When you have an offer accepted on a property your next job is to arrange a property survey. This will establish the condition of the property and ensure that it is worth what you are going to pay for it. If something is found on the survey you are then in a position by law to approach the seller to negotiate a price for the works required.
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you.
There are 3 main types of property survey available to you in Durham:
A basic valuation is the cheapest option and you will be required to have one of these before you receive your mortgage offer. Please don’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what it is lending you.
If you are lucky, your mortgage lender may even offer you a free basic valuation as part of your deal.
A Mortgage Valuation will not highlight any repairs that are needed. However, it may point out any obvious defects and recommend that you investigate further.
A Homebuyer’s report will cover structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. This kind of report will give you an independent report of your property by an expert.
To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you which will usually take a couple of hours to complete.
A Full Structural Survey is advisable for older properties and those of a non-standard construction. Depending on the property size and type, a full structural survey can take as long as a day to complete.
A full structural survey provides an in-depth report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.
We know that the mortgage process can sometimes be complicated and very tricky to sort all by yourself. This is where we come in! In Durham, we will go over all of your mortgage options and which property survey is best for you if you are still confused. Don’t hesitate to call us as we always love to offer a helping hand to our customers. Whether you’re a First Time Buyer, looking at Moving Home or Self Employed, we think that our service will be highly beneficial to you and make the mortgage process much easier.