It's question time with our very own Blundells Director Paul Cocker! In this edition our resident expert addresses your queries on surveys, Home Information Packs and Energy Performance Certificates.
Q - I am looking to buy a property, do I need to have a survey done? Can I rely on the mortgage valuation?
Buying a property is probably the largest single purchase anyone makes in their life and so you need to make sure that you know what you are letting yourself in for. What might look good on the outside may not be what it seems and the lovely decorations might be covering up a multitude of problems. Things like dry rot, damp, subsidence, poor roofs are all something that need to be looked at by an expert. The Royal Institute of Chartered Surveyors is the body that governs these experts and they are just launching a new report called the RICS HomeBuyer Report. It is easy to understand and makes recommendations as to what needs to be done in order of importance. No reliance can be made on the mortgage valuation as this is only done for the use of the lender and does not look at the physical structure of the property. The surveyor doesn't have any liability towards the borrower so if there was anything wrong you would have no comeback.
Q - I have seen Energy Performance Certificates on estate agents details, what are they and how do I get one?
The Energy Performance Certificates (EPC) are part of the HIP and are carried out by accredited Energy Assesors. They are organized by the pack provider and will arrange to visit your property for a ‘survey' which will take about 45 minutes on a standard property. They look at the construction, whether it has double glazing, central heating, cavity wall insulation, loft insulation etc. They will also take into account whether the radiators have thermostatic valves on them, what kind of boiler you have and other things that can affect the energy efficiency of your property. The purpose of these certificates is to give an idea as to how energy efficient a property is and how much carbon dioxide is being emitted. In the full report there are recommendations as to what you can do to improve the performance of the property. It is part of the ongoing and wider environmental agenda to make us more fuel efficient and aware of carbon dioxide pollution.
