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Covering Middlesex, North London, North-West London, East London, and West London areas,
Thank you for your interest in my company, may I take this opportunity to tell you a few points regarding our company. David Graham (Chartered Surveyors) is a fully independent company and was first established back in 1985.
We offer a prompt, personal service at competitive rates - please telephone or e-mail me for a quotation by double clicking on the envelope sign above.
David Graham is a Fellow of The Royal Institution of Chartered Surveyors (FRICS) having qualified as a Chartered Surveyor in 1979 and was among the first 350 Surveyors in this country to receive Accreditation from the Surveyors & Valuers Accreditation, SAVA, for the RICS Homebuyer Survey & Valuation Service.
We are members of the Independent Surveyors Association, ISA, which means that the practice is owned by Partners or Principals. This is unlike Corporate firms of Surveyors and Valuers who are usually owned by financial institutions or estate agencies and where the Surveyor/Valuer is often subject to outside pressures and subject to internal policy strictures, targets and quotas. Therefore, you can be confident that we will not be influenced by any consideration other than giving you the best advice.
Valuations For:- Advice On:- Building Defects & Repairs Acquisition of Access/Other Rights Effects on Value of Alterations & Improvements Preparation Of:- Schedules of Condition Schedules of Dilapidations Building Survey Reports R.I.C.S Homebuyer Survey & Valuation Party Wall Awards Expert Witness Reports
Buckinghamshire, Hertfordshire & Suburban Essex
Lease Extensions/Collective Enfranchisement
Purchase
Mortgages & Secured Loans
Housing Associations
Buildings Insurance
Rent Reviews/Lease Renewals
Capital Gains & Inheritance Tax
Probate
Retrospective Purposes
Matrimonial/Divorce
Compulsory Purchase
The best way to reach an informed decision on such an important
investment as a home is to have a professional survey and valuation of the property that
interests you. Before you decide to go ahead and commit yourself legally, you can minimise
the risks by asking a qualified surveyor to answer these questions for you:
* Is the agreed price reasonable?
* Are there drawbacks I don't know about?
* If so, what do I need to do about them?
Commissioning your own survey is the simple, economical way to avoid unpleasant - and perhaps costly - surprises after moving in. In some cases, the surveyor's report may enable you to renegotiate the price.
I already have a Mortgage Valuation report....
Even if you are seeking a mortgage - and may be paying for a Mortgage Valuation report - it is still advisable and prudent to arrange a survey by your own surveyor. The Consumers' Association Which? Magazine and the Council of Mortgage Lenders both give this advice.The reason is simple: the Mortgage Valuation report is prepared for the lender - not
for you the borrower
It answers only the lender questions concerning the appropriate
security for your loan. You cannot rely on it to answer the questions which concern
your personal interests.
What choice of surveys do I have?
RICS members also offer two forms of survey, which are specifically designed to help homebuyers:A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition. It is likely to be needed if the property is, for example, of unusual construction, is dilapidated or has been extensively altered - or where a major conversion or renovation is planned. It is usually
tailored to the client's individual requirements. The report includes extensive technical information on construction and materials as well as details of the whole range of defects, major to minor.
Survey & ValuationBy contrast, The HOMEBUYER Service is in a standard format and is designed specially as an economy service. It therefore differs materially from a Building Survey in two major respects.
What else should I know about the HOMEBUYER Service? The Service - the inspection, the report and the valuation - are all explained in detail in the accompanying Description of the HOMEBUYER Service, but the highlights are:
It is intended only for particular types of home:
Houses, flats and bungalows which are: Conventional in type and construction Apparently in reasonable condition.
It focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property - although it also includes much other valuable information. The HOMEBUYER, Building Survey, provides not only a survey but also a valuation as an integral part of the Service.
·
This is an economy package. Because of the practical limits on the type of property and on the scope of its coverage, the HOMEBUYER Service is priced mid-range - more expensive than a Mortgage Valuation, but less than a Building Survey.·
The surveyor's main objective in providing the Service is to assist the prospective homebuyer to:* Make a reasoned and informed judgement on whether or not to proceed with the purchase
* Assess whether or not the property is a reasonable purchase at the agreed price
* Be clear what decisions and actions should be taken before contracts are exchanged.
