:: Bank of England Base Rate - 0.5%

:: Average Price of Southwest Property £176,894

source - land registry

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property surveys

Why is a survey is so important?

Buying a home is generally the largest investment that most people make; however it’s estimated that only 20% of home buyers commission a professional survey on the property before purchasing. It’s possible that the reason for this low up take is because people believe their mortgage lenders valuation is sufficient, but this is designed solely for the benefit of the lender itself.

A survey will help to answer some of the many questions which can arise relating to the fabric of the building itself. These may include, for example, whether or not the building has any defects and if it does, if they are likely to be costly to repair. It will also help you decide whether these defects should affect the price you are purchasing for.

A RICS (Royal Institute of Chartered Surveyors) Accredited Surveyor can provide the answers to these important questions. The comparatively small cost of a survey can save you a great deal of money in the longer term.

Why doesn’t a mortgage valuation provide this?

The Mortgage Valuation report is for the benefit of the mortgage lender only and answers the questions that the lender needs to be able to assess the property as suitable security for the mortgage. In addition, not all lenders will show the valuation report to the borrower.

types of survey

The Homebuyers Report

This type of survey is designed to keep costs to a minimum and is likely to be the best choice if the property you are buying is conventional in type and its construction. The property should appear in reasonable condition and have been built within the last 30 years. The survey focuses on defects and problems that are urgent and likely to have an effect on the property value. The Royal Institute of Chartered Surveyors states that the main objectives of the Homebuyer's report are to:-

• Make a reasoned and informed judgement on whether or not to proceed with the purchase.
• Assess whether or not the property is a reasonable purchase at the agreed price.
• Make clear what decisions and actions should be taken before contracts are exchanged.

Building Survey

The Residential Building Survey is a comprehensive report providing technical information about the construction and materials used, and covering both major and minor defects.

It is suitable for all types of property and is particularly suited to properties that are of unusual construction, old or extensively altered. There will be an extensive examination of the property including drainage, plumbing, wiring, gas and structure.

A valuation is not a standard feature of a Building Survey, but can usually be provided if required.

Choosing a Surveyor

Once you have decided which type of survey is right for you and suits the property you intend to purchase you should locate a suitable surveyor. You should be able to locate a surveyor in your area by looking at our directory. Alternatively you could ask your mortgage adviser or estate agent for recommendations. However, please note that the estate agent you are purchasing through works on behalf of the vendor (the person selling the property) so should not complete a survey for you due to a conflict in interests.

If you noticed any particular problems when you viewed the property yourself, or if there are any particular areas which are of concern, you should mention these to help assist your surveyor.