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Help when selling your flat

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You are probably here because you have sold your property or are thinking about it.
Ringley can help you with solicitors enquiries and surveys.

HELP WHEN YOU ARE SELLING YOUR PROPERTY

· Solicitors Enquiries
· Bank Valuations
HELP WITH BUYING YOUR NEW PROPERTY

· Homebuyer Surveys
· Full Building Surveys

Pdf Download things to know before you buy a flat

Pre-sale enquries required by your solicitor

As part of the due diligence a purchaser's solicitor has to undertake to effect a sale of a property he/she will need to get key questions about your property answered. These questions may arise from comments made by a Surveyor or the mortgage company lending money against the property and will probably also include the Law Societies Property Questionnaire.

Questions will relate to title issues, management arrangements/company structure, shares, service charge apportionment, balance of service charges due, status of the service charge accounts, likely accounting deficits to be re-claimed, future maintenance/major works plans etc. The appointed agent will deal with such queries for a fee. (Schedule 11 2002 Act)

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Homebuyers Survey evaluate (HBS)

A homebuyers survey is a valuation and assessment of defects which are either 'urgent' and require action or 'significant' in that they have an effect on value. The report is concise, it does not detail general repair items. When defects are found the report provides advice in terms of what to do next. Services are not tested.

If a property is not residential, large, very old or not traditional or if there is a particular concern that requires investigating a 'Building Survey' may be more appropriate.

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Full Building Surveys (BS)

A building survey is an investigation and assessment of the construction and condition of a building and will not normally include advice on value. The survey looks at structure, fabric, finishes and grounds. The survey looks into visible defects and provides guidance on maintenance and remedial measures.

The exposure and testing of services is not usually covered, the report may recommend elemental or specialist investigations are carried out relating to specific issues. (Elemental/Specialist investigations are recommended where there is concern over specific parts or a detailed study is required, e.g. for bulging, cracking, timber decay, drainage tests, tests of services).

Specialist investigations and advice on costs of repair are additional services at additional cost.

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Valuation

The basis of a valuation is set out in the RICS Appraisal and Valuation Manual and the Practice Statements contained in the Manual (which are mandatory for all valuers).

Additions to a standard valuation could include:

  • Reporting on values after building works or conversion
  • Feasibility studies on the likelihood of various schemes
  • Costing of essential repairs
  • Otherwise any valuation report will probably report on the construction and condition of a property in little more than a few sentences.

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Selling? Moving on? Need a survey on your new property? Which of the 3 key types is right for you?

HOW TO CHOOSE BETWEEN DIFFERENT TYPES OF SURVEYS
  Valuation Homebuyer Survey Building Survey
Does it include a valuation? Yes usually for bank security purposes Yes in the context of confirmation whether the property constitutes a reasonable proposition for purchase at the agreed price No valuation unless sold as an "extra"
Surveyors qualifications Valuation Surveyor Valuation or Building Surveyor Building Surveyor or Building Engineer
Defects Report will only list "essential repairs" which if not attended to would adversely affect the Bank's security Report will list "Urgent & Significant factors" as defined in the scope of a Homebuyer Report Detailed evaluation of all structural elements above ground & an inspection of the drainage chamber
Purpose Consideration of whether property will (a) outlast the loan, and (b) not decrease in value due to defects or essential repairs Consideration of drawbacks that mean the property would not constitute a reasonable proposition for purchase at the agreed price.
Items identified are discussed in terms of being:
  1. urgent (usually maintenance/defects issues), or
  2. significant (factors that should be taken into account in terms of negotiations over value
Report identifies "action points" to be considered before the buyer proceeds with the purchase
Consideration of construction type, methods, building materials to build up a picture of a properties construction and condition. Items identified in terms of past, present and future building matters structural, repairs and maintenance required to the property.
Particularly suitable for dilapidated properties or properties that have been altered or where major conversion or renovation is planned.
Format As specified by lender. User friendly style prepared by RICS Freestyle as determined by the Surveyor
Recommen- dations
  1. What Bank's legal advisers should follow up.
  2. Essential repairs that they Bank should withhold money to ensure they are done
  1. What the purchaser should do before exchange of contracts
  2. What the purchasers solicitor should do before exchange of contracts
  1. Legal matters for investigation
  2. Building Regulations consent & potential breach issues
  3. Repairs - urgency
  4. Defects - remedies