchase price. You could approach the seller to discuss whether they would consider reducing the price in light of the valuation.
3. Gather supporting evidence. If you believe the valuation does not reflect the property’s market value, ask your lender whether it will consider a review. Evidence of recent comparable sales may help support your case, although a review is not guaranteed to change the outcome.
4. Consider an independent valuation. A suitably qualified property valuer can provide an independent opinion of market value. This may help you understand whether the agreed price is supported by the available evidence, although it will not automatically override the lender’s assessment.

Before committing additional funds, consider the property’s condition and the wider costs of ownership. Paying more than the lender’s valuation may be a decision you are comfortable with, but it should be based on an understanding of the risks and your financial position.

How Can an Independent Property Valuation Help?

A property valuation can provide useful evidence when you are assessing a property’s market value, considering a purchase or reviewing a price that appears inconsistent with comparable sales.

At Able Surveyors, we provide property valuations for a wide range of purposes, alongside a comprehensive range of surveying services. An independent valuation can help you better understand the factors influencing a property’s value and support more informed property decisions.

If you are concerned about a property’s valuation, it is worth seeking appropriate professional advice before proceeding. Understanding both the market value and the property’s condition can help you assess the purchase more confidently.

Thinking about buying a property or need an independent valuation? Contact Able Surveyors to discuss your requirements and find out how our valuation and surveying services may be able to help.

Buying a home is one of the most significant financial decisions you’ll ever make. An essential part of this process is getting a professional survey, but with different options available, it’s easy to feel overwhelmed. What’s the real difference between a RICS Home Survey Level 2 and a Level 3, and which one is the right choice for your property?

As Chartered Surveyors with extensive experience in the local market in and around London and the Home Counties, we understand the specific challenges that properties in this region can face, from the clay soil in Essex to the unique construction of period homes in London. Choosing the right survey is the key to managing your risk and ensuring your investment is a sound one.

Understanding the RICS Survey Levels

The Royal Institution of Chartered Surveyors (RICS) sets the standard for property surveys in the UK. The two most common options for home buyers are the RICS Home Survey Level 2 and the RICS Home Survey Level 3.

• RICS Home Survey Level 2 (formerly known as a HomeBuyer Report) is a concise and accessible report suitable for conventional properties in a reasonable condition. It uses a clear “traffic light” system to highlight issues: red for urgent attention, amber for problems requiring future maintenance, and green for no significant issues. It includes a visual inspection but does not involve lifting floorboards or moving heavy furniture.
• RICS Home Survey Level 3 (formerly known as a Building Survey) is the most comprehensive and detailed inspection available. It is designed for older, larger, or non-standard properties, or for those in poor condition. A Level 3 report provides a detailed analysis of the property’s structure and fabric, highlighting defects and potential causes, and providing advice on repairs and maintenance options.

A Quick Comparison

The following matrix provides a clear, side-by-side comparison to help you understand the core differences.

Feature	RICS Home Survey Level 2	RICS Home Survey Level 3
Ideal For	Conventional houses, flats, and bungalows in a reasonable state of repair (typically post-1900 construction).	Older properties (pre-1900), listed buildings, unusual or non-standard construction, or properties that have been significantly altered.
Level of Detail	A concise report using a clear “traffic light” rating system.	A highly detailed report with in-depth analysis of the property’s structure, defects, and repair options.
Scope of Inspection	A visual, non-invasive inspection. The surveyor will not move furniture or lift floorboards.	A thorough, in-depth inspection. The surveyor will lift accessible floorboards, enter lofts and cellars where safe to do so, and investigate potential issues.
Cost Advice	Can include a market valuation and reinstatement cost for insurance purposes (optional).	Provides advice on the likely consequences of not addressing issues, but does not typically include a valuation or cost estimates as standard.

Which One Is Right for You?

Choosing the right survey is about matching the inspection to the property and your own level of concern.

• Choose a Level 2 Survey if… you are buying a relatively modern, well-maintained flat in a purpose-built block in London, or a standard semi-detached house in Essex built in the last 50 years. This report will give you the confidence to proceed, highlighting any clear issues without the need for a more costly and detailed inspection.
• Choose a Level 3 Survey if… you are buying a Victorian terrace house in East London, a timber-framed cottage in rural Essex, or a property that has been significantly extended. These types of properties often have hidden complexities, such as latent defects, damp, or structural movement, that only a thorough Level 3 survey can identify. All level 3 surveys include projected repairs and repair costs which can help with assessing the property value and your offer to purchase the property and in many cases, help to renegotiate. It is also the correct choice if you are planning major renovation work or to those who want detailed repairs and projected repairs costs even in relatively new properties under 10 years old.

Ultimately, your survey is a crucial tool for making an informed decision. It is an investment that can save you from unexpected and expensive surprises after you’ve moved in. Our local surveyors are on hand to help you navigate this process and provide the peace of mind you need.

