 |
It's normally a good idea to have a
survey on a home before you commit to buying it.
A survey report
should uncover any serious problems and may
provide information you could use to re-negotiate the
asking price. |
In addition to a basic
mortgage valuation there are two different types of home
survey available, these are the
Homebuyers Report
and the Full
Structural Survey. The most appropriate survey
will normally depend on the age of the house, but other
factors such as location or obvious signs of problems
could affect the suitability of each type.
This basic valuation will be independent of the figure
being marketed by an estate agent and will normally be
conducted by a qualified surveyor. If the valuation of
the property is less than the figure being asked this
can result in the mortgage offer being reduced. In this
situation it may be possible to re-negotiate the asking
price although you probably won’t have any specific
details to refer to - a basic lender’s valuation won’t
normally result in a written report. The basic valuation
is not a full survey and is very unlikely to go into any
detail about the state of the property.
A typical basic valuation fee can be around £200
although this may be waived with some type of mortgage.
The Homebuyers report advises only on areas of
the property that are visible. Surveyors therefore
cannot lift floorboards or knock holes in the wall to
check for damp and other problems.
The RICS
homebuyers report is
presented in a standard format and is designed
specifically as an economical survey and is a
cost-effective way to minimise risk to potential
purchasers of a property.
Typical costs for this type of survey will be around
£450.
The Full Building survey is especially recommended for
older buildings and those constructed out of
unconventional materials. The surveyor will check the
property thoroughly and give an appraisal of the form
and materials of construction. The surveyor will give a
technical analysis of significant defects revealed and
guidance on appropriate further actions. As well as any
major problems the
full
structural survey
report
will Identify less significant defects, general
disrepair and shortcomings in the physical condition,
maintenance and design of the building.
This type of survey is extremely comprehensive both in
the extent of inspection and in the detail of the
report, the full building survey or full structural
survey can typically cost upwards of £700.
|
