Posts Tagged ‘Valuers’

No, not a legal run-down on what to do or not to do. Instead, a few words of wisdom to help you ensure “your X, or other-half” does pull a fast-one on you as far your joint Home is concerned.

I often get calls along the lines “Mr Parrett? I saw your web-site and need some advice. Can you help me?” The following comments distill these calls for help into a few Rules to protect yourself :-

1. Never agree to anything you do not fully understand.
2. Always take legal opinion, if at all possible.
3. When the time comes to VALUE THE HOUSE the following may help you —
   • Do not panic when your “other half” starts quoting strange fictional things about the house eg: “you do know it has got subsidence and isn’t worth much?”. Rise above such tactics and do not respond.
   • If the Valuation is organised through Solicitors you may be asked to provide two names of valuers you would be happy to use. Find two local Chartered Surveyors who specialise in Valuations (call the Royal Institution of Chartered Surveyors in London if you are stuck). I prefer smaller firms to the larger ones. The more local the better. Your legal team will negotiate with your partners legal guys until a mutually acceptable Valer is agreed.
   • If I was one of these Valuers I would pre-quote 150% of my normal Valuation fee rates and charge each party 75% of that rate (you each save 25% of a normal Valuation fee).
   • Payment would be expected “up front” as in any dispute situation.
   • If you can be on-site when the Valuer inspects this is to be preferred – in case questions arise.
   • If Solicitors are not involved then attempt to get written agreement from your partner that a particular Valuer can be instructed jointly. You would need to get fee quotes and do not forget to tell each Valuer the purpose of the Valuation (“Matrimonial Proceedings” is the terminology used and include in your instructions that it is a joint instruction and ask if two Invoices can be generated – one for each party).
   • Be friendly to the Valuer and have copies of any guarantees, plans, warranties, boiler service plan papers etc…. ready when he or she arrives.

Often when I am on-site, and usually when only one party is present (not both husband and wife), comments are made that could be construed as “attempting to get at me”. I am immune to such attempts and would say that at the human level they can easily go against the person making them. This shows that whoever you instruct must be of strong character and of robust constitution. This is yet another reason why it is vital for you to actually speak to the Valuer who is to inspect your home (and not a secretary or other such Agent or middleman).

The “good Valuer” will only include Report comment if he or she is convinced it is factual and important. However, where some doubt exists, and if the information is vital or may affect the tone of the Valuation, the information may be included but with a reference as to where it came from and why anybody reading the Report must strictly verify the information before any agreement is reached.

Valuations for Divorce or Matrimonial Proceedings are not for wimps: make sure you don’t use one.

Independent thought and action rely upon professional integrity and a genuine belief that the “client should come first”.

I passionately believe this is true and it drives my thinking and how I conduct my life. Recently I have self produced a YouTube video so I express my thinking to a wider audience. I invite you to take a look and give me some feedback.

To access the video click this link — http://www.youtube.com/watch?v=8n5Cj5yliRI

I emphasis that as a Chartered Surveyor I am heavily regulated and abide by a Ethical Code: it is not the words that are important here as it is my believe in such matters that counts – others seem, at times, to stand for a lesser code and these are the Surveyors who get into trouble and I find myself working against them in Court.

Typically I work for Buyers but increasingly Sellers are requesting surveys. the latter to flag the home has no serious faults OR to define exactly what is wrong and so begin to manage the damage to saleability and potential purchasers expectations. As stated above I also, increasingly, work against Surveyors and Valuers when cases of alleged negligence raise their ugly heads.

So- nothing is more important to anybody involved in housing than receipt of unbiased professional advice: your own surveyor or valuer should only receive a fee or commission from YOU and nobody else (often behind the scenes commissions are paid by Surveyors/Valuers for the initial introduction from an Estate Agent – an action that I strongly object to).

Remember – a loan valuation is not a survey and you are advised to separate out the private survey from the loan valuation: why would you think that a simultaneous survey and valuation could ever be in your best interests – THINK, you are telling the loan company what is wrong with your home and they may, as a result, not issue the finance you need.

The most popular form of UK survey product is the R.I.C.S. HOMEBUYER REPORT (and Valuation) but remember the stat – only 1-in-12 home buyers take any independent professional advice on purchases.

The choice is yours: buy with good advice behind you or take a serious gamble.

Take my advice – call me find out what are your survey options – the call will cost you next to nothing and you might just save yourself a lot of money or a giant headache.

Stuart Parrett +44 (0)1489 896 174 or 078 3636 3040.

Buying a home is already clouded with obstacles so why do we put up with additional hurdles introduced by some Lenders? This article outlines just one way the paying customer can be placed second to corporate practices that serve to mystify what should be a simple process.

I was speaking to a loan valuer recently and he mentioned a bizarre situation that cost a purchaser many hundreds of pounds in fee costs.

The Valuer (Bob) was sent a property loan valuation instruction on a Victorian house in the south of England. On inspection Bob noted that the rear kitchen/bathroom wing of the building was constructed in half-brick form, common for the period in that district. Technically this part of the home was below habitable standard notwithstanding these walls had been weather-proofed externally and set internally with a dense render. The ratio of sub-standard wall to cavity full-standard walling was about 20 per cent.

