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What type of survey should I have?

When buying a house there are three types of valuations/ surveys you can get. Depending on the property you are able to choose which you would prefer, however, a mortgage valuation is essential if you require a mortgage. These can also vary in price subject to how much detail you desire. Please find below descriptions of each one:

Mortgage Valuation

Mortgage valuations are instructed by a surveyor through the lender or if you have a financial advisor they can keep help. They can give you a rough idea of whether you are paying too much (or too little!) for a property, for example if you are paying too much for the property the surveyor may wish to down value it which may end in you paying less than your original offer. However, as a type of property survey, it is very limited in scope and is only likely to uncover obvious, visible defects as part of a brief inspection.

Homebuyers Survey

A home buyers report is a survey suitable for properties in reasonable condition. This will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside. But the home buyers report doesn’t look beyond the floorboards or behind the walls. This report could also suggest costs for repairs to renegotiate the price. For example, if it’s going to cost you £5,000 to carry out work on the property’s damp walls, it’s reasonable to offer £5,000 less than the asking price.

Full Structural Survey

A full structural survey is the most comprehensive of all surveys. In the inspection they will look at all aspects of the building structure, for example the types of materials used, the condition of the roof, the state of the foundations and the integrity of the walls. When carrying out a structural survey the surveyor will actively search for potential problems and building defects, even if they aren’t immediately obvious! Once the survey has been carried out you will receive a detailed written report which may also include costs of work to negotiate on.

I hope this information helps you to understand each different survey for when you find your dream home.

If you would like any further information, feel free to contact us on 01923 776400.

Good luck buying 🙂

Emily Morgan Property Consutlant

Emily Morgan
Property Consutlant

 

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