The surveyor also gives his or her professional opinion on the particular features of the property which affect its present value and may affect its future resale.·
The concise report covers the building inside and outside, the services and the site. It focuses on the defects and other problems which in the judgement of the surveyor are urgent or significant, but it also covers:* the general condition and particular features of the property
* particular points which should be referred to the client's legal advisers
* other relevant considerations concerning, for example, safety, the location, the environment, or perhaps insurance.
Matters which are judged to be not urgent or not significant are in general not included in the report, but the surveyor will mention matters judged to be both helpful and constructive.
·
Where the client has a particular concern -perhaps whether the property is suitable for a disabled person - the surveyor will keep this in mind during the inspection. Or, a specific addition to the Service - perhaps to the standard inspection -may be agreed between client and surveyor.Where necessary, the surveyor may also be able to provide some extra service which is outside the scope of the standard package - perhaps providing a schedule of minor defects (for later discussion with a contractor), or arranging for the testing of mains services by suitably qualified specialists.
·
Where the client should take some action before deciding to proceed with the purchase, this is signalled clearly in the text of the report and included in the summary of action and other key considerations.
| HOMEBUYER SURVEY & VALUATION | BUILDING SURVEY | |
| TYPE OF PROPERTY | Conventional houses, flats, bungalows, etc in apparantly resonable condition. | Any residential or other property, in any condition. |
| TYPE OF SERVICE | Economy package in standard form. | Custom - made to clients individual needs. |
| OBJECTS OF SERVICE | To assist client to (i) make an informed judgement on whether or not to proceed; (ii) decide whether or not property is a resonable purchase at agreed price; and (iii) assess urgent and significant matters before exchanging contracts. | To provide client with; (i) assessment of construction/condition of property; and (ii) technical advice on problems and on remedical works. |
| SPECIAL FEATURES | Focus on urgent and significant matters. | Details of construction/materials/defects. |
| VALUATION | Integral part of homebuyer service | Provided as agreed extra. |
| FORM OF REPORT | compact, fixed RICS format | Usually much longer, in surveyors format. |
Valuations and Negotiations for Lease Extensions and Purchase of Freehold Interest (Collective Enfranchisement)
Legal Background:
There are two rights for long leaseholders both of which are contained within Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993 as amended by the Housing Act 1996 and the Commonhold & Leasehold Reform Act 2002.The first right is a group right for leaseholders of flats to purchase the freehold interest of the building in which they reside subject to certain qualifications. The second right, is for the individual lessees to renew their lease which, in effect, adds 90 years to the unexpired term of the existing lease.
For the lease extension, the 2002 Act has abolished the previous residency test and the property now has to be owned by the qualifying tenants for a period of at least 2 years before a claim is made. It has also abolished the low ground rent test and also provides for the valuation date to be fixed at the date of the claim. There is no marriage value where the unexpired lease term exceeds 80 years. Otherwise, the marriage value is fixed at 50:50.
The calculation of the premium to be paid for lease extension is set out in Schedule 13 part II of the Leasehold Reform, Housing and Urban Development Act 1993 and is a total of:
a) The diminution in value of the landlord's interest in the flat,
b) The landlord's share of the marriage value and
c) Compensation for loss arising from the grant of the new lease.
The marriage value is the potential for increase in the value of the flat arising from the grant of a new lease and the 1993 Act requires that the "profit" should be shared between the parties.
Services Available:
We are able to provide clients with one or more of the following: the provision of a preliminary report, valuation and advice to enable the client or qualifying tenants to take a decision as to whether they are eligible, capable of, and wish to exercise their rights;* the provision of valuation advice as to the amount(s) of any offer or counter-offer that should be included in any notice or counter-notice;
* the undertaking of associated negotiations on behalf of the landlord, or on behalf of the participating tenants or nominee purchaser;
* the preparation and provision of expert evidence to a Leasehold Valuation Tribunal (LVT) or the Lands Tribunal.
For general information, advice and background to the legislation involved please visit the Leasehold Advisory Service website.
For Valuation work in the South London area, please contact Nigel Carter FRICS
Tel: 0208 699 5080 www.nigelcarter.co.uk
