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RICS level 2 already includes valuation. So why am I being asked to do one?
maxxpayne
Posts: 143 Forumite
Hi There,
In the process of purchasing a property. As per due diligence, I’m planning to get a RICS level 2 homebuyer survey done.
After this I decided to look up the RICS level 2 homebuyer checklist and found this:
In the process of purchasing a property. As per due diligence, I’m planning to get a RICS level 2 homebuyer survey done.
The surveyor is asking me to do an additional valuation at £200 extra on top of the standard fee of £800. This is their rationale:
Looked fair enough to me. As a follow on question I asked if this additional valuation going to help with building insurance. The answer was:It would be advisable to have a valuation carried out if one has not already been done. If a valuation has been completed and you are borrowing, you can rely on the surveyor’s comments for the lender. However, having an independent valuation can provide additional clarity and assurance regarding the property's worth.
Just to clarify, we do not carry out reinstatement cost for building insurance purposes.
After this I decided to look up the RICS level 2 homebuyer checklist and found this:
- Reinstatement sum to help you avoid under- or over-insurance
- Provides a valuation on the basis of market value
Based on this I’m a bit confused. What exactly is the additional valuation doing?
0
Comments
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The basic level 2 survey does not include valuation.
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We had a level 2 homebuyers done 4 weeks ago and added on a valuation (for £75.00) which included a reinstatement valuation. Have you asked them directly why they don’t include when checklist says it does. Did you get a few quotes from surveyors? I got 3 or 4 and checked their reviews. Maybe speak to another surveyor?1
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I spoke to two other but none insisted on valuation. How much did you pay for yours out of curiosity? Mind you mine is in north London.LoopyLoops said:We had a level 2 homebuyers done 4 weeks ago and added on a valuation (for £75.00) which included a reinstatement valuation. Have you asked them directly why they don’t include when checklist says it does. Did you get a few quotes from surveyors? I got 3 or 4 and checked their reviews. Maybe speak to another surveyor?0
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