Surveys
Purchasing your next property is one of the most important assets you can buy, so it is crucial to thoroughly check the property by a professional RICS Chartered Surveyor. We have several links with local surveyors in our area to assist you. There are three levels of surveys which you can instruct:
Mortgage Valuation - This does not actually count as a survey - it is an assessment by your mortgage lender. They send a valuation specialist to value the property. This is to see if it is worth the money you are going to pay, and if the lender should give you a mortgage on it. These valuations can vary from ‘drive by’ to a more in-depth inspection of the property.
The valuer is only concerned with problems that might affect the protection of the mortgage lender’s loan. They are not obliged to reveal any structural problems to you. The lender simply needs to know that they can recoup their loan, if required.
Condition Report (Level 1) - This is the most basic of reports - it gives an overview of the condition of the property. It is intended to supplement the information provided with a mortgage valuation survey. It may be the survey needed for new builds just to get a general assessment, but most properties will need a Homebuyer Report (Level 2 Survey).
Homebuyers Report (Level 2) - is a survey to find and document any problems in a property that could cause damage, and need future repairs, such as damp or subsidence. A Homebuyer Report is carried out on homes that are in a reasonable condition, and only checks for easily visible problems.
The Homebuyer Report will not detail every single aspect of the building, but it can reveal issues that might impact the value of the property and need further investigation. It will include all major sections of a property that are visible to the surveyor, so they will not lift up floors, or carpets and wiring will not be included.
Building Survey (Level 3) - Previously known as a Structural Survey, a Building Survey (otherwise known as the Level 3 RICS Survey) is an in-depth inspection of a property. It is the most comprehensive of the surveys available for residential properties and will provide a detailed evaluation of a property’s condition.
The Building Survey report will describe the condition of each element of the house and identify the property’s defects, their apparent cause, the urgency of repair, maintenance options, and may also include an approximate cost of repair.
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