We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
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
-
The basic level 2 survey does not include valuation.
1 -
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
-
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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.9K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.8K Work, Benefits & Business
- 619.7K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards