Which Survey

Why do I need my own survey ?

A survey will help you to make a reasoned and informed decision on whether to go ahead with buying a property. Before you decide to commit yourself legally, you can limit the risks by asking a chartered surveyor to answer the following questions for you.

What is a reasonable price to pay for the property ?

Are there any serious or urgent defects or specific risks with the property ?

Arranging your own survey is the simple, cost-effective way to avoid unpleasant – and perhaps expensive – surprises after moving in. In some cases, the surveyor’s report may allow you to renegotiate the price of the property.

Do I still need my own survey if I already have a mortgage valuation report ?

YES, the mortgage valuation report is prepared for your lender – not for you, the borrower. It answers only the lender’s questions about whether the property offers suitable security for your loan. You cannot rely on it to answer the questions that concern your personal interests or to give you details of the condition of the property. Also, some lenders do not provide a copy of their mortgage valuation report.

What choice of surveys do I have ?

Building Survey (also known as a structural survey.)
A building survey is a customised service suitable for all residential properties and gives full details of their construction and condition. You are likely to need this type of survey if, for example, the property is unusually built or run-down, if the property has been significantly altered, or if you are planning a major conversion or renovation. Building surveys are usually tailored to your needs. The report includes detailed technical information on materials and construction, as well as details of the whole range of defects. It also gives approximate costs of repair and renovation.

The RICS HomeBuyer Report

The RICS HomeBuyer Report includes an inspection, a report and a valuation. It is different to a Building survey in that it is designed for homes in a reasonable condition and of traditional type and construction. It applies condition ratings to elements of the building, the services, and any permanent outbuildings, bringing any serious or urgent defects to your attention. It also includes the surveyor’s opinion of the market value and reinstatement cost (which you will need for insurance purposes). It focuses on matters that, in the surveyor’s opinion, may affect the value of the property if they are not dealt with.