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Valuations and Surveys (Valuations (Basic Valuations (Format (Interior…
Valuations and Surveys
Valuations
Basic Valuations
Format
Interior
Inspects room sizes/ superficial appearance
Defects/ potential problems
Exterior
Comparison
Other properties
reinstatement costs
Desktop valuation
Remortgage
Establish market value
Computer based valuation on similar properties
Valuation Report
Structure
Property details
Built
Dimensions
Floor area
Tenure
Valuation
Insurance valuation
Subsidence/ heave/ landslip
Essential/ minor/ repairs
Major defects
Rec. specialist reports
Undertakings/ retention
Re-inspection
Narrative report
Disclaimer notice
Superficial inspection
No comment on 'Reasonableness of purchase price'
Condition Report
Traffic light system
Red
Amber
Green
Basic condition report
No valuation/insurance assessment
HomeBuyer Report
Traffic light system
Green
Amber
Red
Inc. market valuation/ insurance reinstatement value
Condition report
Building Survey
Complete detailed inspection
Inc valuation on request
Property defects that affect the lending decision
Structural Movement
Subsidence
Property drops evenly
Heave
Property rises unevenly
Undertakings
Formal agreement for remedial work
Retention
Extensive work
Lender withhold amount of funds
New-build Guarantee Schemes
The National House Building Council (NHBC)
NHBC Buildmark
1m claim limits new prop
500k claim limit converted prop
Purchase price limit 5% increase each year
2yr damage/defect protection
10yr insurance on major defects
Below MCV not covered
Above Minimum claim value (MCV) covered
Exchange to Contract
NHBC - Builder insolvent
10% deposit cover
100k
Complete work
Premier Guarantee
Warranty provider
Defects insurance period
0-2yrs snagging/defect comp cover
Structural insurance period
2-10yrs major defects cover
NHBC Building Code standards
LABC New Home Warranty
Speculative built housing
Warranty provider
Defects insurance period
Structural period
Building period