When buying or maintaining any property, having an understanding of the environment around you and the impact it can have on the resilience of the building is crucial. RICS (Royal Institute of Chartered Surveyors) surveys play a key role in assessing these factors and how they might affect your property or its value. Here, we’re exploring the various environmental considerations RICS surveyors include in their assessments.

1. Flood Risk Assessment

One of the primary environmental considerations in a RICS survey is the property’s flood risk. Those with higher flood risk may need to take action to improve drainage on the property, flood prevention and more. Surveyors evaluate:

• Historical Data: Reviewing past flood incidents in the area.
• Flood Zones: Identifying if the property is in a designated flood zone as per governmental and environmental agency maps.
• Drainage Systems: Assessing the effectiveness of the property’s drainage systems and any potential for improvement.

2. Soil and Ground Conditions

The condition of the soil and ground on which a property stands is another critical environmental factor that is assessed during surveys. Surveyors may look for:

• Soil Contamination: Checking for pollutants that may affect health and safety in the area.
• Ground Stability: Identifying issues like subsidence, which can indicate unstable ground conditions.
• Radon Levels: Measuring radon levels, particularly in areas known for high radon emissions.

3. Energy Efficiency and Sustainability

Energy efficiency is a growing concern for property owners and is often a legal requirement for Landlords or when selling a property. In order to obtain the best energy efficiency ratings and allow property owners to make improvements where needed, RICS surveyors assess the following, and more:

• Insulation Quality: Evaluating the insulation in walls, roofs, and floors to ensure energy efficiency.
• Heating Systems: Reviewing the type and efficiency of heating systems installed.
• Renewable Energy Sources: Identifying potential for or existing installations of solar panels, wind turbines, and other renewable energy sources.

4. Asbestos and Hazardous Materials

Older properties may contain hazardous materials like asbestos, but some newer properties past the asbestos ban date may still contain this harmful substance, due to manufacturing incompetence and old material stock use. Given the dangerous nature of certain levels of asbestos, it’s crucial to ensure that the proper assessments are done. Surveyors will:

• Inspect Building Materials: Look for the presence of asbestos, lead paint, and other hazardous substances.
• Safety Recommendations: Provide guidance on safe removal or management of these materials.

5. Air Quality and Ventilation

Indoor air quality significantly affects occupants’ health and is therefore a key factor that assessors will look into. During the survey, RICS professionals will:

• Ventilation Systems: Examine the efficiency of ventilation systems to ensure good air circulation.
• Mould and Dampness: Check for signs of mould and dampness, which can impact air quality and structural integrity.

6. Water Quality and Plumbing

Surveyors also assess the property’s water systems to ensure safety of the water or risk of contamination, including:

• Water Supply: Ensuring the water supply is safe and reliable.
• Plumbing Integrity: Checking for leaks or outdated plumbing that could lead to water contamination or waste.

7. Environmental Impact of Location

The location of a property can have significant environmental implications. Surveyors consider:

• Proximity to Industrial Sites: Assessing potential pollution risks from nearby industrial activities.
• Noise Pollution: Evaluating the impact of noise from traffic, railways, or airports.
• Green Spaces: Considering the availability of nearby green spaces for recreation and environmental benefits.

8. Building Materials and Construction

The choice of building materials and construction techniques also impacts the environment. Surveyors review:

• Sustainable Materials: Checking for the use of sustainable, low-impact building materials.
• Construction Waste: Assessing the management of construction waste and recycling practices.

Whether you’re buying a new property or maintaining an existing one, a RICS survey can provide valuable insights into its environmental impact and guide you in making sustainable choices. With growing awareness of environmental issues, incorporating these considerations into property assessments is more important than ever.

We are on hand to help. Simply get in touch with us to book your RICS Survey, today.

 

When it comes to purchasing property in London, the excitement of finding your dream home can sometimes overshadow the importance of thorough due diligence. While a property may appear perfect on the surface, hidden risks and defects could lurk beneath, potentially leading to costly issues down the line. This is where RICS surveys play a crucial role in mitigating potential pitfalls and ensuring informed decision-making for buyers. Let’s explore how our RICS surveys help identify risks in London properties and safeguard buyers from unexpected complications.

Uncovering Hidden Defects

London’s diverse property landscape encompasses a wide range of architectural styles and building ages, each with its own set of potential issues. From Victorian terraces to modern high-rise buildings, every property has its unique characteristics and vulnerabilities. RICS surveys are designed to thoroughly assess the condition of a property, identifying any hidden defects or structural issues that may not be immediately apparent to the untrained eye. From subsidence and dampness to faulty wiring and inadequate insulation, our RICS surveyors have the expertise to uncover potential risks and provide valuable insights into the property’s overall condition.

