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What are the pros and cons of Home Surveys?

Tue, 24 Oct 2023 11:24:28 GMT

Buying or selling your home is one of the most important decisions you can make. This life-changing decision requires extensive information about the condition and value of the property before its purchase or sale. For this reason, home surveys have become an essential part of property transactions because they provide the requisite information that can help investors make informed decisions.

According to RICS, there are three types of recognised Home Surveys available:

1. Level 1 Home Survey (previously RICS Condition report)

2. Level 2 Home Survey (previously RICS Homebuyers report)

3. Level 3 Home Survey (previously RICS Building report)

As with any other aspect of property investment, Homey Surveys can have their pros and cons.

What are the Pros of Home Surveys?

Home Surveys can be very helpful in risk mitigation because they can help identify any potential issues with the property in question. These issues can include structural defects, safety concerns, or underlying problems. Getting this information allows purchasers or investors to assess the risks associated with the purchase or investment.

The information garnered through Home Surveys can be useful in knowing the true condition of the property and can help during negotiations. In the cases where significant issues are found, purchasers or investors can negotiate a lower purchase price to reflect the market value, or request necessary repairs be made.

Obviously one of the biggest pros of Home Surveys is the peace of mind it provides because purchasers or investors can have confidence in the property’s condition, reducing the likelihood of unexpected and costly surprises after completion.

Because survey reports give a condition rating of each element, the purchaser can plan for the replacement of larger components of the property such as the roof, windows, doors, services, heating, and plumbing systems at the end of their expected useable life, allowing them to budget for future maintenance or replacement costs more effectively.

The Home Survey also includes recommended documents for your legal advisor to obtain to ensure you’re fully prepared in the event of future problems.

What are the Cons of Home Surveys?

One of the most common reasons for not having a Home Survey are the costs.

Whilst Home Surveys can be expensive, especially for comprehensive inspections of complex properties, at Frobishers all of our surveys are specific to the property in question and offer value for money.

Purchasers can also be concerned about possible delays around arranging an inspection and the time it takes to get the report thereafter.

At Frobishers, our team arranges the inspection with the seller/agent at the next available opportunity, the surveyor can contact you after the appointment with initial concerns and the report is returned to you within 7 working days. The surveyor is also available afterwards to talk through the report. If you need a report turning around quicker than this, our team can agree quicker timescales as required.

Purchasers sometimes believe that only minor issues can be revealed, which may not have a significant impact on the property/investment.

This is a good outcome! Assuming that there aren’t larger concerns, you now know that the surveyor has inspected the property and you’ve gained peace of mind that it only has minor issues to address. Even so, the surveyor will always include advice even relating to minor problems and the pitfalls associated with them if left unchecked. Isn’t peace of mind and professional advice worth the small cost of a survey?

There is always the concern that a Home Survey , even a thorough one, may not catch every potential problem, especially if issues are hidden behind walls or not immediately apparent.

The surveyor makes a non-intrusive inspection and whilst a Home Survey is not a guarantee or warranty, the surveyor will follow “the trail” as part of their inspection. This means that even hidden issues will receive the attention they deserve, and advice will be provided as to ‘next steps’.

Whilst surveyors are humans and each surveyor may have different interpretations of what constitutes a significant issue, at Frobishers each issue is explained, and the benchmark established by the Royal Institution of Chartered Surveyors (RICS) in the Home Survey Standard is applied. A condition rating is awarded which gives an indication as to how severe an issue is, and detailed advice will follow.

It's remains essential for investors to conduct due diligence in other areas, such as market research and financial analysis, although Frobishers do provide valuation services should this be required.

Overall

It is clear that home surveys are invaluable tools for property purchasers and investors, which can go a long way in helping them identify and assess potential risks and issues with a property. While they come at a cost, they are still an important part of any property transaction and choosing the right surveyor who charges appropriately and acts expediently will help.

Budgeting effectively can prevent future unexpected larger expenses associated with the property in the future. Property investors and purchasers can use survey results in conjunction with other research and analysis to make well-informed investment and buying decisions.

