BTP Limited
New Jetty
White Rock
St. Peter Port
Guernsey
GY1 2LL

If you are looking to purchase a property it is important to recognise that the valuation which is commissioned by the bank is for their purposes and not yours. The aim of the valuation is purely to ensure that the property will provide suitable security for the bank in the event that you default on the payments and they are forced to repossess it.

Many of the high street lenders have now operate a “managed panel” of valuers. When someone wishes to purchase a property they apply for a mortgage and the lender commissions a valuation for their purposes. In many cases the valuation will be automatically allocated to one of the surveyors on the bank’s panel. The purchaser may not be given the option to select their preferred valuer / surveyor and they are not necessarily provided with a copy of the valuation report.

A valuation for a lender provides a relatively basic description of the property. It does not give detailed information on the condition unless a particular defect has an impact on the value or saleability of the property.

As a purchaser it is important to recognise that a basic valuation is not a survey. It will not necessarily tell you everything that you need to know about a property that you are looking to purchase. Although you may have paid for the valuation as part of the mortgage application process the valuation is not for your benefit.

All of the high street lenders will give you the option to pay for a further report to be provided by their appointed surveyor which will be addressed to you, for your benefit. These will be survey reports from the suite of Home Surveys published by the Royal Institution of Chartered Surveyors (RICS). For the modest additional fee that you are asked to pay for these additional reports we feel that this is money well spent in order to establish the condition of the property and the requirement for future expenditure on repairs and maintenance.

A study undertaken by the RICS in the UK concluded that on average, people purchasing a property are faced with a repair bill of £5,750. A similar study has not been undertaken in Guernsey but taking into account the cost of construction and maintenance work here we expect the average costs to be significantly higher.

The RICS has produced this useful information paper which helps to explain the differences between a mortgage valuation for a lender and the more comprehensive surveys that are available.

BTP provide mortgage valuations, Homebuyer Reports and Building Surveys. If you are confused about the options available or need some advice to determine the appropriate survey for a particular property then please feel free to get in touch with us. We would be happy to speak with you, on a no-obligation basis.

01481 725669

BTP Limited

Upland Business Centre
Upland Road
St. Peter Port
Guernsey
GY1 1UJ

Regular maintenance of your property is important to reduce the risk of significant defects and issues arising which can result in costly repairs, disruption to your use of the property and in some circumstances affect the value.

Many issues can be dealt with by you as the home owner or with some input from a builder, Chartered Surveyor or other qualified person. Understanding the key risk areas and also the specific ones which may affect your property is important. If you are in the process of purchasing a property a RICS Homebuyer Report or RICS Building Survey will provide you guidance on these areas. BTP Limited are experienced in producing these reports and can offer guidance on the suitable survey for you. If you have any questions or concerns we would welcome the opportunity to discuss these matters further with you and can offer a free initial verbal consultation service.

It should be noted that this blog post is not specific to any property and does not include comprehensive details. Problems in construction may develop slowly over time. If you are concerned contact us for further advice.

Outside the property

You should check the condition of your property at least once a year and after unusual storms. Your routine redecoration of the outside of the property will also give you an opportunity to closely examine the building.

• Chimney stacks: Check these occasionally for signs of cracked cement, split or broken pots, loose joints and flashings.
• Roof coverings: Check these occasionally for slipped, broken and missing tiles or slates, particularly after storms. Check flat roof coverings for cracking, blistering and debris build-up
• Rainwater pipes and gutters: Clear any debris at least once a year and check for leaks/blockages when it is raining. You should also check for any loose downpipe connectors and broken fixings.
• Main walls: Check main walls for cracks and any uneven bulging. Maintain joints in brick/granite and repair loose or broken rendering. Re-paint decorated walls regularly. Cut back or remove any plants that are harmful to mortar and render. Keep the soil level well below the level of any damp proof course (150mm minimum recommended) and make sure any ventilation bricks are kept clear.
• Windows and doors: Once a year check all frames for signs of rot in wood frames, for any splits in plastic or metal frames and for rusting to latches and hinges in metal frames. Maintain all damaged sections of windows including blown sections of double glazing. Lubricate and service all mechanisms.
• Other joinery and finishes: Regularly redecorate all joinery, and check for rot and decay which you should repair at the same time.