Assessing Structural Integrity

Structural integrity is paramount when it comes to property investment, especially in a bustling metropolis like London where buildings are subject to constant wear and tear. RICS surveys include a comprehensive examination of the property’s structure, including the walls, floors, roof, and foundations. By assessing the structural integrity of the building, our RICS surveys can identify any signs of structural movement, cracking, or deterioration that could compromise its stability and safety. This information is invaluable for buyers, allowing them to make informed decisions about the long-term viability of the property and any necessary maintenance or repairs.

Evaluating Environmental Risks

London’s urban environment poses unique challenges in terms of environmental risks, such as pollution, flooding, and subsidence. RICS surveys take into account these potential hazards, providing buyers with a thorough assessment of the property’s susceptibility to environmental factors. For instance, properties located in flood-prone areas or areas with a history of subsidence may require additional investigation to assess the level of risk and potential impact on the property’s value and insurability. By evaluating environmental risks upfront, our RICS surveys empower buyers to make informed decisions and take appropriate measures to mitigate potential threats.

Identifying Legal and Planning Issues

In addition to physical risks, RICS surveys also help identify potential legal and planning issues that could affect the property’s ownership and use. This includes checking for any outstanding planning permissions, building regulations compliance, boundary disputes, or restrictive covenants that may impact the property’s future development or resale value. By uncovering these issues early on, RICS surveys enable buyers to address any legal or regulatory concerns and proceed with confidence knowing that their investment is secure.

RICS surveys play a vital role in identifying and mitigating potential risks in London properties, providing buyers with the information they need to make informed decisions and protect their investment. From uncovering hidden defects and assessing structural integrity to evaluating environmental risks and identifying legal issues, RICS surveys offer a comprehensive assessment of a property’s condition and potential vulnerabilities. 

By investing in a RICS survey from our team here at Ashburnham Insurance, buyers can navigate the complexities of the London property market with confidence, knowing that they have the knowledge and insights to make the right choice for their future home or investment.

 

London’s property market thrives on its vibrancy and diversity, and rightfully so. The city is full of unique and impressive buildings, both historical and modern, and it can prove difficult to navigate this complex landscape, especially for first-time buyers or sellers. Whether you’re embarking on the exciting journey of purchasing your dream home or seeking to maximise your return on investment when selling, a RICS Chartered Surveyor is your indispensable ally and can help you get it right the first time. Our chartered surveyors are highly experienced in London’s property market, and on hand to help – here’s what we can do.

Expertise You Can Trust:

The Royal Institution of Chartered Surveyors (RICS) is the world’s leading professional body for property, construction, and valuation. RICS surveyors undergo rigorous training and adhere to a strict code of ethics, ensuring their qualifications and commitment to providing impartial, professional advice. Each of our surveyors is RICS chartered and their in-depth knowledge of the London property market, construction practices and legal regulations is an invaluable resource throughout the buying or selling process.

Protecting Your Investment:

A home survey by a RICS chartered surveyor offers you protection and peace of mind when buying or selling a property. Depending on whether you’re a buyer, or a seller, RICS surveyors can offer protection through: 

For Buyers:

• Building Survey: The Level 3 Building survey we offer is a comprehensive assessment that goes beyond a basic valuation. It identifies potential structural issues, defects, and necessary repairs, providing a clear picture of the property’s condition and potential costs. This empowers you to make informed decisions about negotiations, budgeting for renovations, and future maintenance.
• RICS Valuation Report: Crucial for securing a mortgage and obtaining a fair market value, a RICS surveyor’s unbiased valuation considers the property’s condition, location, recent salesin the area and market trends, giving you confidence in your offer.
• Leasehold Advice: Due to the nature of London properties, many are leasehold, meaning you purchase the right to occupy the property for a set period. A RICS surveyor can analyse the lease terms, service charges, and ground rent implications, ensuring you understand your long-term financial obligations.

For Sellers:

• RICS Valuation Report: Attract serious buyers with a reliable valuation report backed by RICS expertise. This instils confidence in potential buyers and helps you price your property competitively.
• Market Advice: Leverage the surveyor’s knowledge of the local market to understand current buyer preferences and optimise your property’s presentation.

Building Confidence in the Process:

The entire process or selling or buying a property, particularly in a city as fast paced and vibrant as London, can be incredibly daunting. For first-time buyers or sellers, navigating the rapid property market can leave you feeling out of sorts, but a RICS surveyor can help build confidence at key points in the process. They can help with:

• Dispute Resolution: Should disagreements arise with the seller or potential buyer, RICS surveyors offer a mediation service that prioritises a fair and amicable resolution.
• Navigating Regulations: The London property market involves complex legal and regulatory aspects. Your RICS surveyor can guide you through relevant building regulations, energy performance certificates (EPCs), and potential planning issues, ensuring a smooth and compliant transaction.

Beyond Bricks and Mortar:

A RICS surveyor goes beyond the physical structure. They consider factors like future development plans in the area, transport links, and local amenities, providing a holistic perspective on your investment’s potential appreciation or depreciation. They also pay attention to things such as energy ratings. Energy efficiency is a growing concern for London homeowners, which is one of the reasons why our RICS surveyors will assess the property’s EPC rating and suggest improvements to enhance energy efficiency and potentially reduce running costs.

