Surveys Explained
Which Survey?
There are three types of survey:
- Valuation Report – Mortgage providers usually insist on a valuation report before they will agree to lend you the money. This is to confirm that the property is sufficient security to cover the loan. It will cost you around £100. If your home is still under being built, the mortgage provider will carry out some checks on the builder and development. They will usually release the mortgage in stages, handing over the final money once the home is finished and can be valued.
- Homebuyer's Report – This provides information about the basic fabric of a property and usually costs around £250. Only those parts of the property that are readily available will be covered. It will comment on defects or problems that may affect the value of the home.
- Full Structural Survey – This is a more thorough survey of the way the property’s construction and condition than a Homebuyer's Report. It is therefore likely to cost twice as much. It will provide detailed information on how the property has been constructed, the materials used, the condition of the foundations, roof, walls etc. It is recommended for properties that are very old, run down or expensive.
After deciding which type of survey is best for you always write to your surveyor to confirm your choice with details of the property and area.
New homes often come with a guarantee such as Buildmark that insure against major defects resulting from the builders failure to carry out the guarantor’s requirements.
If your new home does not come with a warranty, or you'd like the peace of mind that a structural survey brings, you could decide to commission a Homebuyer's report.
When buying a very expensive home, it may be worth your while to arrange for a full structural survey.
Cost and time
The cost and time to complete your survey will depend upon which type of survey you have commissioned, and the size, condition and location of your home. It is best to get two or three quotes from different surveyors in the area to assess market rate. You may also wish to speak to your estate agent about typical costs in the area
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