When you are looking to buy a property there are certain reports that need to be carried out and the Survey is one of them. Firstly, this should not be confused with the Mortgage Survey which is not an in-depth survey at all, it takes approximately 15 – 20 minutes and only looks at the superficial attributes of the property and does not go into any structural or foundation details.
The Survey is a lot more thorough and looks at the structural soundness of the property, the foundations, the brick work, the electrics and practically anything else that you need to know about the property itself.
There are three types of Survey that you can have carried out on your chosen property. These are as follows:
- The Mortgage Valuation Report. A mortgage valuation is the least expensive type of inspection, it provides a valuation of the property only for the purposes of getting a mortgage.
- Home Buyers Report. The home Buyers Report will examine the structure of the property but also the value of it. Not only this it should absolutely highlight any potential problem areas and identify any existing structural problems.
- Full Structural Survey. A full structural survey is the most expensive survey however it will provide a thorough and detailed inspection of the property throughout.
Many mortgage lenders will insist that the person or persons applying for funds to buy the property provide a full Property Survey report to prove that the house is worth at least the amount that they are applying to borrow. A mortgage Lender needs to know, that should you default on your mortgage, they will be able to sell the property without taking a loss on it.
Once the survey results have come back, should the surveyor report that there are some issues with the property, you will need to consider whether you would like to still go ahead with the purchase. In some cases it may be necessary to ask a builder or other workman to estimate the cost of carrying out necessary repairs in order for the Mortgage Lender to approve your loan. If however you find you do need a builder then you might find a vetted trades person here.
In summary, you should always make sure that a survey is carried out on the property of your choice. Not only will it increase your chances of guaranteeing a loan from the mortgage lender, it will protect you from finding out at a later date that there is an issue with your new home.