Property surveys

 

Property Surveys Guide

A property survey involves a Surveyor inspecting the property one intends to buy or for any purpose. They’ll take a look around the property, confirm the details below as listed below, and identify whether there is any problem which the client might not have spotted before but that could bring issues later.

Most people don’t take on this option end up in serious problem. However, if a serious problem is identified then the survey allows both parties (buyer and the seller) to reach an understanding about how to proceed.

 

Home Buyer’s Report 

This is the most popular type of property survey and it’s one the client might organize himself/herself, hiring a Chartered Surveyor to inspect the house a property our client wishes to acquire to reduce the risks of loss is our main objective in this and more still it gives our client a wealth of important information. During the survey, which generally takes around a short period to complete, we will look at numerous aspects of your property. This includes the brickwork, the roof, the guttering and drainage systems and the electrical and gas supplies.

We shall follow a professional template and provide you with a report which will show a traffic light system with everything looked at given a score of either red, amber or green. Red indicates problems which need to be addressed immediately and could be game-changers for your purchase, amber are issues which you might wish to look into further and green indicates there is no problem. The cost of a Home Buyer’s Report will vary according to the price of the property one is buying. We get the report back to you within one to two weeks. 

 

Mortgage valuation

If you are taking out a mortgage, you will have a mortgage valuation done. It’s important to note that this is not the same as a property survey. A mortgage valuation is where your lender sends someone to view your proposed purchase and decide if they agree that the house is worth the money that you are going to pay for it.

Although you will find out if the house is worth the money, you won’t have any hidden issues or potentially costly faults identified - this is more of a cursory look through the property. Banks charge you to carry out the mortgage valuation, although they will organize it themselves. The charge can be anything from £200 - £1,000 and frustratingly there is no room to negotiate – you need to pay whatever your lender says it costs and it is compulsory to have the mortgage valuation completed. 

 

Building Survey 

A Building Survey is the most thorough report you can get and is worth considering if you are buying a very expensive property, or if the property is old or in poor condition. You’ll pay more for a Building Survey but you will get more back for your money.

The Building Survey will provide you with a comprehensive analysis of the structure and condition of the property with the Surveyor taking a very hands-on approach, looking under floorboards and in the attic, for example. This hopefully means that not a single problem is missed. The detailed approach means that a Building Survey can take a day to complete and the report can take a few weeks to come back to you. 

 

Why you need a Surveyor?

A survey offers a prospective buyer peace of mind, which many people feel is invaluable and well-worth the cost of the survey itself. Buying a house is likely to be the most expensive thing you will purchase in your life so you want to be sure your money is going towards a property that’s worth it – and won’t end up costing you huge amounts in the future or even loss.

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