Inside the Property

You can check the inside of your property regularly when cleaning, decorating and replacing carpets or floor coverings. You should also check the roof area occasionally.

• Roof structure: When you access the roof area, check for signs of any leaks and the presence of vermin, rot or decay to timbers. Also look for tears to the under-felting of the roof, and check pipes, lagging and insulated areas.
• Ceilings: Check for any signs of dampness from the roof above. Be aware if your ceiling begins to look uneven, particularly for older lath and plaster ceilings.
• Walls and partitions: Check these when you are cleaning or redecorating. Look for cracking and impact damage, or damp areas which may be caused by plumbing faults or defects on the outside of the property.
• Floors: Be alert for signs of unevenness when you are cleaning or moving furniture, particularly with timber floors.
• Fireplaces, chimney breasts and flues: You should arrange for a qualified specialist to regularly sweep all used open chimneys. Make sure that bricked-up flues are ventilated. Flues to gas appliances should be checked annually by a qualified gas technician.

Services

• Ensure you know the location of all meters and control valves, they are easy to access and not hidden or covered.
• Arrange for an appropriately qualified technician to check and test all gas and oil services, boilers, heating systems and connected devices once a year.
• Electrical installations should only be replaced or modified by a suitably qualified electrician and tested every ten years if no alterations or additions are made, or on change of occupancy.
• Monitor plumbing regularly during use and when you are cleaning. Look out for leakage and breakages, and check insulation is adequate particularly as winter approaches.
• Lift drain covers annually to check for blockages and clean these as necessary. Keep gullies free from debris.

Grounds

• Garages and outbuildings: Follow the maintenance advice given for the main building.
• Other: Regularly prune trees, shrubs and hedges as necessary. Look out for any overhanging and unsafe branches, loose walls, fences and ornaments, particularly after storms. Clear leaves and other debris, moss and algae growth. Make sure all hard surfaces are stable and level, and not slippery or a trip hazard.

Are you confused about how much your property should be insured for? We are here to help. For a small fee BTP can produce a detailed assessment, taking the risk out of the process.

Insurance policies are generally based on the cost of total loss and so the sum insured should represent the cost of completely rebuilding the property, including any demolition works, outbuildings, conservatories, swimming pools, boundary features, professional fees and statutory approvals.

Setting the reinstatement value on your property is not a simple task. Some people mistakenly think that the reinstatement cost is the same as the market value, but in many cases this could result in you being significantly over insured.

Being over insured can mean that you are paying unnecessarily high insurance premiums, but conversely, being under insured can result in serious problems if you have to make a claim against your insurance policy. This will often leave you picking up the bill personally for the shortfall or a percentage of the shortfall. Being under insured can therefore be a very costly mistake.

There are several UK based organisations including the BCIS which give free advice to householders to help you estimate the rebuild cost of your property, but in our experience this does not appear to reflect the high cost of building works locally and it can therefore be quite inaccurate.

Some local insurance brokers also provide guidance on rebuild costs. This can be more accurate than the guidance given by the UK organisations but there are still significant variations and the guidance does not account for the highly bespoke nature of Guernsey property. Whilst in the UK a large portion of the housing stock is standardised (terraced or estate housing), much of Guernsey’s housing stock is bespoke, with relatively few properties being similar. It is because of these variations that every property should undergo a detailed individual assessment by a Chartered Surveyor to accurately establish the rebuild cost.

If you purchase a new home and commission an RICS Home Survey such as the Homebuyer Report, then this will come with a reinstatement cost assessment as part of the service; however, we are also able to provide this as a standalone service.

Some insurers will apply an annual percentage for inflation, to your insurance value and over the course of several years this can result in a significant increase through compound percentage. This approach quickly becomes inaccurate so regular formal reassessments are recommended, to ensure that the sum that your property is insured for accurately reflects the local cost of building works at any given time.

Please feel free to contact us to discuss your requirements further. We can then provide you with a quote to undertake a formal assessment on your property.