31 Mar Forthcoming Changes Introduced by the RICS
In November 2019, the RICS published a new Professional Statement relating to residential Surveys.
The document is the result of a period of consultation with industry stakeholders and the public and a need to update the existing range of Surveys, given the fact that many companies now use their own formats and branding.
Implementation has been delayed to the end of 2020, but the aim is to simplify various different types of Surveys making it easier to understand. Any company is able to use their own branded Survey products but they must be benchmarked to a set level of inspection and reporting.
Level one (eg RICS Condition Report). This is a basic inspection and a brief inspection for modern houses built after 1990. It does not include repair advice or a Valuation. It uses Condition Ratings for the various external and internal elements from 1 – 3. A typical inspection would take between 1 – 2 hours.
Level two (eg RICS HomeBuyer Report – these have been available with or without Valuation). These are more detailed reports which include repair advice and are a good choice for standard houses built after 1900. Again it uses Condition Ratings for the various external and internal elements from 1 – 3. A Surveyor would be expected to spend 2 – 3 hours inspecting an average Victorian terrace or 1930’s semi.
Level three (formerly known as a Building Survey having changed from a Full Structural Survey many years ago). A Level three Survey is suitable for any property but is the obvious choice for a complex or large property, a Listed Building, an old cottage or a house needing modernisation. Possibly also a house with old extensions or a loft conversion which may lack the necessary Local Authority approvals and permissions. For each element, there will be a description, an assessment of condition, repair options and recommendations along with advice as to when the repair should be carried out and by whom. The time spent on site varies but typically would be between 4 – 6 hours.
If you require further information, please email or call us to discuss your own requirements.