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Property survey

Property survey

The house price index in 2017

08/02/2017

House Price Index (HPI) is a measure of periodic increases in the prices of residential housing. These estimates are calculated after a given period of time. They offer a snapshot of the trends in the price of residential properties. HPI is obtained through various mathematical and statistical concepts. These include the Hedonic Regression Model, simple moving average and repeat-sales regression model. England uses the Hedonic regression curve to calculate its HPI. HPI is calculated monthly in England.

Other countries such as Northern Ireland calculates there HPI quarterly. The body responsible for calculating house price index in England is the Office of National Statistics. This office uses data from the Land Registry, Registers of Scotland and Land and Property of Northern Ireland to arrive at its figures.

The Office of National Statistics generates the house price indices every month. However, they can come up with data any other time of the month. Their offices analyses the data and prepare and report for House Price Index. They may also generate these data at when requested to or during the Council Tax fairs.

Before the advent of the internet, HPIs were just available in the Office of National Statistics. There are now many websites that post HPIs. Some of these data can be trusted while others are doubtful. The most reliable website is that of the government of the UK. You will see it when you search for HPIs online. Its web address will show you clearly that it is a trusted government website.

The government website gives you two options for getting HPI information. You can search the HPI data online or download them. If you choose to search them online, you will be directed to a page where you will get a particular group of HPI data. The data are regularly updated so that even those of the immediately previous month are available.

The government has gone an extra length to ensure that its HPI website serves its clients correctly. A user can simply type in his query and results will be generated instantly. There even examples of queries that have been included posted on the website. The sample queries guide users in wording their search terms. The government website uses SPARQL to generate a report of the query entered in the search tool. These outputs are in different formats with the format capable of suiting every user. Other trustable websites are the Open Government License and Open Data License websites.

The Office of the National Statistics has updated and posted house price index of February 2017. This is an incredible fete given that February started just a few days ago. These data were available right at the beginning of the month. Average house prices of residential properties are expected to around be 225 000. This is a rise of about 10 000 of house prices in February of the previous year. The 10 000 is the annual increase in property prices from last year to this year. House price index for February 2017 is 118, a rise of 3 from the 115 figure of February of last year.

What you need to know about property survey

20/12/2016

One of the researching jobs that is requested of solicitors by buyers is property surveys. Solicitors conduct property survey to determine the structural and physical qualities of the properties before the buyers purchase the property. Results of search surveys enable the buyers to know their position with regards to the conveyance of that property. Buyers can proceed with conveyance if they find the property fit to buy. The property may be in relatively good conditions, but still in need of minor repairs. In this case, the buyers may negotiate for a decrease in the price of the property to accommodate for expected costs of renovation. If the buyers find the property totally uninhabitable, they will request for a termination of conveyance.

Solicitors never actually undertake the actual property survey. This job is better left to building and construction specialists, also known as property surveyors. What solicitors do is organise for property surveyors to review the building or structure in question. The buyer must be aware of this arrangement because he is paying for it. The cost of property survey is different from the solicitor’s fee and are accounted as disbursements. The cost varies from one surveyor to the other and is to a large extent dependent of the size and type of the property being surveyed. Larger buildings and older buildings attract more surveyor fees.

The seller must be present during property survey. He is the one that authorises the survey. Property survey cannot be carried out without the seller giving his approval. The seller can sometimes prevent the surveyor from accessing some parts of the property. This usually happens when the seller fears that some parts of his properties are so damaged that they will reduce the total cost of the property. A survey is expected to report his findings to the prospective buyer. If the seller prohibits him from reviewing some parts of the property, then he must notify this to the buyer. The buyer will then find out from the seller the reasons why his surveyor could not access those parts of the property.

The surveyor cannot report on everything about a building. Structural issues such as the inability of a pillar to support a building are better reviewed by a civil engineer. The seller cannot advise on extension plans on the building or other structural changes since this is the work of architectures. However, they can measure the shapes of various rooms or parts of the property and report these findings to the buyer. The buyer can then decide if he needs extensions, reductions, or if these rooms are large enough for his needs. The surveyor can also not report on the intricacies of electric and electricity systems that are used in the building. This job is for electrical experts. They can, however, mention whether lights and other electrical devices in the property work as expected. They can find this out by simply turning on and off the various electrical appliances. Experts like civil engineers and electrical engineers are rarely engaged during property survey for conveyance.

