RICS Level 2 Survey Report and Valuation
This option includes all the features of the RICS Level 2 Home Survey, plus a market valuation and insurance reinstatement figure, to help you avoid under or over insuring.
Choose this option if you would like all the benefits of an RICS Level 2 Home Survey along with a valuation.
For more information on what to expect from the Level 2 Survey Report and Valuation, please see “Description of the RICS Home Survey – Level 2 (survey and valuation)“.
For a more comprehensive description of the RICS Level 2 Survey Report and Valuation, we refer you to the RICS Consumer Guide ‘House surveys (UK): the costs, types and benefits of an RICS Home Survey’ accessible at the bottom of the page Discover More about a Home Survey.
What to expect
We provide you with an opportunity to let us know if you have any questions or concerns about the property you are purchasing. This can be in the initial booking form, at the pre survey telephone discussion (usually the day before the inspection), or at any stage in between. We’ll then go ahead and make all the necessary arrangements with the agents or the vendors for access, letting you know once a date has been arranged.
A detailed inspection of the inside and outside of the main building is undertaken, taking approximately two hours, including all permanent outbuildings, recording the construction and significant visible defects that are evident.
The inspection is intended to cover as much of the property as is physically accessible. Equipment such as a damp meter, torch, binoculars and a ladder is utilised on the inspection. Where we are unable to access an area, we’ll let you know in the ‘Limitations on the Inspection’ section of the report.
Once we’ve done the inspection, we have another discussion. The aim here is to give you a snapshot of the key findings before the report is produced.
A concise report is produced using the RICS Level 2 Survey Report and Valuation format, with the key areas as follows:
Summary
Giving you an overall opinion of the property, highlighting any significant defects.
About The Property
Basic information on the property, including comments around energy efficiency, location and environmental factors.
Component Assessment
Details of external and internal building components, including any defects and advice on repairs / improvements. Each component is rated using a traffic light system:
• Green (1)- No major repairs needed
• Amber (2) Repair(s) needed although not urgent
• Red (3) Urgent repair needed.
There is also an NI for the sections that either have not been inspected or not applicable.
Grounds
Comments on the presence, and condition of, outbuildings, garages and gardens (including boundary fencing).
Legals
This is a section summarising the key items your Legal Adviser should take forward with their counterpart.
Summary of Risks
As stated, this section summaries the key risk to people, property and ground.
The Valuation
The surveyor gives an opinion on both the market value of the property and the
reinstatement cost at the time of the inspection.
The Reinstatement cost is the cost of rebuilding an average home of the type and style inspected to its existing standard, using modern materials and techniques, and by acting in line with current Building Regulations and other legal requirements. This includes the cost of rebuilding any garage, boundary or retaining walls and permanent outbuildings, and clearing the site. It also includes professional fees, but does not include VAT (except on fees).
The reinstatement cost helps you decide on the amount of buildings insurance cover you will need for the property.
There is no correlation between the Market Value and the Reinstatement Cost.
We understand that you may have questions once you have read the report. We therefore simply leave our communication channels open for any questions you may have. We would encourage you to ask questions, even if it’s simply to clarify an item. We sometimes get in touch after a few weeks just to see how the sale is progressing and whether there were any follow on questions.
The costs, types and benefits of an RICS Home Survey
If you are buying a house or a flat in the UK, a house survey – also known as a home survey or property survey – is highly recommended before you buy the property.
Knights Surveys are regulated by The Royal Institution of Chartered Surveyors (RICS) and Valuer Registration Scheme (VRS) Registered.
Complaints Handling Procedure.