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Better safe than sorry

Property Inspection & Surveys

When you have an offer accepted, it is important that you have the property surveyed.
 
House surveys will help you find out about the condition of the building and, if there are problems, give you a powerful reason for negotiating the buying price down or asking the seller to fix the problems before you move in. Here, we explain the different types of house survey and house survey costs, to help you decide which option is right for you.

Types of house survey

There are three main types of survey. There are no hard and fast rules about which type of survey to get, it will mostly depend on how much detail you want and the age of the property you're buying. Mortgage lenders will always require the basic condition report and valuation. Other than this, the most common type of survey is a homebuyer's report, but you may decide a different one would be better for your situation.

Survey types and what does it include? When is it suitable?

Basic Condition report & Mortgage Valuations
  • The most basic survey you can get
  • Will give you an overview of the property's condition and highlight significant issues, but won't go into detail
  • Will suggest further inspection for serious concerns
A condition report is useful for a modern house in good condition.  It will provide you with reassurance if you just want to double-check everything is ok.

Homebuyer's report
  • More detailed than a condition report
  • Will highlight problems with the property, such as damp or subsidence
  • Includes advice on necessary repairs as well as ongoing maintenance advice
  • Will point out anything that doesn't meet current building regulations
  • The survey will be non-intrusive - the surveyor will not look behind furniture or under floorboards, so they'll only be able to identify 'surface-level' problems
  • It will take about two to four hours to complete
A homebuyer's report is suitable for most modern properties as well as older properties, provided they're in a reasonable condition. It's a good option if you have some concerns about a property.

Buildings survey/Full Structural
  • The most thorough survey you can get
  • Provides a comprehensive breakdown of the structure and condition of the property
  • Will list defects and advise on repairs and maintenance
  • The surveyor will be 'hands on' and will do things like checking in the attic and looking under floorboards
  • You can ask for the report to include projected costs and timings for any repair work 
  • Depending on the size of the property it may take a day to complete
Buildings surveys are particularly useful if you're buying an older or unusual property, or one that's in a poor condition.  If you're planning to do significant work or have major concerns about a property, we strongly recommend this kind of survey.

House survey costs
How much a property survey will cost will vary a lot depending on the location, size and type of your property. Different surveyors will also charge varying amounts, so make sure you get several quotes before choosing who to use. Valuation and survey fees linked to the mortgage lender will also vary and we provide full details of these costs when providing you with your mortgage illustrations.

The cheapest survey is the lender's basic condition report/valuation. The Homebuyer's report will cost more and a full structural report may cost the highest, but this is not always the case.

Do I really need a survey?

At a time when you’re already spending a lot of money, a survey can seem like a big expense. However, it’s far better to be aware of any issues before you buy a house so that you can make an informed decision about how much you’re willing to pay for it and, if necessary, budget for any repair work that will need doing.

You may also be able to use the information in the survey to negotiate with the vendor. For example if your survey finds that you will need to undertake repairs costing £10,000 you could ask for £10,000 off the price, or alternatively ask them to make the necessary repairs before you move in.

New-build snagging survey

The exception to this rule is if you are buying a new-build property, when an ordinary survey shouldn't be necessary. However you may decide to get a new-build snagging survey done on the property.

This is a specialist survey for new homes that will pick up mistakes such as plumbing the hot to the cold tap or poorly finished paintwork. Your independent inspector will also be able to arrange for the developer to sort out any defects found.

A mortgage valuation & condition report is not the same as a full survey

It’s easy to get confused between the lender’s mortgage valuation and a survey that is done for you. You will have to pay for a valuation report in order to secure a mortgage offer but this is entirely for the lender’s benefit.

The mortgage valuation merely confirms to the lender that the property is worth at least what it is lending you – it is not its responsibility to point out any repairs that need doing. Clearly the lender will not want a property with defects for security on the loan. So the surveyor will identify obvious defects, but will not carry out a thorough and detailed examination.

You should take the cost of the valuation into account when choosing a mortgage. There are lenders who offer a free valuation survey, but Homebuyers and Full Structural reports will have to be paid for by you.

If you think you would like a more detailed survey, please let us know before we submit your mortgage application.
​

Lloyd Vine Limited. Independent Financial Advisers & Mortgage Brokers. Authorised and regulated by the Financial Conduct Authority. 832055.
Copyright All Rights Reserved © 2019 Lloyd Vine Limited. Company Number: 11783591


Normal Hours

Mon - Fri : 9am - 5pm

Telephone

023 80601601

Email

info@lloydvine.co.uk

About Us


  • Home
  • Insurance
    • Business Protection >
      • Key Person Insurance
      • Shareholder Protection
    • Employee Benefits >
      • Group Income Protection
      • Group Life
      • Group Private Medical
      • Relevant Life Cover
    • Personal Protection >
      • Critical Illness Cover
      • Income Protection
      • Life Assurance
  • Investment
    • Pension & Retirement >
      • Auto Enrolment
      • Company Pensions
      • Flexi-Drawdown Pension
      • Group Personal Pension
      • Pension Annuity
      • Personal Pension
      • Self-Invested Personal Pension
    • Savings & Investments >
      • Investment Bonds
      • Investing For Children
      • ISA (individual Savings Account)
      • Lifetime ISA
  • Mortgages
    • Your Home Mortgage >
      • Introduction
      • Property Surveys
      • Mortgage Consultation
    • Buy To Let >
      • Buy to Let Types
      • Portfolio Landlords
    • Commercial Mortgages >
      • Commercial Mortgages
      • Limited Company Buy to Let
    • Holiday Home Finance
    • Let to Buy
    • Second Home
    • Self Build
    • Mortgage Calculator
  • Contact Us
  • News
  • Documents