There are different kinds of property surveys that the solicitor might suggest. These property survey allow you to analyse the intricacies of the building, which may not be visible easily. A proper property surveyors will make a report that you can analyse to check if your investment is going to be worth what the seller is offering it for.

Learn about House survey needed for Conveyancing

05/10/2016

Investing in a property might be the biggest investment in a person's life. You want a safe and welcoming home, but one of the most important aspects is the house durability. Are you investing in a made to last property or you are burdening yourself with a mortgage for no reason?

What is House survey?

It is important to conduct a house survey once your offer is accepted. You should know what are you paying for and which problems you might be facing in the future. With a house survey, you will have a good idea about the property condition, if any fixtures have to be carried out or if there are issues you were not told about.

Which house survey should I choose?

  1. Mortgage valuation: Basically, this type of study has only the purpose of “valuation”, without any details on the condition of the building. It gets you a comparison between how much the house is worth and how much should you pay for it.
  2. RICS condition report: The Royal Institute of Chartered Surveyors regulates the house surveys, whilst providing the surveyors with the opportunity of fitting the templates to their needs. It is a general perspective on the home condition, without getting into details. Recommended when the house is (relatively) new and you just want reassurance that everything is in order.
  3. RICS HomeBuyer's report: Recommended for most buildings (flats, bungalows and houses) in reasonable condition, the house survey details issues like a dump, subsidence, any repairs, maintenance and includes a market valuation and the rebuild case. Mentions if the property meets the current building regulations.
  4. RICS building survey: A rigorous report, which analyses the structure and has a more intrusive check, like looking under the floorboards, behind the furniture or verifying the attic. Recommended for buildings over 50 years.
  5. New-build snagging survey: Is important to conduct a new-build survey before you move in, that will identify any cosmetical or structural issues in your new property, so you can still benefit from the two-year developer warranty

One of the largest networks of RICS regulated chartered surveyors is SamConveyancing. Their services include subsidence and damp inspection, infestations and asbestos in all the house surveys.

Moreover, you can select a wider range of services suitable to your needs, from lease extension valuations, property valuations to a structural engineer or defects reports. Their national network and local knowledge allow you to choose a local RICS regulated surveyor to conduct the type of house survey you need, so you know exactly what are you paying for.

Survey fee and Mortgage Solicitor

07/07/2016

Conveyancing must be followed when buying or selling properties in the UK. It is mandatory legal process that has been set by law to be abided at all times when dealing for a property. A complex process, it is for every individual who are interest in property buying and property selling. It has certain costs of its own and the process takes about a month or more. The whole conveyancing is done by conveyancing solicitors who are lawyers by profession. Buying a property can be done in many ways, starting from buying it with loan or on mortgage. In the previous articles, we discussed the mortgage conveyancing fees and what are the different fees that are there when buying properties on mortgages. Similarly, in this article, we will be focusing on the survey fee or survey cost of mortgaging and mortgage solicitor.

Mortgage basic and survey basic

Mortgaging requires you to buy a property on loan and conveying that property as security against the loan. Mortgaging solicitor help you to buy the property quite simply and the only headache that you have is to make sure you can pay the loan back on time. As the process is important and legal, there are a few fees related to it. In the previous articles, we discussed the arrangement fee, booking fee and the valuation and in the following article – we will be discussing the surveying fee of mortgage conveyancing.

As we know that surveying a property is done to ensure that the property is in perfect condition. In case of mortgage conveyancing, surveying a property ensures and guarantees to your lender that the property actually exists and has this much value in itself, it will require this repair cost or the other and so on.

Also, as a seller for a property, surveying a property gives your property more credibility and allows you to sell the property off more quickly and increases the demand for it. We will not discuss surveying property in details here but in another article only for surveying of property.

Surveying fee for mortgage conveyancing

Valuation fee and surveying has a notable difference between the two. Therefore, there is no need to confuse oneself that both are the same. While valuation fee is for the benefit of the lender or mortgager, surveying fee is for your personal benefit – the buyer.

As already known, surveying is a thorough inspection of the property. Thus, it will help you understand and know what are the fixes that might be needed in the property. Surveying a property while buying it on mortgage can help you observe and find out any structural problems, issues related to plumbing and any other type of problems. Surveying for mortgage conveyancing is not mandatory but we suggest it because it will help you determine the condition of the house.

