What is a property survey?
Once you have had an offer accepted, it time to move onto the next stage and arrange a property survey. A property survey will establish the condition of the property and ensure that it is worth what you are paying for it.
If something is found on the survey which wasn’t mentioned to you that could potentially affect the property price. You in a position by law to approach the seller and renegotiate a price.
There are quite a lot of different types of property surveys and it’s just the case of narrowing them down for you and finding which one will benefit you most.
Choosing the right survey
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you:
Types of Property Survey
There are 3 main types of property surveys available to you:
- Mortgage Valuation
- Homebuyer’s Report
- Full Structural Survey
Basic Mortgage Valuation
A basic mortgage valuation is your cheapest option. You will be required to have one before you receive your mortgage offer. You can’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what they are lending you.
Your mortgage lender may even offer you a free basic valuation as part of your deal. This really depends on the lender but they may add extra arrangements fees down the line if they offer you a free valuation.
Unfortunately, a basic mortgage valuation will not highlight any repairs that are needed. It will only point out obvious defects and recommend that you investigate further. If the defects could end up costing a lot to repair in the future. Then you may be able to negotiate a price reduction with the seller.
Homebuyer’s Report
A homebuyer’s report will cover the health and safety side of things. For example, it will include structural safety and show if there are any leaks, etc. Most importantly it will state if the property does or does not 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 – it will usually take a couple of hours to complete.
Full Structural Survey
A full structural survey is recommended for older properties and for 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 but they will give you the best insight into your new property.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with peace of mind about the condition of your property.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.
Property Survey Mortgage Advice in Liverpool
Are you a first time buyer in Liverpool or a current homeowner planning on moving home in Liverpool and want to know more about which property survey to choose? No problem, your local Mortgage Broker in Liverpool is just a phone call away to answer all of your property survey questions.
Get in touch for a free mortgage consultation today. Where we can pass you onto a Mortgage Advisor in Liverpool who can arrange everything out. To help you choose the best property survey for your new dream home in Liverpool.
Date Last Edited: August 7, 2023
