In a recent case Hubbard v Bank of Scotland (trading as Colleys Surveyors) [2014] the Court of Appeal upheld the decision that a building society or bank valuation is a very limited inspection.
During a valuation for the Bank Of Scotland, Colleys’ surveyor
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In a recent case Hubbard v Bank of Scotland (trading as Colleys Surveyors) [2014] the Court of Appeal upheld the decision that a building society or bank valuation is a very limited inspection.
During a valuation for the Bank Of Scotland, Colleys’ surveyor noted two cracks in a wall but did not identify any movement. The property later suffered from subsidence and the home owner brought a six figure claim for the cost of the underpinning and associated works. The owner lost. The trial judge recognised the limitations of a valuation report.
The RICS Red Book, the guidance manual for all different kinds of valuations, anticipates that the valuer will not even go into the loft, a key area of the building. This is not the case when you have a Building Survey, House Purchase Survey or Flat Purchase Survey by a Chartered Surveyor, each of which offer different levels of reporting to help you make an informed decision about your purchase.
You can not rely on a lender valuation, even if you have paid for it and received a copy of it.
Talk to us about what type of survey would best suit you and the property you are buying.
"Although housing has climbed the policy agenda, with supply issues dominating the private housing market, our forecast suggests that the likely increase in prices in 2016 will outstrip any rise in household income." Read the full story:
When it comes to auspicious dates, 5th April 2015 is certainly one for all who represent Non UK Resident Landlords.
From 5th April 2015 all Non UK Resident Landlords become liable for Capital Gains Tax (CGT). However, the good news is that the “Gain”, calculated only when the property is sold, is only taken from the value as at 5th April 2015.
For this reason many Non UK Resident Landlords are requesting a special CGT Valuation by registered Valuers of the Royal Institution of Chartered Surveyors (RICS), in accordance with the RICS guidance manual, the “Red Book”...... more .......