Suppose you buy the house on mortgage and do not do the surveying. Afterwards, there might be fixes that you have do to and this will cause you to spend extra money on top of the mortgage loan that you are already carrying on your head. Therefore, surveying helps you find these out and if there are fixes that needs to be done then your mortgage solicitor can vouch for you to the selling party to lower the price or do fixes. This in reality will help you get a better deal.

Also, the reason to why you need a survey is because if the property does require fix in the future and you do not get surveying done, then your lender’s valuation money will not offer any protection to you. Finding a surveyor to survey a property is no hassle and getting it conveyanced is also easy. However, it is in your best interest to find a surveyor as per suggestion from your lender. This will be cheaper for you and must be asked for in the application stage.

There are other ways by which you can skip surveying or survey the property at the last moment. However, it is important to mention again that surveying will always help to lower your cost in the long run. Therefore, even if it seems like that the cost will be higher in the short run it is actually not. So, think carefully before when to survey for a property in the UK. In the next article, we will be focusing on the broker fee of conveyancing when buying a property on mortgage via mortgage conveyancing. For best conveyancing solutions in UK and around – Nigel Broadhead Mynard Conveyancing Solicitors give competitive quotes online and offline.

Surveying a property – the guide before conveyancing

03/06/2016

A new property – especially a new home is an important and a significant investment of your finances that before committing to, needs a proper analysis and check. How does one do that? Check the home that they plan to buy? They need to research and carry out a survey. This is similar but not limited to typical surveys that you know already. This survey is an essential duty that you must commit yourself to before shortlisting or picking out the ideal home that you want to buy.

Also, this survey is also significantly important before you decide to go to a conveyancer or conveyancing solicitor to handle your papers. It is worth mentioning that conveyancing takes time and surveying a property helps you be aware if the property’s documents are all perfect alright or not. This is because if they are not then the conveyancing will take more time and so it will be more time consuming and may hamper your chances of acquiring the house at all. Thus, before you go to a conveyancing solicitor in the UK – carry out the survey

Reasons to why you need to survey

The new home that you are planning to buy will obviously have its own lawn or open area at the front side and the back side of the house. Therefore, it is best to know the boundary of your would-be property. Many houses have their own boundary line with their own fence. If your property does not have a fence yet then you need to know the boundary line and then you can put up a fence.

On the other hand, the boundary is also important because the property that you are planning to buy maybe located just beside another property or an alley or a road. The boundary line may be such that there might not be any space left between your property and the next. In short, the boundary line may overlap on another property so it is important to do a survey before you start doing a conveyancing for your property.

Moreover, surveying is important going to a conveyancing solicitor because if you are buying an existing property then it might need repairs. Your real estate agent will sell you the property, he or she will act as the broker for your property but he will not be there covering the repair costs. You will have to do that for yourself. Surveying helps to know what you are actually paying for. If the cost of the house comes with all repairs too or is the repairs have to be done separately. Conveyancing solicitors help you get your property transferred to your name but surveying before conveyancing helps you cover all the necessary costs that might come up after you buy the property.

Surveying a property by a surveyor is important because they certify that your soon to be property has all the utility that is necessary and there need not be any complication after you buy the property. Also, the classification of what type of area your property is in can also be found by surveying. Similar to conveyancing for a property by yourself like DIY conveyancing, you can do a surveying on your own too but it is very hectic and takes up a lot of time. Therefore, just like getting the conveyancing done by the help of a conveyancer who knows what conveyancing is, you can get the surveying of a property done by a surveyor.

Types of surveying

Similar to conveyancing, surveying also has a minimum cost. The most basic form of surveying is getting a conditioning report for a property. It gives very brief information about the necessary repairs and needs of a property and like that. It costs between two hundred to three hundred pounds. Slightly higher in cost is the report survey of a property. It costs between three hundred to four hundred pounds and has more detailed report than the previous survey. A total survey known as the building survey is the priciest and costs at nearly one thousand pounds which includes each and every detail about the property that you are planning to buy.

Surveying for a property, thus, is something that you should never forgo before planning to buy a property. Surveying will help you get the conveyancing done for your property a bit easier and quicker and after the conveyancing is done then you can rest with ease with your property. There are numerous properties available in the UK and before planning your dream house, surveying should be done before conveyancing.