Getting a Survey

In this section:

  1. Survey types
  2. Home buyers report
  3. Building survey
  4. What is the likely cost?
  5. What about the owner?

By law, all building societies are required to carry out a valuation on a property before making a mortgage offer. Although this does not apply to banks, most will insist on a valuation being carried out anyway.

A valuation is a property inspection carried out with the sole purpose of determining the value of the property so that the lender can assess how much they may lend on it. A valuation is not a survey. The buyer would normally pay for the valuation and as such be privy to a copy of the report.

A valuation is a very limited inspection compared to a survey although it may identify areas that require more detailed inspection by a specialist.

Survey types

There are two main types of survey - a 'Home buyer Survey' and 'Building Survey'. Choosing what type of Survey is correct for you depends upon many things including the age and condition of the property.

A survey should be undertaken and the results taken into consideration before you enter into any kind of contractual agreement. This way, if the survey highlights defects or problems with the property you are in a position to negotiate the asking price - through your solicitor if required. Any required repairs can then be factored into the value of the property before you are bound to any sale price. It is possible that your lender may insist on repairs being completed before they release the full mortgage fund.

Home buyers report

This type of survey is designed for particular types of homes, defined by the Royal Institution of Chartered Surveyors as "conventional in type and construction" and "apparently in reasonable condition". This type of survey is less expensive than a building survey (although more expensive than a valuation) and provides a report that highlights any immediate problems or defects that will have an effect on the value of the property.

According to the R.I.C.S, the main objectives of the Home buyer's Report are to:

  • Make a reasoned and informed judgment on whether or not to proceed with the purchase
  • Assess whether or not the property is a reasonable purchase at the agreed price
  • Be clear what decisions and actions should be taken before contracts are exchanged

Building survey

This type of survey is suitable for any residential property and provides a detailed report on the construction and condition of the property. The level of detail is higher than that found within a Home buyer's Report and as such, a building survey is more expensive.

Remember the survey is a very important part of the buying process and should not be neglected. A few extra hundred pound spent now may save you thousands in the long run and help to reduce the value of the property if any defects are found and work required.

There are several reasons that would suggest that you need a Building Survey:

  • If the property is of an unusual construction
  • If it is an old property
  • If the property is dilapidated or in need of serious structural repair
  • If the property has had extensive alterations
  • If you are planning to convert or renovate the building in a major way

The full building survey provides detailed information about the condition of the property. It includes extensive technical information regarding the construction of the property, details about materials used in construction and a report listing all major and minor defects.

What is the likely cost?

This is obviously dependent on the kind of survey that you may need. Prices will differ according to length of time needed for the survey, the size of the survey, type of property, the location and more. For a Building Survey you may pay anything up to £1000 depending on the price of the property. Remember, some mortgages may offer a “free” Home buyer's Report, which can be upgraded if necessary.

What about the owner?

Remember, you will need the owner's permission to arrange a survey on their property. Once you have made the necessary arrangements and found a reputable surveyor (either directly or via a mortgage lender or estate agent) they will normally contact the property owner and make the necessary arrangements.