The London Advantage:

Our team of RICS surveyors have a deep understanding of the unique characteristics of London’s diverse neighbourhoods, from the beating heart of each area, to the benefits and difficulties of living in each area. This local expertise is invaluable when navigating the intricacies of different property types, from period townhouses to modern high-rise apartments. With that knowledge, our teams can provide accurate valuations, buildings surveys and advice to suit your property and the current market.

Making Informed Choices:

Whether you’re a seasoned investor or a first-time buyer/seller venturing into the London property market, partnering with a RICS Chartered Surveyor empowers you to make informed choices. They become much like a trusted advisor, ensuring a smooth, successful, and stress-free experience. Their expertise can prevent costly surprises down the line, saving you money and protecting your investment.  Furthermore, the peace of mind and informed decision-making they facilitate throughout the buying or selling process are invaluable assets.

If you’re looking to buy or sell a property in the city, we’re on hand to help. Our RICS surveyors offer support and advice, as well as three levels of survey depending on your needs. For more information or to book your survey with our team, simply get in touch with a member of our team. 

 

Negotiating the purchase of a home is a delicate dance between buyer and seller. When both parties come to the table with different needs and expectations, finding a happy medium can often boil down to how well each party can negotiate and what each side has to offer in terms of ammo. During this intricate process, having reliable information about the condition of the property is crucial for being able to really pack a punch in the buy or sale. This is where a RICS (Royal Institution of Chartered Surveyors) Home Survey can play a pivotal role in empowering buyers and facilitating successful negotiations. Here at Able Surveyors, we’ve compiled a guide to the power of negotiation and how we can help you get exactly what you want from your sale or purchase.

Understanding Our RICS Home Surveys

Our RICS home surveys are comprehensive inspections conducted by our chartered surveyors, each of whom are experts trained to assess and report on the condition of residential properties. We offer three levels of RICS surveys, but two main surveys that can help you determine the quality of the property you are looking to buy or sell:

RICS Level 2 Homebuyer Report

The RICS Level 2 Homebuyer Report is a survey that, while detailed, isn’t as in-depth as the Level 3 Survey but perfect for those looking to buy a property. It is ideal for situations where the house or property appears to be in decent condition, but may not meet all regulations or guidelines. A survey can determine the severity of issues including damp or subsidence, as well as any potential easy-to-spot issues that could cause problems in the long run. Included in a Level 2 survey is:

• Detailed inspection of interior and exterior features
• Inspection of associated utilities and some grounds aspects
• Concerns graded using a traffic light system
• Detailed, professional advice on addressing faults

For more run-down properties or situations where a property will be developed or undergo significant alterations, a Level 3 Building Survey is recommended.

RICS Home Survey Level 3

Our RICS Home Survey Level 3 is our most in-depth and comprehensive survey, providing insight into the condition, construction and work required for the interior and exterior of your chosen building. This survey is typically recommended for properties that are either over 50 years old, listed buildings or historic buildings, buildings constructed in an unusual way, and properties that have been or are set to be altered or refurbished in any way. The Level 3 Survey will typically include:

• Visual inspection of property
• Hidden defects inspections
• Traffic light grading system for severity of defences
• Legal issues that may arise with property
• Repair options including informed recommendations
• Technical details of construction and materials
• Potential future maintenance requirements

The Power of Knowledge in Negotiation

Knowledge is power, especially in real estate negotiations. A RICS home survey arms buyers with a thorough understanding of the property’s condition, identifying potential issues, defects, and necessary repairs. This information not only helps buyers make informed decisions but also provides a solid foundation for negotiating the price.

A RICS survey report provides evidence-based insights into the property’s condition, allowing buyers to negotiate with confidence. If significant issues are discovered, buyers can use this information to request repairs or price adjustments, ensuring a fair deal for both parties.

Uncovering Hidden Issues

Properties may have hidden defects that are not apparent during a casual viewing. A RICS L3 home survey delves deeper, inspecting the structural integrity, plumbing, electrical systems, and more. By uncovering these hidden issues, buyers can negotiate a fairer price that reflects the true condition of the property and ensure that they aren’t caught off-guard by surprise issues.

Surprises in real estate transactions can lead to disputes and jeopardise the deal. A survey helps to avoid these unexpected complications by revealing any potential problems upfront. This transparency fosters a smoother negotiation process and reduces the likelihood of last-minute disagreements.

Saving Money in the Long Run

While a RICS home survey may require an upfront investment, it can save buyers money in the long run. By identifying issues early on, buyers can factor potential repair costs into their budget and negotiate a purchase price that reflects the true value of the property. It will ensure that you know the property you’re looking to invest in is worth the investment in the first place and that it will remain in-budget even after negotiations take place, and ensure that you aren’t caught unawares or left without the funds needed to move forward.

