survey and valuation
should I have a survey done?
You are about to make one of the most important financial decisions of your life. By obtaining a survey you can ensure you are in the know about your property and there are no surprises after you move in.
A survey might appear as additional, unnecessary cost, but it is better to be aware of any matters that might need attention now, rather than discover problems that are time consuming and expensive to resolve, after you move in. It will also give you comfort that the price agreed represents market value.
does my mortgage lender do a survey?
No. All the lender needs is a valuation of the property, so they are comfortable that they are not lending you more than the property is worth. Although you may be paying for it, this valuation is carried out for the benefit of the lender only. It is not a detailed inspection, and it will not necessarily alert you to faults or potential issues with the condition of the property, unless it affects its mortgageability.
It is often possible to request that a detailed survey be carried out at the same time as the mortgage valuation. Find your local office and speak to one of our Mortgage Consultants.
what types of survey are available?
> Home Condition Report
This is a first level report that can be used for conventional properties such as houses, flats or bungalows that are constructed from common building materials and in a reasonable condition. This report focuses purely on the condition of the property and provides:
traffic light ratings that clearly show the different parts of the building, services, garage and outbuildings and will highlight problems that require varying degrees of attention
a summary of the risks to the condition of the building
other matters including planning and building control issues and guarantees for your legal advisers
This report is provided for your benefit, rather than your lenders. Please be aware it does not provide either a valuation or insurance reinstatement figure.
> HomeBuyer's Report
This report provides a more extensive report and information than the condition report. It’s suitable for conventional properties such as houses, flats or bungalows that are constructed from common building materials and in reasonable condition. It will provide all of the information included in the Home Condition Report but has a more detailed and extensive inspection that includes:
a market valuation based on the surveyors professional opinion
a list of problems the surveyor considers may affect the value of the property
advice on repairs and ongoing maintenance
an insurance reinstatement figure
issues that need be investigated further to prevent serious damage or dangerous conditions
legal issues that need to be address before conveyancing is completed
information on the location, local environment and where it’s available information on the recorded energy efficiency
> Building Survey
This is a much more detailed assessment of the property than the Homebuyer’s Report and is often recommended for much older properties, or those of unconventional construction or features (such as a thatched roof). The surveyor will seek to look at all parts that are easily accessible or visible, in order to assess the structure and condition of the property.
You should be warned that this type of report can be very detailed, and will aim to identify every possible defect. The contents of the report should therefore be discussed with your surveyor, and considered in the context of its age and market value - no property is perfect, and the price agreed may well already reflect its condition.
how do I obtain a survey?
If you are applying for a mortgage, your Mortgage Consultant can usually organise a survey to be carried out alongside the mortgage valuation. Find your local office and speak to one of our Mortgage Consultants or estate agency staff.
Alternatively please call our Survey & Valuation team directly on 01525 218619 they can provide:
Home Condition Reports
Home Buyer Reports
Scottish Home Reports (with or without a valuation)
Energy Performance Certificates for residential, commercial or new build properties