Surveys....

Having your own survey is the simple and economical way to avoid unpleasant (and perhaps costly) surprises after you move in. In some cases the surveyor's report may help you to renegotiate the price.

You have your mortgage offer and probably also a copy of the report prepared for the lender following a brief inspection by the valuer. It is still advisable and prudent to arrange your own survey, by your own surveyor. The Consumers’ Association, Which magazine and also The Council of Mortgage Lenders ALL give this advice.

The reason is simple – the mortgage valuation is for the benefit of your lender – not for you, the borrower. It answers only the lender’s questions relating to the security of the property for loan
purposes. You cannot rely upon it to answer the questions that concern your personal interests. It also may not disclose significant defects

This is suitable for all residential properties and provides a full picture of the construction and condition. It can be designed to suit your own specific needs. It is likely to be needed if the property is unusual, dilapidated or has been altered extensively or if you are planning alterations yourself.

The report will include extensive technical information and will detail major and minor defects.

It is intended only for particular types of properties: houses, flats and bungalows which are:
> Conventional style and construction.
> Apparently in reasonable condition.
> Of an age and size that does not warrant a Building Survey.

It focuses on essential defects and problems which are urgent or significant and thus have an adverse effect upon the value of the property – although it does also include other valuable information.

The Service – the inspection, report and valuation – are all explained, in detail, in The Description of the Homebuyer Service. The main features are:

It is an economy package. Owing to the practical limits of the type of property and the scope of it’s coverage, The Homebuyer Service is priced economically – more expensive than the lender’s mortgage valuation, but less than the Building Survey.

The surveyor’s main objectives are to assist the client:
> In making a reasoned and informed judgement on whether to proceed with the purchase.
> Assess whether or not the agreed price is reasonable.
> Be clear as to what decisions/action should be taken before exchange of contracts.
> The surveyor also gives his/her professional opinion on those features of the property which affect present value and may affect future resale potential.

Matters which are judged not to be urgent/significant are, in general, not included in the report. However, the surveyor will mention matters judged to be helpful and constructive.

Where the client should take some action before deciding to proceed with the purchase. This is mentioned in the body of the report and the summary