Types of Property Survey
When buying a property, we strongly advise you to have a property survey carried out to protect your investment. If you are buying with a mortgage, your lender will insist on instructing a mortgage valuation. You also have the option of taking out a more detailed survey to help you assess the condition of the property. So what type of survey would be best for you?
The valuation report is used by a lender to find out the value of a property, and to find significant defects that affect the security of the loan. The valuation report may comment on a number of things, such as: parking arrangements; access rights; and extensions. It will only comment on what the valuer can see from a walk round. It is unlikely the surveyor will go into the loft or be able to fully check the roof. If there are signs of potential problems, such as mould or peeling wallpaper, he will comment on this but will not investigate. This is the most basic form of property survey.
The homebuyers survey tends to be more expensive than the valuation report, as it is more detailed and in-depth. For this report, the surveyor will not only note any issues with the property condition, but will investigate further. For example, if the surveyor finds evidence of damp or cracks in walls, he/she will investigate to see the extent of the damage.
The surveyor may even request additional reports from specialists or guarantees on work already undertaken. As the homebuyer’s report is paid for by you, you have a contract with the surveyor under which you can sue if he makes a mistake.
The structural survey is the most in-depth and thorough property survey you can buy. These property surveys are requested by purchasers who have concerns, or want to know how much work is needed on a house. It is a also good precaution to take when buying an older property.
This type of survey can be invasive, as the surveyor may need to strip back plaster/lift flooring/expose joists. When defects are detected in a structural survey, but are not reported, you have grounds to sue for negligence.
How Much Will a Survey Cost?
A valuation report will cost you roughly £200, £600 for a homebuyers survey, and around £2000 for a full structural survey. These figures will vary depending on the surveyors and which part of the country you are in. We will always advise you to request a few quotes so you can ensure you get the best deal on your property survey.
If you want more advice on the different types of property survey, contact us at Coppenwall Estate Agents.
If you have already had a survey, and it has been down-valued, read what options you have moving forward.