What is the Role of an Expert Witness in Property Disputes?

Wed, 27 Sep 2023 17:29:02 GMT

Role of an Expert Witness in Property Disputes

At times, disputes in land, property and construction may require the services of an expert witness. Expert witnesses are professionals who provide objective and unbiased opinions on matters within their expertise.

There is no doubt that expert witnesses can be of significant value in matters of property management, and for surveyors. They can assist in disputes related to building surveying, commercial property, compulsory purchase, dilapidations, planning, development, retail, and valuation.

In terms of property matters, valuation, property management and landlord and tenant issues, expert witnesses can be used for:

· Property valuations

· Business valuations

· Boundary disputes

· Party wall matters

· Defect disputes

· Contentious matrimonial proceedings, and many other issues.

How can an expert witness help in court?

Expert witnesses can be of great assistance to the court in providing expert evidence in a case and delivering professional and objective advice. Because the primary duty of an expert witness is to the court, this aspect overrides any obligation to the instructing and paying party or parties. Courts expect expert evidence to be independent, objective, and unbiased, with the primary duty to give an impartial opinion on particular aspects of matters under dispute, which are within their expertise. For example, RICS expert witnesses can assist the court on matters within their expertise across areas including building surveying, commercial property, compulsory purchase, dilapidations, planning, development, retail, and valuation. Both individuals and commercial entities can require the services of an expert witness.

Importantly, expert witnesses can provide independent reports compiled in conjunction with the Civil Procedure Rules, which can be beneficial to the court or tribunal in areas where they may need extra expertise or professional advice.

What are the qualifications a property expert witness should have?

It is always beneficial to avail RICS expert witnesses as they have the required qualifications to assist the court. In order to be admissible, an expert witness must:

· be, and must be seen to be, independent and unbiased

· provide advice only where it is within their expertise, experience and knowledge

· state the main facts and assumptions their opinion is based upon

· not omit material facts that might be relevant to their conclusions; and

· must be impartial and uninfluenced by those instructing or paying them to give the evidence.

Frobishers can provide you with assistance if you are dealing with contentious property issues.

Our RICS registered Chartered Surveyors and experienced team can advise you on every aspect of complicated property issues, and can outline the steps that need to be taken to reach a satisfactory conclusion.

The benefits of availing our expertise include:

Impartial and objective opinion: We will provide unbiased and impartial opinions, based on our extensive expertise and experience.
Expertise in property matters: Our in-depth knowledge of property-related issues, such as valuation, construction defects, property management and boundary disputes, can help you resolve any contentious issues.
Support in legal proceedings: We can assist in legal proceedings by providing evidence and expert CPR 35 compliant reports to support a case.
Clarity and understanding: We can assure clarity in complex property matters and provide a better understanding of the issues at hand.

Why Do You Need a Commercial Property Surveyor?

Mon, 04 Sep 2023 15:54:44 GMT

WHY DO YOU NEED A COMMERCIAL PROPERTY SURVEYOR?

It is often a difficult and daunting task to make the right commercial decision for your business. At such times, it is important to have a commercial property surveyor to provide the necessary information, advice, and guidance on your investment. If you are a business owner looking to sell or buy an asset, having a commercial property surveyor can be an important aspect of your decision-making process.

What is a commercial property surveyor?

Commercial property surveyors are companies or professionals who specialise in providing advice on all aspects of commercial property, including valuation, acquisition, and disposal. They can help you make informed decisions about your property investments and ensure that you get the best possible return on your investment.

Their services include letting, sale, and acquisition of commercial property and more. They are expected to work to the highest professional standards in both the public and private sectors and can help you look after your building and properties, as well as finding and maintaining your working space.

In general, commercial property surveyors offer a range of services that can help you manage your property portfolio more effectively.

What are the services provided by commercial property surveyors?

