What are the benefits of getting a Home Survey?

A Home survey will help you to find out about the condition of a property and could help you to re-negotiate the purchase price if there are problems.

You must be aware that a mortgage lender's valuation is not a proper house survey.

  • Mortgage valuation reports are usually requested by the lender before they make a formal mortgage offer
  • It's carried out on your mortgage lenders behalf, not yours, despite the fact that you may have to pay for it.
  • A Mortgage Valuation only exists to confirm whether the property you want to buy is roughly worth the amount you want to pay for it, so the lender can decide whether to lend you the amount youre asking for

Although it is often referred to as a 'survey', a Mortgage Valuation will not tell you anything about the condition of the property

 

What Home Survey reports are available?

There are three Home Survey report formats available, these are;

 

RICS Condition Report

Suitable for Houses and Flats in reasonable condition

  • Clear traffic light ratings of the condition of different parts of the building, services, garage and outbuildings, showing problems that require varying degrees of attention.
  • A summary of risks to the condition of the building; and other matters including guarantees, planning and building control issues for your legal advisers.

 

RICS Homebuyer Report

The most popular residential survey for houses and flats of standard construction

  • All the features of the RICS Condition Report but with a more extensive inspection
  • Highlights problems, such as damp and subsidence
  • Advice on repairs and ongoing maintenance
  • Issues that need to be investigated to prevent serious damage or dangerous conditions
  • Legal issues that need to be addressed before completing your conveyancing
  • The surveyor's professional opinion on the 'Market Value' of the property
  • An insurance reinstatement figure for the property

 

Premium Building Survey

Suitable for large, older or run down property and listed buildings which might be of unconventional construction or if you are planning to do significant works

  • A thorough inspection and a more detailed report on a wider range of issues
  • A description of visible defects and potential problems caused by hidden flaws
  • An outline of repair options and the likely consequences of inactivity
  • Advice for your legal advisers and details of serious risks and dangerous conditions.