Bob prepared his report in accordance with that Loan Company’s Valuers Manual and they accepted it and offered the client purchaser loan finance accordingly.

Unbeknown to Bob as his report was being considered the client purchaser decided to change lenders for a better interest rate just announced by Company B. Ten days later Bob received, by pure chance, the instruction to value the same home again.

Bob prepared another report. However, this second report was very different from his previous report. The second report simply said that the home did not comply with that Loan Company Valuers Manual criteria and was declined as being acceptable security. In other words no loan could be offered.

The reason behind this change in adequacy of security was stated as being that the wall construction was sub-standard and the Loan Company did not lend on sub-standard forms of construction.

Bob had been paid £400 in total for his two inspections. The client had paid over £700 in total mortgage application fees. Estate Agents in the property chain were many thousands of pounds out of pocket on lost commission charges. The rippled effect caused these individuals, and many others, massive loss of revenue, waste of time and effort plus related stress and disappointment.

Who was to blame for this bizarre situation?

It may be unconventional but I believe it is the Loan Companies en-mass. The Council of Mortgage Lenders, the body that regulates loan lending, considers allowing individual companies the right to have differing lending criteria is satisfactory even if the public are not told these vital policies.

I am sure each Lender is, in the small print somewhere, under a duty to publish their leading criteria and so “it is not their fault that customers choose not to read lending terms given to them”.

So what can be done about this bizarre situation?

This is the easy bit but is something that seems to always be talked about but never completed.

How about we properly regulate Estate Agents including the introduction of standard examinations upon a syllabus that includes construction recognition and general property compliance issues to Lenders Valuer Manual criteria. OR…….

The Council of Mortgage Lenders should be granted the power to issue only one set of lending criteria to all Valuers on behalf of all Lenders.

Any system, as is currently in place, that throws the emphasis on to a non-trained ordinary member of the public to decide matters of technicality of construction, is fundamentally flawed and unfair.

I believe the Office of Fair Trading are failing in their duty to provide effective monitoring and regulation in a marketplace that is well known for its protectionist and monopolistic tendencies that operate against the best interests of the consumer.

I also believe the Royal Institution of Chartered Surveyors has too long buried its head in red-tape to accept the real challenges before it: why have they not recognised this simple fundamental market flaw that places their membership is a rather strange relationship with the end client, the home buyer.

By the way — if the Home Information Pack scheme had had a Sellers Survey (like the system that currently operates in Scotland) included then none of this nonsense would be possible. Oh well, we cannot expect too much from weak Government and less than fully impartial market Regulators, can we?

We offer multiple forms of survey product and Surveyor Training services.

Do your staff need training in dealing with Loan Valuers or Surveyors?

Survey Product characteristics appreciation (so they can better advise clients)?

Home age appreciation?

Typical defects – how to recognise the tell-tale signs.

Can we help to train your inspection staff in any aspect of inspection and report writing?

If you are a University or College: can we deliver Surveyor Craft seminars/training to augment your in-house courses?

Stuart Parrett helped devise the Home Inspector end-test for ABBE, took one-day seminars for SAVA on Level 2 survey products, was a regular contributor to RICS for multiple projects, etc….. and this experience places him well to be able to help your students!

NEED ADVICE?

Try the SEARCH Box facility (below, left), click on an Article Heading (below, left) or simply read on….

• BUILDING SURVEYS with or without VALUATION advice
• HOME VALUATIONS by an RICS Registered Valuer
  
• HOMEBUYER REPORTS or SELLER SURVEYS
• AUCTION or QUICK-WALK-THROUGH Appraisals
  
• Update your BUILDING INSURANCE SUM INSURED
• Is DAMP REALLY DAMP or actually CONDENSATION as a result of your lifestyle?
• Is that CRACK the beginnings of SUBSIDENCE?
• Divorce or Negligence Court-Compliant EXPERT WITNESS Reports/Valuations.

Hello, I’m Stuart Parrett. I am a truly independent, knowledgeable and experienced Chartered Surveyor and housing specialist. I am in the PEOPLE and HOMES Business where Information Discovery is all important.

I survey homes for faults and worth/value but it is not what I do but HOW that separates PROinspect from competitor surveyors.

THE HOUSE DOCTOR IS IN:

HOW CAN I HELP YOU?

SOMETHING of VALUE for you —-

1-  Do you have a SEPTIC TANK DRAINAGE system?

NEW Environmental Permitting Regulations cover even old septic tanks, which may previously have escaped regulation, but are now controlled and must be formally registered with the Environment Agency by 1^st January 2012. Failure to register is a criminal offense. Click this link PrivateDrainageChanges2012 for an Environment Agency Brochure that explains all.

2-  CONDENSATION SEASON IS UPON US – have you looked in the back of the wardrobe recently or in “that corner”?

Cold = drop in dew point = cold surfaces will attract condensate: Quick Fix – create airflows and reduce the amount of vapour in the air. Longer Term Fix = Raise the wall temperature by lining it with XXXX; properly kill off mould spores; introduce sensors that apply venting or temperature changes to the environment. Simple.

