What is a survey?

For a sale or purchase to occur you need to organise a surveyor to come and survey the property you wish to purchase. This will give you a detailed account of the condition of the property and whether it will be a sound investment.

There are three types of survey-

Valuation Report

Your Mortgage provider will insist in a valuation report before they will agree to lend you any money. This lets them know that the property is sufficient security to cover the loan .If the property is unfinished; they will carry out checks on the builder and the development. They usually release the money in stages until the building is complete, and can then be valued. The cost of this is usually about £100.

Homebuyers Report

This is a report that gives details of the basic fabric of the property. This tells us the faults and failings of the property that could well affect the overall value. This may cost around £250.

Full Structural Survey

This is a far more in depth report than the homebuyer’s report it really goes into the construction and condition of the property and as such may cost twice as much. This is very informative, giving details of how it was constructed, materials used and the condition of the roof walls etc. This report is usually for old, expensive and properties in need of repair.

Once you have decided which survey is the most appropriate for you, contact needs to be made with a recommended surveyor. They will need details of the property. New builds often come with a guarantee, that ensure against major faults that may be the result of builders negligence. If you new home doesn’t come with a warranty, a homebuyers report could be for you. When going for the pricey end of the market, it would be well worth having a full structural survey.

Time and cost of survey

This will depend upon the type of survey commissioned. Also taken into account will be size, condition and location of property. As with most things it is always sensible to have a couple of quotes from different surveyors.