The power of negotiation in real estate cannot be overstated, and having the right information is the key to success. A RICS Level 3 home survey provides buyers with a comprehensive understanding of a property’s condition, enabling them to negotiate confidently and make informed decisions. In the complex world of real estate transactions, the investment in a RICS survey is not just about buying a home; it’s about securing a sound and fair deal for the future.

For more information or to book your survey with our team, we are on hand to help. Simply get in touch to get started.

Able Surveyors offer a comprehensive valuation service for residential and commercial properties in London and the Home Counties. Our RICS Registered Valuers undertake Red Book valuations for a wide range of requirements including tax, insurance and legal purposes, ensuring that you have a robust market valuation you can rely on.

What is the Red Book?

As part of their ongoing commitment to the promotion and support of high standards in the delivery of market valuations, the Royal Institution of Chartered Surveyors (RICS) has published a key document for its professional members. ‘RICS Valuation – Global Standards’, better known in the property industry as the Red Book, contains mandatory rules, best practice guidance and further commentary for RICS Registered Valuers. The latest issue became effective from January 2022 and a downloadable copy is available from the RICS website.

When referring to the Red Book, surveyors generally talk about the best practice guidelines and rules for professional valuations and conduct contained within the publication. A valuation carried out according to the standards and guidance provided by the RICS is commonly known as a Red Book valuation.

The term is often used to distinguish this type of formal valuation delivered by a RICS Registered Valuer from an informal free market appraisal of the kind that an estate agent would provide for marketing a residential property. While ‘valuation’ may be used to describe both, the basis for arriving at a market valuation for a property, and the robustness of the calculation, are very different indeed.

When is a Red Book valuation required?

While an estate agents’ market value estimate may suffice in many instances, there are certain cases when only a formal Red Book valuation will do. In any scenario where a formal asset valuation is requested for taxation, finance, insurance or legal purposes, the relevant authorities including institutional lenders, solicitors, accountants, HMRC and the courts, are certain to insist that the valuation should be carried out by a RICS Registered Valuer according to Red Book standards.

This will include valuations for:

• Probate and Inheritance Tax
• Personal asset valuations
• Tax planning and Capital Gains Tax
• Private property sales, including compulsory purchases and shared ownership purchases
• Property sales by charities
• Asset transfers into a SIPP pension
• Matrimonial matters and divorce settlements
• Obtaining finance or remortgaging
• Lease extensions and collective enfranchisement
• Dispute resolution through mediation, arbitration or court proceedings

What makes a Red Book valuation more accurate?

A Red Book valuation consists of an independent RICS Registered Valuer assessing the property and producing a formal report on its current market value. The Red Book will indicate which of the five valuation methods the valuer should use, depending on the property, and there’s a rigorous set of criteria covering duty of care, ethics, the minimum content of the valuation report and the valuer’s qualifications. To help with the accuracy of the calculation, the valuer will look at three recently sold comparable properties in the area.

A Red Book valuation is designed to ensure the highest standards are adhered to in the valuation process, from inspection to presentation. The result is a confident report based on all correct procedures having been followed to produce a robust valuation that will stand up to any scrutiny it may face. A Red Book valuation is usually valid for 3 months but may be extended.

Professional property valuations you can trust

At Able Surveyors, our expert team has 25+ years’ experience providing building valuations, property surveys and much more. We are passionate about ensuring that our clients get the most from their property asset acquisition, management or disposal.

Our RICS Registered Valuers have extensive expertise delivering high-quality Red Book valuations for many different purposes, providing our clients with full peace of mind that our valuations are independent, professional, accurate and honest. Since you or the instructing party will be relying on our professional judgement and opinion, you can rest assured that we are fully protected by indemnity insurance.

Please get in touch with Able Surveyors to find out more about any of our services and to discuss your requirements for a Red Book valuation carried out by our competent RICS professionals.

No one wants to move into a new house only to discover that the roof needs repairing or, perish the thought, replacing.

At best, you’re looking at a cost of a few hundred pounds to make repairs. But if the damage is bad enough to warrant a full replacement you could be hit with a bill of between £3,000 to upwards of £18,000, according to Checkatrade.

What’s more, a problem in this most integral of features is usually urgent, leaving you with no flexibility on when the work is carried out.

So before you make an offer on a property, it‘s essential that you do your due diligence first.

One of the best ways to get a full picture of a property’s condition is by commissioning a RICS Homebuyer Survey, which will look at all the main elements of a property including the roof. For very old or more complex homes, we would always recommend a more in-depth RICS Building Survey.

You can also carry out your own inspection of the roof from the ground. Keep an eye out for missing tiles, broken flashing and areas that appear to be drooping or sagging. If possible, get into the loft space and check the interior for any gaps, holes or signs of damp.