What often works is opening the window for as long as possible during and after sleeping/baths/showers/cooking (this removes water vapour that then cannot condense on your clothes and walls). You loose heat during this process and so you need to learn how to achieve these goals intelligently without icicles forming on your nose.

For more information on me, my CV etc… – click here and scroll down. Alternatively, look me in the eye by watching a short VIDEO – CLICK HERE. TheHouseSurveyor at YouTube will also deliver several important messages for those looking to purchase or those you wish to become Residential Surveyors and/or Valuers.

Those who have kindly provided testimonials for me say that I can be considered a safe pair of hands, somebody who is a real communicator and a provider of detailed and robust opinions.

Good reasons for using me in the central south coast area include that I take the time to listen to you and then help you make the right choice of survey product and have it completed at the right time. After this I genuinely communicate with you and don’t simply mail a report to you and that is it. No, I am always available for questions and meetings because you need to be re-assured your purchase is both a wise investment and you are not buying a problem.

I protect the biggest investment you’ll ever make in your life – your home – and I work with you every step of the way…..

I’ve brought together a lot of valuable information to help you organise property problems, alterations, private surveys and other services surrounding ownership, maintenance, sales, purchases and Expert Witness Reports.

CALL ME for a free chat and advice on 078 3636 3040 —

• THE GOLDEN RULES OF SELF-PROTECTION DURING HOME BUYING =

1. When your “offer” has been accepted make sure you already have a loan deal secured in principle
2. Make sure you DO NOT agree to a combined Loan Valuation and Private Survey
3. Actually speak to a Surveyor (PROinspect down south) – do not accept an Assistant or a Secretary
4. Find out your Survey Product options, fee costs and the manner in dealing with any special concerns you have
5. Do not fall for quick deals or “linked” services often packaged by costly middlemen Agencies.

STUART PARRETT

.

Browse the site and when you’re ready to ask for advice give me a call or fill in the Form on the right. To get the best out of us you need to be briefed as to your options, survey costs and a lot more. As a starting point be as specific as you can as to what you need from us – use the CONTACT FORM (top right on your screen): EG: Detached house – perhaps 50 years old – £400,000 agreed – Building Survey with Valuation needed – being sold by XXX Estate Agents.

PROinspect are led by Stuart Parrett who has an unrivalled pedigree as a specialist Home Surveyor of over 35 years Hampshire experience.

If you wish to read even more of my views on a host of house and survey matters go to ezinearticles.com by clicking of the above icon. Or follow me at Twitter (@SurveyAuthority).

PROinspect have the focused philosophy to achieve an advanced level of property inspection and high quality of written reports. Our skills and experience are available for client re-assurance purposes to ensure you act on only the best advice and opinions.

About Stuart Parrett

Stuart Parrett is a rare breed – a specialist residential property Chartered Surveyor with over 35 years experience in Hampshire. His unique blend of qualifications, local knowledge, vast experience, professional pedigree and long menu of survey products marks his Practice out from the crowd. He trained in south Hampshire and has made it his duty to be been highly involved with the Royal Institution of Chartered Surveyors, the Awarding Body of the Built Environment, Surveyors & Valuers Accreditation and other Industry “names” in multiple capacities, including  for training youngsters and less experienced individuals.

Stuart has completed many years of voluntary Surveying service with the CAB and has always been an effective communicator. Indeed, his reporting and forensic skills have been, and are used by the legal professional and the Courts in the guise of Expert Witness Reports in cases of errant Building Contractors or negligent Surveyors and Valuers.

The mainstream service that PROinspect pride themselves on is House Surveying. Whether this is for sellers, buyers, landlords, corporate clients or individuals make no difference: Stuart has a passion to deliver relevant, simple-to-read professional reports tailored to clients needs and budgets.

.

Our aim?

TO GENUINELY HELP ANYONE INVOLVED WITH PROPERTY TRANSACTIONS or WHO HAS PROBLEMS.

.

Why use PROinspect?

So what do we do that marks us out from our competitors?

1. We specialize in residential forms of property and always have done.
2. We complete ongoing training far above what is generally required in our profession.
3. We communicate with our clients: we need to know what drives any referral to us, what is worrying you, what you wish to achieve with/in the property, etc
4. We match the right survey product to the property type, known defects reported to us plus clients’ survey budget and expectations so our client receives the best option for their stated needs.
5. Before we inspect we complete a varied array of fact finding (internet and other database searches). This allows us to modify our On-Site Work-Sheets to include specific reference to potential adverse matters that may affect the home you are buying. By this method we can drill down to the nitty-gritty quicker and more accurately to our mutual advantage.
6. We use modern survey aids as and if required: we go beyond traditional cursory inspection means.
7. Where possible we always interview the sellers/occupiers and ask searching questions that may reveal latent defects and/or problems.
8. Back at the office we then complete any required further internet or other researches that our site inspection has shown us to be essential.
9. Finally the report is prepared with the specific client in mind – WE DO NOT SHOE-HORN DATA INTO A “ONE SIZE FITS ALL” REPORT.
10. After the client receives our report we don’t go to ground. If you need further advice and help we are available to you and at no extra charge.