There are three types of property survey
Upon application the lender will arrange for a qualified valuer to carry out a valuation for you to establish the current value of the property and that it is a suitable security.
your new home.
Once you have made an offer on the property and completed your mortgage application the adviser will ask what type of valuation you would like.
It is possible to request a basic valuation report. This is a limited report and the valuer arrives at a value by comparing the property with similar ones, taking factors such as age, condition and location into account. The valuation also points out any very obvious major faults which could affect the property's value, but is very brief and is not nearly as informative as a more detailed survey.
The more popular option and the one that we would strongly recommend is the Homebuyer Report and Valuation. This is a much more detailed report and includes more information about the condition of the property. It is generally split in to the following sections:
- Introduction to the report
- About the inspection
- Overall opinion and summary of the condition of the property
- About the property
- Outside the property
- Inside the property
- Grounds (including shared areas for flats)
- Issues for your legal advisers
- Surveyor's declaration
Our valuation advisers will be able to assist you with any queries you may have about the valuation stage of the mortgage process.
The report will also include a number of appendices which provide useful information about what you as the purchaser needs to do next and, particularly in the case of leasehold properties, any enquiries that legal advisers need to make prior to exchange of contracts.
It is also possible to request a building survey (also known as a structural survey) to be carried out. This is the most comprehensive - and the most costly - type of survey. It is suitable for any building, but is especially recommended for older buildings (40 years and upwards); those constructed out of unconventional materials such as timber or thatch; and properties which have had lots of alterations or extensions, or which you intend to alter or renovate.
Contact us today on 01392 927327 or fill out our handy Online Enquiry Form to get started.