RICS Level 2 Home Survey
Buying a property is often one of the most important and expensive financial investments made in a lifetime, so it’s important you have all the relevant information before committing to its purchase.
An RICS Level 2 Home Survey, formally known as a Homebuyer Report, is an inspection undertaken by a fully qualified RICS Building Surveyor, provided to you, ideally prior to exchange of contracts. It assesses the overall condition of the property, identifying any immediate and/or urgent problems (significant defects) which may affect its value.
Southdown Surveyors – RICS Chartered Building Surveyors
Since 2006 Southdown Surveyors has been offering expert advice and professional assistance to those looking to purchase a property throughout the South East. Our in-house Surveyors undertake RICS Level 2 Home Surveys and other pre-acquisition Reports for hundreds of purchasers every year, in and around the areas of Eastbourne, Bexhill and Hastings.
As a local and independent practice, we are proud to offer local knowledge and our extensive experience, provided with a friendly, personal service. We aim to satisfy our client’s specific needs, providing all the necessary information required to make informed decisions on their prospective property purchases.
What is an RICS Level 2 Home Survey?
The RICS Level 2 Home Survey (formerly known as a HomeBuyer Report) is instructed by you, undertaken in your interest and delivered directly to you, for your personal use. The report provides an overview of any significant structural or maintenance issues affecting the subject property, identifying the need for future repairs or further investigation, prior to progressing the purchase.
This service is ideal for properties of standard construction, of reasonable size and condition.
Does the RICS Level 2 Home Survey include a valuation?
You have the option to include a Market Valuation and Reinstatement Cost Assessment (for insurance purposes) with the RICS Level 2 Home Survey. Your lender will not be replying on this Valuation, it is solely for your personal awareness.
What if my lender is doing a Survey?
Ordinarily, if you are relying on a mortgage to fund your purchase, your lender will instigate the undertaking of a ‘valuation’ but it is important to realise that this is not a ‘survey’ – it is only a very basic Report which does not specifically report upon the condition of the property and is ultimately undertaken for the lender’s benefit, not for the purchaser. That being said, some lender’s may offer options to ‘upgrade’ the Valuation to a Survey – but just make sure you know what you are getting.
- RICS Level 2 Home Survey (survey only) – formerly known as a Homebuyers Report. This service is most suitable for conventional properties which are in reasonable condition. It includes basic advice on defects that may affect the property, the need for any repairs and general ongoing maintenance advice.
- RICS Level 2 Home Survey (survey & valuation) - Includes all the features of the RICS Level 2 Home Survey with the addition of a Market Valuation and Reinstatement Cost Assessment (for insurance purposes).
- RICS Level 3 Home Survey (survey only) - formally known as a Building Survey. Essential for larger or older properties, those that are in poor condition, have been significantly altered since their first construction or where major works are intended. This more comprehensive report provides you with an in-depth analysis of the property's condition and includes advice on defects, repairs and maintenance options.
- RICS Level 3 Home Survey (survey & valuation) - Includes all the features of the RICS Level 3 Home Survey with the addition of a Market Valuation and Reinstatement Cost Assessment (for insurance purposes).
- Commercial Building Survey - A bespoke report, written in our own format, to support the acquisition of a non-residential, non-domestic building, reporting on condition, wants of repair and ongoing maintenance.
- Snagging Schedule - A majority photographic report for new-build or newly converted properties, that have not normally been lived in, focusing on finishing, snagging and general workmanship. Of course, since these Schedules are undertaken by qualified Surveyors, can you be assured of any more significant structural defects also being identified.
In obtaining an RICS Level 2 Survey from Southdown Surveyors you will be well equipped to make an informed decision on your property purchase. Following receipt of the report you can decide whether or not you would like to re-negotiate the purchase price of the property and/or progress the acquisition at all, potentially saving you both time, money and stress!