What is a property survey?
If you have had an offer accepted on a property, it’s time to arrange a property survey. Having this carried out will allow you to have an insight into the condition of the property and show whether the property is worth the amount you are going to pay for it. In the case where you found something on the survey, you have a legal right to approach the seller to negotiate a price for the work needed.
Through our experience as a Mortgage Broker in Derby, we do find that the majority of First Time Buyers in Derby that ask us “what is a property survey?”. With this in mind, here is a helpful guide on the type of property surveys as well as their differences.
Property survey types available
There are 3 main types of property survey available to you:
- Mortgage Valuation
- Homebuyer’s Report
- Full Structural Survey
Mortgage valuation
The cheapest option is a basic valuation and you will need to have one of these prior to you receiving your mortgage offer. This isn’t a full survey. Having a mortgage valuation shows the lender that the property is worth at least the amount they are lending you.
Depending on your mortgage lender, they may even offer you a free basic valuation as part of your deal.
When it comes to a mortgage valuation, this will not notify you of any repairs that are needed. On the other hand, you may find that it highlights obvious defects which we advise you to look into further.
Homebuyer’s report
A Homebuyer’s report will look at the structural safety and check if there are any issues like damp along with anything that fails to meet the current building regulations. This type of report will provide an independent report of your property by an expert.
You need to make sure that you are not paying for two surveys it is best to ask the mortgage companies’ surveyors to sort this report out for you. This will normally take a couple of hours to complete.
Full structural survey
If you are looking at getting a survey sorted for an older property or those of non-standard construction, a Full Structural Survey is the best for this.
Normally, a full structural survey can take as long as a day to complete, however, this depends on the property size and type.
With a full structural survey, you will be provided with an in-depth report about the condition of the property and focusing on any issues that will need to be looked into further before proceeding with the purchase. This, in turn, can provide you with peace of mind about the condition of your property.
If you are looking for a surveyor to carry out a Homebuyer’s report or building survey, you can find it through the Royal Institution of Chartered Surveyors.
Date Last Edited: December 6, 2023