Take a thorough look around the rest of the property when assessing the condition of the roof. Issues such as damp patches on the ceiling, stained plaster in top floor rooms and sagging ceilings are all signs there may be a problem.

Beyond that, make sure you ask the seller or agent plenty of questions. We recommend you get answers to these topics before you sign on the dotted line.

How old is the roof?

The average lifespan of a roof is between 25 – 50 years, dependent on the materials used and quality of construction. By finding out when the roof was fitted or replaced you will get an idea of how long it is likely to last.

What is it made from?

This, again, is a question that will help you anticipate potential costs. The most durable material for a roof is slate or clay tiles, which can last up to 100 years if well maintained. Concrete tiles also have good longevity, lasting between 40 and 80 years. EDPM rubber is good for 40 – 60 years and metal roofs will last three or four decades. Asphalt, often found on flat roofs, is one of the materials most likely to need repair. It usually needs replacing once it is beyond the 25-year mark.

Who installed it?

If possible, it is worth finding out the name of the contractor that installed or replaced the roof. In the UK, there is no legal requirement for licences or certificates to operate as a roofer. It may give you some reassurance if you find out the seller used a roofer registered with a competent person scheme, which offer insurance-backed warranties and complaints procedures in case of any problems. In any case, the seller should be able to provide a Building Regulation Compliance certificate for any work carried out.

Is the seller willing to fix the roof if needed?

You should be able to negotiate with the seller if it turns out the roof of their property is in need of repair or replacement. You will need to weigh up whether it is best to request that the seller carries out the work in order for the purchase to proceed, or whether to reduce your offer to cover the costs. In addition to a professional Home Buyer Survey or full Building Survey, a Specific Defects Report can be a useful tool to use in any negotiations as it will give in-depth analysis of an issue as well as detailing the likely course of action needed.

Are you confident that your dream home will live up to expectations? Call us now for friendly, expert advice on how to ensure a smooth move.

A well-maintained, mature garden can be a real asset to a property, boosting its appeal, saleability and value. Most garden lovers would agree that outdoor spaces can be immeasurably improved by the presence of one or more trees. But however lucky you may feel about having one of nature’s green giants in your garden, consider the possibility that a tree in the garden may be causing damage to the house.

At Able Surveyors, we’ve been surveying homes in London and Essex for 25+ years. During that time, we’ve seen many serious building defects including subsidence damage caused by trees.

Root growth

Unfortunately, any large, vigorous tree or fast growing shrub including the infamous Japanese knotweed, in the vicinity of the house has the potential to cause subsidence damage. Did you know that the underground root system of a tree spreads to at least the size of the green canopy above? In fact, tree roots can spread more than three times the width of the canopy and the height of the tree, with potentially serious consequences for any nearby buildings.

Root growth alone is unlikely to damage the foundations directly, however the roots’ search for moisture in the soil may affect the stability, particularly if the property is built on clay soil.

Clay soils

Clay soils are found throughout the UK and especially in London. Most properties in the Greater London area are built on London Clay, which is known to be particularly prone to shrinkage, being highly susceptible to changes in volume caused by high water content.

Houses built from the 1950s onwards tend to have deeper foundations, meaning the risk of the soil drying out is lower than with older properties. If you are thinking of buying a pre-war or period property in or around London, it is advisable to assess any trees near the house.

In their search for water, tree roots can cause the soil to shrink or swell through the year as the moisture content of the clay soil rises and falls. The movement in the soil increases the likelihood of the foundations moving, causing subsidence or heave.

You can read our full guide to subsidence here.

Subsidence symptoms

Structural movement can be caused by a number of things but moisture in the soil plays a key part. Plants, and ‘thirsty’ trees growing near the building draw up water through the roots, leaving the soil drier and therefore more prone to shrinkage.

The signs of subsidence may not be obvious to the layman, but an experienced Chartered Surveyor will be able to detect them immediately. It goes without saying that the earlier you discover and deal with structural movement, the easier and potentially cheaper any remedial work will be. Key signs and symptoms include:

• Large cracks in walls, visible from the inside and outside
• Cracks around doors and windows or where an addition joins an older building
• Cracks that are wider at the top than at the bottom and more than 3mm wide
• Misaligned doors and windows
• Sloping floors, skirting boards with gaps underneath, particularly in older buildings

Worst trees for gardens

Many trees require high volumes of water to sustain their growth and some are so ‘thirsty’ that they should never be planted in a regular sized garden, or buildings constructed near existing specimen. We’ve listed these trees below, include the safest distance from your house for each one. These include:

• Willow, 40 metres
• Poplar, 35 metres
• Oak, 30 metres
• Elm, 30 metres
• Horse Chestnut, 23 metres
• Lime, 20 metres
• Maple, 20 metres
• Cypress 20 metres

Willow trees prefer damp conditions – there’s a reason they’re often found on riverbanks. A mature tree can extract around 1000 litres of water from the soil per day. Poplar trees grow very fast, particularly the large columnar variety popular in Europe. Oak trees have shallow spreading roots and a very large canopy, and the tree needs vast amounts of moisture. In fact, oak trees are responsible for the largest number of UK subsidence claims.

