Report types and their suitability
This firm uses the two condition reports produced by the RICS, namely the Homebuyers Report (HBR) and the RICS Building Survey (RBS). We also produce our own popular Level 3 report, known as the Full Building Survey (FBS).
A Private Valuation Report (PVR) and a Lease Extension Valuation Report (LEVR) are also available.
The Private Valuation Report (PVR) is a valuation report only. It is based on a very brief inspection of the property. It is NOT a condition report. It can be used where a professional independent valuation is required by a RICS chartered surveyor / RICS Registered Valuer. It is suitable for Housing Association Shared Ownership or similar Shared Equity schemes. It is also suitable for inheritance / probate / tax purposes and for matrimonial dispute cases. The Private Valuation Report is NOT suitable for use by banks, building societies or similar organisations.
The Lease Extension Valuation Report (LEVR) is for owners of leasehold flats/maisonettes with short remaining lease terms (typically below 90 years), who intend to extend their lease using the formal statutory route.The fee quoted for this service includes the initial inspection of the property, the calculation of the lease premium and the subsequent negotiations with the freeholder. For further information on short leases and the lease extension process, please see ‘Short leases and lease extensions‘.
The Homebuyer Report (a Level 2 report) is based on a comprehensive inspection of the property (typically lasting one and a half to two and a half hours), providing detailed colour-coded condition ratings for each element of the property. It will identify defects and recommend further inspections by specialist contractors where necessary. It will be suitable for most properties, except older properties (pre 1900), those in poor condition or which have been significantly extended/altered. It can include a valuation, for an additional fee.
The RICS Building Survey and the Full Building Survey (both Level 3 reports) are based on a very detailed inspection of the property (typically lasting three to five hours). It provides detailed information on the different elements of the property along with their condition and any defects (or suspected defects). It will explain the likely causes of the defects and recommend suitable repair/replacement or other works. Where deemed necessary, it will make recommendations for further inspections by specialist contractors. It does not normally include a valuation. This report will be suitable for almost all properties, regardless of condition or any past extensions/alterations. In addition, by prior arrangement, the report can include bespoke advice, for example on planned alterations/extensions. Level 3 reports can have a valuation included for an additional fee. Level 3 reports are generally suitable for freehold houses but are considered less suitable for leasehold flats and maisonettes.
The fees charged will depend on the report type. The shortest inspection and report (Private Valuation Report) will be the cheapest, while the longest inspection and report (Level 3), will be the most expensive.
Other services available
This firm can also provide Specific Defects Analysis Reports and Reinstatement Cost Assessments (for insurance purposes).