When buying a property, a purchaser will need to have some sort of survey done. But you will need to be able to make an informed choice regarding which survey is the appropriate one for your circumstances.
A survey is an inspection of a property being purchased, which is carried out either by the buyer's own surveyor or – if a mortgage is involved – one appointed by the mortgage lender. Which type you need may depend on several factors, including the age of the property and your lender’s requirements.
Lender's valuation
A cursory look around on behalf of the bank or building society. This includes measuring the rooms and a broad analysis of what a similar property is likely to be worth in that particular area. This is conducted simply to establish that any mortgage advance would be financially secure. The report will tell of major defects which affect the value, but will not outline minor problems.
Homebuyer's survey and valuation
This report, drawn up by the Royal Institution of Chartered Surverors (RICS), is a sort of ‘middle way’ between a simple valuation and a more involved report. It provides details on the general condition of the property in a standard format and should highlight significant defects. It also comments on the value and any factors affecting it. This can often be combined with the bank/building society valuation.
Structural report
A full building survey is essential for old or unusually designed properties, or those in poor repair. The structural report is a detailed report on most aspects of the structure, which can be tailored for the client's requirements. Advice is given on such topics as how to remedy defects and the likely cost involved.