1. Mortgage Valuation Survey
• Purpose: This is typically required by your lender to ensure the property is worth the amount you're borrowing.
• Scope: A basic survey that focuses on confirming the market value and identifying any major issues that could affect the property’s value (e.g., structural problems, damp, or safety hazards).
• Limitations: It does not provide a detailed inspection of the property’s condition and may not identify hidden defects.
• Who Pays: The buyer usually pays for this, although some lenders may offer it as part of the mortgage deal.
• Cost: Typically £150 to £1,500, depending on the property's value and location.
2. Homebuyer’s Report
• Purpose: A more detailed survey than a mortgage valuation, it’s aimed at identifying significant issues that could affect the property's value or your decision to buy.
• Scope: This report covers the condition of the building’s structure (e.g., walls, roof, and foundations), potential issues like damp, subsidence, and electrical or plumbing systems, and provides a general evaluation of the property's overall condition.
• Features: The report uses a traffic-light system (red, amber, green) to highlight issues. It also includes an estimated cost for necessary repairs or maintenance.
• Who Pays: The buyer.
• Cost: Around £400 to £1,000, depending on the property size and location.
3. Building Survey (Full Structural Survey)
• Purpose: This is the most comprehensive survey available and is recommended for older properties, listed buildings, or properties in poor condition.
• Scope: It includes an in-depth inspection of the property’s structure, such as walls, roof, foundations, and woodwork, as well as detailed investigations into dampness, timber defects (e.g., woodworm or dry rot), subsidence, and any other hidden issues.
• Features: The report provides a detailed analysis of the property’s condition, highlighting urgent repairs, maintenance issues, and potential long-term problems.
• Who Pays: The buyer.
• Cost: From £600 to £2,500 or more, depending on the property’s size, age, and complexity.
4. RICS Condition Report
• Purpose: This is a basic and low-cost survey from the Royal Institution of Chartered Surveyors (RICS), providing an overview of the property’s condition.
• Scope: This report focuses on identifying urgent defects or issues (e.g., damp, structural concerns, and safety hazards) but does not go into great detail or recommend repairs.
• Features: The report uses a simple rating system (1 to 3) for the condition of the property and highlights any significant issues.
• Who Pays: The buyer.
• Cost: Typically £250 to £500 for smaller properties, with costs rising for larger or more complex homes.
5. Specialist Surveys
• Purpose: These surveys are conducted when you have specific concerns about the property, such as issues with subsidence, damp, or timber defects.
• Scope: These surveys focus specifically on a certain area of concern, such as structural issues or woodworm, and are usually conducted by a specialist surveyor in that area.
• Examples:
o Timber and Damp Survey – To identify woodworm, dry rot, or damp problems.
o Subsidence Survey – To assess whether a property is suffering from or at risk of subsidence.
o Chimney or Roof Survey – If you have concerns about the condition of the roof or chimney.
• Who Pays: The buyer.
• Cost: Varies widely depending on the type of survey (e.g., £150 to £500 for a timber/damp survey).
Choosing the Right Survey
• Newer Homes: If you're buying a relatively new or recently renovated property, a Homebuyer’s Report or even a Mortgage Valuation Survey may be sufficient.
• Older or High-Risk Homes: For older, listed, or properties in a state of disrepair, it’s advisable to go for a Building Survey for a thorough analysis of potential issues.
• Special Concerns: If you’re aware of specific issues, such as damp or subsidence, then a specialist survey may be necessary.
Benefits of a Survey
• Peace of Mind: Helps you understand the true condition of the property before you make a purchase.
• Negotiation Leverage: If significant issues are uncovered, you may be able to negotiate a lower price or request that repairs are made before you proceed.
• Financial Protection: Avoid unexpected and costly repairs after you’ve bought the house.
It's important to remember that while surveys provide useful information, no survey can guarantee a property is free of defects, particularly in hard-to-access areas. Nonetheless, they can help you make a more informed decision and protect your investment.
This article was written by our Financial Services partner - Dolphin Financial Services.
Please contact Thomas Knight, Mobile: 07539 550587, email: This email address is being protected from spambots. You need JavaScript enabled to view it., Website: www.dolphinfs.co.uk