Some trees are safer than others to have near buildings. Small ornamental varieties are least likely to cause problems, including apple, plum, pear, hawthorn, rowan and birch trees. If in doubt, do seek advice from a qualified arborist before making a decision.

Next steps

If you are worried about a tree in your garden or signs of possible subsidence in the house or an outbuilding, it’s important to get it investigated by a qualified surveyor. At Able Surveyors, we can carry out a range of inspections including a full RICS Building Survey, specific defect surveys and ongoing monitoring services for structural movement, to get to the root of the problem and recommend the best way forward. Get in touch with our expert team to discuss your particular requirements and to arrange for a no obligation quote.

The home buying journey is usually travelled along a long and winding road. One of the key milestones in your search for your next property is to find one that meets your needs, make an offer and have it accepted. It’s a huge relief to have completed this step but don’t be in a hurry to mentally move in just yet. There are lots of things that need to happen before you get the keys to your new home. Below is a summary of the process that gets triggered once the sale has been agreed with the seller and the steps you now need to take.

1 – Ask the seller to cease marketing

The first thing you need to do is to ask the seller (or their estate agent) to take the property off the market and cancel any outstanding viewings. Make your offer conditional upon this happening straightaway. Estate agents have a legal duty to inform the seller of all offers made. As far as possible, you want to eliminate the possibility of anyone else making a higher offer and risk being gazumped.

2 – Contact your conveyancer

One of the first things that you will need to supply to the estate agent is the details of your property solicitor or licensed conveyancer who will act on your behalf to liaise with the seller and process the transfer of ownership through exchanging contracts and ultimately completing the sale. In order to avoid any delays, it’s a good idea to have done your research well in advance, obtained conveyancing quotes and chosen a good local solicitor, and put them on standby. Once your offer to buy has been accepted, contact your conveyancer and with the details of the property in question and let them know that they will shortly be hearing from the other side.

3 – Contact your lender

Estate agents typically require buyers to have a mortgage agreement in principle before they are willing to accept your offer. That said, an in-principle decision is not the same as an approved loan. Once you have secured the property, contact your mortgage company straight away with the details of the property in question. The lender will need to carry out their own mortgage valuation to ensure the property is worth the price you’ve agreed to pay before they can approve the mortgage. Whether you’re a first-time buyer or already have a mortgage on a property you’re selling, it’s vital to have a good channel of communication with the lender and obtain clear advice to ensure you are meeting all the criteria.

4 – Book a survey

The lender will conduct a mortgage valuation for the property, but this is for their own benefit, not for yours. Only an independent survey carried out by a RICS surveyor will give you an honest professional view of the property’s true condition. This is your opportunity to do your own due diligence, making sure that the asset constitutes a good investment. At Able Surveyors, we can advise on the right choice of survey for your needs and provide you with a competitive quote. Our experienced surveyors are experts in the field, able to spot potentially serious building defects such as damp, timber decay and subsidence. There are many issues that the untrained eye may not recognise but that could have a material impact on the price you’re willing to pay, or your desire to purchase at all.

5 – Work towards exchanging contracts

Your solicitor will start preparing the draft contract as soon as they have been instructed. This will include key information including the agreed price, the level of deposit, dates for exchange and completion, and which fixtures and fittings are included – all of which have to be agreed with the other side. This process takes time, and delays and problems can arise, which make this one of the most stressful stages in the house buying process. What’s more, your conveyancer will need to complete a range of important checks and searches including local authority searches, environmental searches, title searches and more. These can also take time to be completed, and potentially throw up unexpected issues.

6 – Exchange of contracts

Once all legal steps and checks have been completed, pre-contract enquiries answered to everyone’s satisfaction and outstanding issues resolved for both parties, the solicitors will indicate that they are ready to exchange contracts. This is the point at which the deposit is paid and the transaction becomes legally binding. At any point before contracts are exchanged, you or the seller have the option to have a change of heart and withdraw from the deal. It can be hugely frustrating when a seller suddenly pulls out leaving you without a property to buy. Conversely, it can also be a relief to be able to step away from buying a property when ‘dealbreaker’ problems are discovered.

7 – Completion

When contracts are exchanged, the date of completion will have been fixed, so you now know when you will be able to move. The countdown has begun! Make sure that you have a removal company lined up for the date you wish to move, and are ready to start packing. On the day of completion, the outstanding funds will be transferred to the seller’s client account and you will be able to collect the keys to your new home. Any mortgage account fees, legal fees and Stamp Duty will now also become payable. Finally, your conveyancer will register the transfer of ownership with the Land Registry.