Valuation – An accurate valuation is an essential aspect when buying or selling a property and commercial property surveyors can provide you with one. They will consider a range of factors, including the location of the property, its condition, and its potential for development.
Acquisition – When in need to acquire a new property, a commercial property surveyor can help you identify suitable properties and negotiate the best possible deal.
Disposal – In terms of disposing of a property, a commercial property surveyor can help you find potential buyers and negotiate the best possible price.
Lease advisory - Advice on all aspects of leasing commercial property, including rent reviews, lease renewals, and lease restructuring are also part of the remit of commercial property surveyors and something that is very useful when looking to lease a property.
Property management - Commercial property surveyors can provide a range of property management services, including rent collection, service charge administration, and maintenance.

Valuing and negotiating sales and leases on commercial real estate (such as offices, warehouses, distribution centres, rental properties, shops, shopping centres and retail outlets), are important aspects of a commercial property surveyor’s responsibilities.

Furthermore, commercial surveyors can also inspect commercial property to assess its condition, identify defects and suggest necessary repairs.

What are the different types of surveys available from commercial property surveyors?

Building surveys: These provide detailed reports on the construction material and condition of the building as well as highlight any defects that are present. They also suggest what maintenance might be required in the future. A building survey is essential to clarify in detail the condition of the building and its component parts.
Schedule of condition: This is a report on the state of a commercial property at a particular point in time. It details the condition of every part of the property and includes photographic evidence. It is a useful document to prevent litigation due to damage or abuse of the property.
Schedule of dilapidations: A commercial property lease will come with certain obligations that need to be complied with under the terms of the lease. A Dilapidations Survey or Assessment is concerned with works to be carried out in the property to restore it to its previous condition when tenants are leaving the property.

What to look for when choosing a commercial property surveyor?

It is important to choose a commercial property surveyor who has the necessary expertise and experience in your area of interest. Being a member of a recognised professional body like the Royal Institution of Chartered Surveyors (RICS) should be step one when selecting a commercial property surveyor.

RICS is a global professional organisation that establishes and enforces standards for valuing, operating, and developing various types of real estate and property. It is a globally recognised professional body that establishes and enforces regulations and standards related to all aspects of the built environment.

What is the difference between a chartered surveyor and normal surveyor?

Wed, 09 Aug 2023 13:59:47 GMT

What is the difference between a chartered surveyor and normal surveyor?

At Frobishers Chartered Surveyors, we understand the significance of clarity when it comes to navigating the world of property assessment and valuation. One common query that often arises is the distinction between a Chartered Surveyor and an ordinary, or non-chartered, Surveyor. In this article, we aim to shed light on this topic, elucidating the divergent roles, qualifications, and benefits associated with these two professions.

The Chartered Surveyor Advantage

A Chartered Surveyor is an accredited professional who has undergone rigorous training, demonstrated expertise, and met stringent criteria set forth by recognized industry bodies such as the Royal Institution of Chartered Surveyors (RICS). This designation signifies a higher level of competence, commitment, and accountability in the field of surveying.

Qualifications and Expertise

Chartered Surveyors typically possess advanced degrees, often at the postgraduate level, in surveying, construction, property management, or related disciplines. They undergo comprehensive training and continuous professional development to stay updated with evolving industry standards and practices. This expertise equips them with a broader skill set to handle complex property matters ranging from valuation, land development, and property management to building surveys and feasibility assessments.

Ethical Standards and Regulation

One of the key differentiators between Chartered Surveyors and ordinary surveyors is the adherence to strict ethical codes and regulations. Chartered Surveyors are bound by the RICS' code of conduct, which ensures the highest level of professionalism, integrity, and transparency in their dealings. Clients can trust that a Chartered Surveyor's recommendations and valuations are unbiased and grounded in sound professional judgment.

Scope of Services

Chartered Surveyors offer a wide range of specialized services that encompass various aspects of the property sector. These include:

1. Valuation : Accurately determining the market value of a property for sales, purchases, taxation, or investment purposes.

2. Building Surveys : In-depth assessments of a property's condition, identifying potential defects or structural issues.

3. Property Management: Overseeing the day-to-day operations, maintenance, and enhancement of properties on behalf of owners.

4. Land Development: Advising on land use, planning, and development potential for real estate projects.

5. Construction Consultancy: Offering expertise in project management, contract administration, and construction-related matters.

