Knowledge Guides

RICS Surveyors Explained

Posted July 19, 2023
RICS Surveyors Explained

Whether you are a first-time buyer, considering Shared Ownership or looking to sell your current home, understanding what a RICS surveyor is and how their expertise can benefit you is essential.

In this article, we’ll help explain about RICS surveyors, including who they are, what they do, and when you might need one.

What does a RICS surveyor do?

A RICS surveyor stands for a professional who is qualified through the Royal Institution of Chartered Surveyors (RICS). They offer expert advice on construction and property matters. These professionals are key in various areas, including conducting detailed building surveys to identify defects and advising on repairs, providing property valuations for sales or mortgages, giving guidance on planning and development issues, managing properties, and overseeing lettings and sales.

The roles of a RICS surveyor can vary, but often include:

  • Conducting thorough inspections of buildings to spot any problems. This is crucial when buying or selling property.
  • Offering valuations for different needs like sales, mortgages, insurance policies, and taxes.
  • Advising on planning applications, environmental concerns, or investment opportunities.
  • Managing real estate by handling lettings, auctions, and direct sales.

Being part of RICS means adhering to globally recognised standards in land management; real estate; construction; infrastructure fields. A member with the MRICS title shows they meet these high professional benchmarks.

When will I need a RICS surveyor?

When you’re involved with Shared Ownership, sometimes you might need a surveyor from the Royal Institution of Chartered Surveyors (RICS). Let’s look at some situations where their help is important:

Buying a Shared Ownership Property

Thinking about buying into Shared Ownership? It’s smart to hire an RICS surveyor. They inspect the property to make sure it’s in good shape and worth what you plan to pay.

Selling Your Share

Want to sell your part of a Shared Ownership property? You’ll likely need an RICS valuation. This tells you how much your share is currently worth, helping set a fair selling price.

Staircasing to Buy More Shares

“Staircasing” means buying more shares in your property. If you decide to do this, your housing association might ask for an RICS surveyor’s valuation first. This makes sure the price for extra shares matches up with current market prices.

Remortgage or Changing Mortgage Provider

Thinking about getting a new mortgage deal or changing providers? They often want a fresh valuation by an independent RICS surveyor before they agree to anything.

Remember, these points are just general advice. Different housing associations have their own rules. Always double-check with yours to know exactly what’s needed.

How much will cost for a RICS Surveyor?

The cost of hiring a RICS surveyor can change based on the service you need, your property’s size and value, and its location. Here’s a basic idea of what you might expect to pay:

  • Condition Report: This simple survey is usually for modern properties in good shape. Prices start from about £150 to £350.
  • HomeBuyer Report: This gives more detail, including advice on repairs and maintenance. It could cost between £250 and £600.
  • Building Survey: For an in-depth look at a property, this comprehensive report can range from around £500 to over £1,000.
  • Valuation: If you just need to know how much your home is worth for staircasing or re-mortgaging, prices begin at about £150.

Remember, these are rough estimates. Actual costs can vary widely because of many factors. It’s wise to get quotes from several surveyors before deciding.

Where can I find a RICS surveyor?

To find a RICS surveyor, you have several options:

  • Use our list: We offer a list of RICS surveyors for you to consider.
  • RICS Find a Surveyor service: This online tool from RICS lets you enter your postcode to find local regulated firms.
  • Ask for recommendations: Friends or family who’ve recently used surveying services can share their experiences and suggest surveyors they found reliable.
  • Talk to estate agents: They often know trustworthy local surveyors because of their close working relationships.
  • Online search engines: A quick search for “RICS surveyors near me” on Google or Bing will show many options. Read reviews and ratings before choosing one.

When picking a RICS surveyor, it’s crucial they are registered with the right regulatory bodies and have professional indemnity insurance.