Surveys
Why have a survey?
Surveys can be invaluable as you may be able to use the report to renegotiate the purchase price of the property. In many cases, costly repairs are necessary when moving to a new house and to avoid a surprise, a survey can help highlight these faults in advance. Damp and timber defects are common problems found by surveyors. Other problems include roofing, joinery and structural movement. Electrics and heating systems can also be costly items to bring up to modern standards.
Choosing the right survey
When buying a property there are three options:
- Mortgage valuation
- Homebuyer survey and valuation
- Building survey (aka full structural survey)
Mortgage valuation report
This is a limited inspection of the property, required and arranged by the bank or building society to assess the suitability for mortgage lending purposes. It deals primarily with the value of the property in its present condition. It will not report in detail on the condition of the property unless the issues are severe enough to affect the saleability. This basic valuation is mainly for the benefit of the bank or building society.
Homebuyer survey and valuation report
This is a much more detailed report designed to give the purchaser useful information about the property and includes:
- Identification of significant and urgent repairs
- Useful advice on maintenance matters
- An overview of market value
- Overall condition of the property
This report is suitable for most types of properties but not for those which are of unusual construction, very large or over 150 years old.
Buildings survey
Commonly known as a full structural survey, this report is particularly suited to large, old or unusual properties and can be tailored to the needs of the client and type of building. This survey involves a comprehensive inspection of the property and a detailed report which focuses on method of construction, state of repair and future maintenance requirements. All areas of the homebuyers report are covered, but in greater depth and with technical analysis. Additional investigations can be incorporated within the report such as testing of services including drains, electrics, plumbing and heating.
Should you require this type of survey, we are able to arrange for a Chartered Building Surveyor to contact you.