Why do I need my own Surveyor?
The best way to reach an informed decision on such an important investment as a home is to have a professional survey and valuation of the property which interests you. Before you decide to go ahead and commit yourself legally, you can minimise the risks by asking a qualified surveyor to answer these questions for you:
• Is the agreed price reasonable?
• Are there drawbacks I don’t know about?
• If so, what do I need to do about them?
Commissioning your own survey is the simple, economical way to avoid unpleasant--and perhaps costly--surprises after moving in. In some cases, the surveyor's report may enable you to renegotiate the price.
I already have a Mortgage Valuation report....,
Even if you are seeking a mortgage--and may be paying for a Mortgage Valuation report--it is still advisable and prudent to arrange a survey by your own surveyor. The Consumers' Association Which? magazine and the Council of Mortgage Lenders both give this advice.
The reason is simple: the Mortgage Valuation report is prepared for the lender--not for you, the borrower. It answers only the lender's questions concerning the appropriate security for your loan. You cannot rely on it to answer the questions which concern your personal interests.
What choice of surveys do I have?
RICS members offer two forms of survey which are specifically designed to help homebuyers:
A Building Survey
(formerly called a Structural Survey)
A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition. It is likely to be needed if their property is, for example, of unusual construction, is dilapidated or has been extensively altered - or where a major conversion or renovation is planned. It is usually tailored to the client’s individual requirements. The report includes extensive technical information on construction and materials as well as details of the whole range of defects, major to minor.
The HOMEBUYER Survey & Valuation
(usually called ‘The HOMEBUYER Service)
By contrast, The HOMEBUYER Service is in a standard
format and is designed specifically as an economy service It therefore differs materially from a Building Survey in two major respects.
• It is intended only for particular types of home:: houses, flats and bungalows which are:
• conventional in type and construction
• apparently in reasonable condition.
• It focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property--although it also includes much other valuable information.
The HOMEBUYER, unlike a Building Survey, provides not only a survey but also a valuation as an integral part of the Service.
Why not download a leaflet in Word format which explains the different types of survey in more detail. Alternatively, send us an email and we will send you a copy. If you would like a quotation for a particular property, please click here Click here to download a leaflet which sets out more details of a Homebuyer Report. If you are interested in a building survey, click here to download a leaflet.