(Previously known as  Homebuyers Reports)

This survey type includes a more 'extensive' visual inspection of the property / building, its services & grounds, but still does not include any testing. 

Concealed areas that are normally opened by the occupiers are inspected only if it is safe to do so. Examples of such areas are : roof spaces, under floor areas etc.

A LEVEL 2 survey report will objectively describe the different elements of the property / building along with an assessment of the importance of any defects or problems with the property / building.

At this LEVEL 2 the report will include advice about repairs & ongoing maintenance issues. Similar to a LEVEL 1 report, where a surveyor is unable to reach a conclusion of reasonable confidence, then a recommendation for further investigation will be made.

A LEVEL 2 RICS survey is suitable for a broader range of conventional properties / buildings although the extent of this range & type will be dependant on the experience & knowledge of the surveyor.

A RICS LEVEL 2 survey / report is unlikely to be suitable for :

• Complex buildings such as those that have been extensively extended or modified.
• Unique or older properties, including listed buildings.
• Properties / buildings that are considered to be in poor condition.
• Properties where the client is intending on carrying out extensive repair / refurbishment work.
• Non-standard construction properties 

With the addition of a 'Property Valuation' this report is more commonly known as a 'Homebuyers Report (Survey & Valuation)

(Previously known as  Building Surveys)

A RICS LEVEL 3 survey includes a visual inspection of the property/ building, its services & grounds. The inspection is more detailed than that carried out in a LEVEL 2 survey.

As with the LEVEL 2 survey any concealed areas that are normally accessible by residents are inspected if it is safe to do so.  

Although the services are not tested, they are observed in normal operation, switched on / off or operated to check functionality.

A LEVEL 3 RICS survey will also describe the form of construction & the materials used for each part of the property / building. It will also include an assessment of the condition of such areas & highlight the importance of any defects / problems.

In addition to the above a LEVEL 3 RICS survey should:

• Describe any identifiable risks of potential or hidden defects in areas that have not been inspected.
• Propose the most probably causes of any defects based on inspection.
• Provide an outline of any remedial work & its extent as well as explain the likely consequences of not having the work carried out.
• Make recommendations in respect of the priority of any remedial work required along with an assessment of timescales for the work.
• The report will describe the legal implications of ownership in detail.

We have a fully qualified and insured drone pilot. 

This means that we can report on large complicated roofs or site surveys.  

Get in touch for more information.

MARKET VALUE

This is now the standard European valuation basis. It replaces the earlier 'Open Market Value'. Market Value is defined by the International Valuation Standards Committee and is set out as PS 3.2 of the RICS Valuation Standards.

A Market Value Report can be used for commercial and residential properties. We produce short and “Red Book” valuations for private and corporate clients.  A Market Value Report can be used where the value of a property needs to be formally and fairly established, for example, where one beneficiary wishes to buy out another's share of a bequeathed property. It might also be used to establish equity for loan security purposes, or to exercise an option to purchase, or in connection with a funded re-location, or a part exchange, or Right to Buy, or for Stamp Duty Land Tax (SDLT) - although a slightly different definition is used for this.

They can be individually addressed or jointly addressed (for example, a Matrimonial Valuation) or produced for a Court in compliance with CPR (Civil Procedure Rules). 

MATRIMONIAL VALUATIONS

These are formal valuations utilised in settling disputes over the former matrimonial home and other property assets. Nowadays it is usual for these reports to be jointly instructed by the parties or their solicitors and we can act as an Expert in preparing the valuation in accordance with Part 35 of the Civil Procedure Rules and RICS Practice. 

PROBATE VALUATIONS

These are really Valuations for Inheritance Tax (IHT). They are formal valuations and are prepared in accordance with UKGN 3 of the RICS Valuation Standards. The normal definition of Market Value is not used and there is an important differentiation from 'normal' market value concerning the issue of 'special purchaser'.

CAPITAL GAINS TAX VALUATION

These are again formal valuations. They are frequently retrospective and date back to the point of acquisition or transfer. UKGN 3 again applies but the valuation basis is found in S.272 Taxation of Chargeable Gains Act 1992. These are often complex instructions with several capital gains tax valuation dates. There may have been changed physical conditions and occupancy circumstances at those dates.

REINSTATEMENT COST VALUATION

This is the amount a property should be insured for. It is calculated from floor area, constructional type and a range of other factors. It represents the cost of clearing the ruins following a total loss and then re-designing and rebuilding the property. It is entirely unrelated to Market Value or purchase price - it can be higher or lower. It is vital that this figure is regularly updated. If you rely on annual RPI increases you could find yourself significantly underinsured.

Braithwaite Associates are experienced in the field of property Expert Witness reporting. This is a specialist field where reports and representation are required in the process, or anticipation, of legal proceedings. Such reports are prepared in accordance with Part 35 of the Civil Procedure Rules and Surveyors Acting as Expert Witnesses (RICS Practice Statement and Guidance Note).

The primary duty is reporting to the court or other tribunal.