Ordinary Surveyors: Understanding the Basics

Ordinary surveyors, sometimes referred to as non-chartered or general surveyors, may lack the advanced qualifications and accreditation associated with Chartered Surveyors. While they can still offer valuable insights and assessments, their scope of services may be narrower and less specialized.

Key Differences

1. Qualifications: Ordinary surveyors may possess basic certifications or degrees in surveying or related fields, but they may not have undergone the rigorous training required for chartered status.

2. Expertise: The depth and breadth of expertise of ordinary surveyors may vary, and they might not be equipped to handle complex or specialized property matters as effectively as Chartered Surveyors.

3. Regulatory Oversight: While Chartered Surveyors are subject to strict regulatory standards, ordinary surveyors may not be held to the same level of accountability.

In the realm of property assessment and valuation, the difference between a Chartered Surveyor and an ordinary surveyor is significant. Chartered Surveyors at Frobishers bring a higher level of expertise, qualifications, ethical standards, and specialized services to the table. Whether you require accurate property valuations, thorough building surveys, or comprehensive property management, opting for a Chartered Surveyor ensures that you receive professional guidance grounded in industry excellence and integrity. At Frobishers Chartered Surveyors, our team of skilled professionals is committed to providing you with the highest standard of service, backed by our prestigious Chartered status.

For all your property assessment needs, choose the expertise and assurance of Frobishers Chartered Surveyors. Contact us today to experience the difference that Chartered professionalism can make in your property journey.

The Best Property Management Company In Liverpool

Thu, 29 Jun 2023 12:31:45 GMT

Why is Frobishers the best property management company in Liverpool?

While determining the "best property management company in Liverpool’ it can be subjective and dependent on individual needs and preferences, Frobishers in Liverpool are known for their professionalism, expertise, and quality services.

When it comes to property management in Liverpool, Frobishers stands out as the undisputed leader. With an impeccable reputation, exceptional services, and over 30 years of experience, we are proud to be recognized as the best property management company in the city.

As a landlord, entrusting your property to Frobishers means gaining access to a level of professionalism and expertise that is unmatched. Our team of chartered surveyors and valuers are dedicated to maximizing your returns and ensuring your peace of mind. We meticulously screen and select quality tenants who will treat your property with the utmost care and respect. With our comprehensive tenant management services, you can rest assured that your investment is in safe hands.

At Frobishers, we go beyond basic property management. We take pride in maintaining your property to the highest standards. Our team conducts regular inspections, promptly addressing any maintenance or repair needs that may arise. We have established strong relationships with trusted local contractors, guaranteeing efficient and reliable services. With our in-depth knowledge of laws, regulations, and compliance requirements, we safeguard your property and mitigate any potential risks.

Moreover, our expert advice on rent reviews and market rates ensures that you achieve the maximum return on your investment. We understand the dynamic Liverpool market and work closely with you to tailor our services to your specific goals and objectives. Our dedicated team of chartered valuation surveyors provides accurate and informed insights, enabling you to make informed decisions and stay ahead of the competition.

For tenants seeking a comfortable and hassle-free renting experience, Frobishers is the ideal choice. We offer a diverse range of well-maintained accommodations in Liverpool, carefully selected to meet your unique needs. Our commitment to prompt responses and efficient maintenance services ensures that your living experience is enjoyable and uninterrupted. We prioritize your comfort and satisfaction, providing a dedicated team that is readily available to address any concerns or requests you may have.

What sets Frobishers apart from other property management companies is our unwavering commitment to excellence. We take pride in our professionalism, expertise, and attention to detail. Our reputation is built on the trust and satisfaction of our clients, who consistently praise our exceptional services.

If you are searching for reliable and efficient property management services in Liverpool, Frobishers is your ultimate solution. Contact us today to discuss your specific requirements and receive a free, no-obligation quote. Experience the difference of working with the best property management company in Liverpool - Frobishers.

Find out more about our Property Management services in Liverpool or contact us to elevate your property management experience to new heights.