Get in touch

At Able Surveyors, our experienced team of RICS Chartered Surveyors has been serving property buyers in London and Essex for over 25 years. If you are looking for valuable impartial advice at competitive rates, we would be delighted to help. Contact our friendly team to discuss your next home purchase today.

If you are in the process of buying a house, you will no doubt want to be reassured that your purchase is a good investment. Most buyers take a keen interest to find out more about the condition of the building before going through with the transaction, and that’s where our independent property surveys can add real value. But what about the garden?

Were you aware that there may be dangers lurking in the garden that can have potentially serious structural impact on the building? If you haven’t heard of Japanese knotweed, now is the time to sit up and take notice. It could be bad news.

What is Japanese knotweed?

Japanese knotweed (Fallopia japonica) may look like a regular perennial weed but it is a highly invasive species that thrives pretty much anywhere and is virtually indestructible. It originates in Japan and was introduced to the UK in the mid-1800s as an ornamental garden plant. Unfortunately, unlike in its native habitat, knotweed has no natural enemy in this country.

Plants grow rapidly through the warmer months – up to 10cm per day – and die back in the wintertime, only to return with renewed vigour the following year. The speed of growth can cause problems with biodiversity, flood management and damage to property. Mature specimen are powerful enough to undermine man-made structures, able to push up through patios, tarmac and concrete, and through drains and cavity walls.

How do you spot it?

At Able Surveyors, our Chartered Surveyors know to look out for Japanese knotweed in gardens and outdoor spaces. Its pale green shield-shaped leaves on tall, hollow stems bear a resemblance to bamboo and can grow up to 3 metres high. When in bloom, there are clusters of small white flowers in upright formations.

While Japanese knotweed can be found in most places in the UK and will grow happily in any terrain and on any soil, it is perhaps Victorian properties that are most at risk. Houses built in the mid to late 19^th century are most likely to be suffering from historic problems with this plant. UK maps and online plant trackers are also available to help you identify areas where knotweed may be a local problem.

In actual fact, finding Japanese knotweed in the garden shouldn’t come as surprise. There is a specific question on The Law Society’s TA6 Form which forms part of pre-contractual enquiries that the seller must answer. A false declaration means you could sue the seller under the Misrepresentation Act.

Why is Japanese knotweed a serious problem?

As you may have already gleaned from the information provided thus far, the presence of knotweed on the grounds (or anywhere in the vicinity) of a property you are thinking of buying constitutes a real risk that goes beyond the nuisance factor of having to deal with fast-growing shrubbery in the garden.

Knotweed can spread with great speed and resilience, damaging building structures in the process and exploiting any weak points that may already be present. From underground drains to paving, tarmac and retaining walls, even causing subsidence issues to the main foundations of the house, this plant takes no prisoners.

Will knotweed affect the property value?

Indeed, it shouldn’t come as surprise to hear that mortgage companies take a very dim view indeed when it comes to lending on knotweed-afflicted properties. Many won’t approve a loan on properties that show evidence of knotweed within 7 metres of the boundary. Of those who do, they will insist on a Knotweed Management Plan (KMP) being in place, which is a prerequisite for house buying and selling of knotweed-affected properties. According to Environment Agency regulations, once you find Japanese knotweed on a property, it is essential that you set up some form of KMP.

Needless to say, knotweed majorly affects the saleability of the property and impacts its value, both for your upcoming transaction and future sales. According to official figures, untreated knotweed infestations can reduce property value by 10%. What’s more, even if the plant has been treated and removed, the drop in value can still be as much as 6-9%.

If your Building Survey has flagged up Japanese knotweed, you must speak to the seller and their agent and at the very least review the previously agreed price.

How can you get rid of it?

Controlling Japanese knotweed is a difficult and expensive task that requires specialist contractors. Very few knotweed specialists currently offer a 100% removal guarantee. Where Japanese knotweed is considered to pose a risk to the property, it is usually necessary to agree to eradicate the plant by implementing a long-term Knotweed Management Plan to satisfy the requirements of the lender.

The removal of knotweed is generally carried out in 3 steps:

1. Excavation – digging out all plants and the surrounding contaminated soil, and disposing of it as ‘controlled waste’ by licensed carriers to licensed landfill sites. It’s a laborious and costly exercise.
2. Herbicide control – repeated application of herbicide to kill the plant gradually, including stem injections. It can take months and years to gain control.
3. Physical barriers – inserted along the boundary to arrest and contain the spread of knotweed to another property.

What are your options as a buyer?

As a potential buyer, you may well decide not to proceed with the purchase and steer clear of any property affected by this invasive plant. However, the presence of knotweed need not be a dealbreaker as long as you go into the purchase with your eyes wide open and with a clear plan of action.

At Able Surveyors, we can help with a wide range of range of surveying services and Specific Defect Reports for properties across London and Essex. Contact the team to discuss any Japanese knotweed issues at the property you are thinking of buying and let us help you understand the potential implications and ramifications, so that you can make the best decision.