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The survey
is an inspection of a property for one of a variety of purposes. The most
common types of survey are explained below.
 | Mortage Valuation is an inspection carried out on behalf of the
bank or building society which is considering lending the money (the
mortgage). The purchaser must pay for the mortgage evaluation. The survey
is intended to assess whether the property represents adequate security
against the amount of the loan. The report does not guarantee that the
property is structurally sound and without defects, nor that it is worth
the agreed price. Further investigations are recommended. |
| House Buyers Report and Valuation. This report can be carried
out at the same time by the same surveyor undertaking the Building Society
survey and valuation. The advantage of this is that there is often a
preferential rate for combining the two. The House Buyer's Repoprt goes
into more detail and takes longer than the Building Society survey. But it
is not as comprehensive as a full structural survey. The surveyor will
inspect all parts of the property which are readily visible and
accessible. It is designed to help the purchaser decide whether the
property is sound and it might recommend further investigation. The House
Buyer's Report is suitable for modern houses which are unlikely to have
extensive problems. It is not suitable for houses built before 1935 or
those over 2000 sq ft. |
| Structural Survey/Building Survey. This is a detailed
examination to identify any defects or factors which might affect the
value or the saleability of the property. It will include a detailed
description of the construction materials used as well as an assessment of
all accessible elements of the structure from top to bottom, excluding the
foundations. It may include a recommendation to seek specific professional
advice on particular sections, e.g. heating wiring or other inaccessible
parts of the structure.
The House Buyer's Report covers similar ground but not to the same depth
as the full survey. This kind of detailed survey generally takes up to a
day, which is reflected in the fee. It is suitable for large period houses
where problems may not be immediately obvious. |
| Surveyors are qualified to carry out surveys and valuations for
building societies and individual customers. They can give legally binding
guarantees. They are generally members of the Royal Institution of
Chartered Surveyors (RICS) or the Incorporated Society of Valuers and
Auctioneers (ISVA). Often in the application of your mortgage the building
society will choose one of their panel of surveyors to carry out the
mortgage evaluation. You can pay an additional fee as suggested above to
incorporate another level of survey which may result in some saved costs,
or you may wish to have your own independent valuation. |
Again, ask your solicitor or estate agent who they would recommend if an
independent valuation is required.
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