Property Surveys

Surveys

Obtaining a survey is an essential part of the home-buying process. Not only will you have the comfort of knowing whether you are paying a reasonable price for the property, but you will be alerted to any serious or urgent defects before becoming legally bound to buy the property.

Mortgage Valuation

If you are buying with the benefit of a mortgage, your mortgage lender will arrange for a mortgage valuation report to be carried out. This is a very basic report prepared for the mortgage lender’s purposes, and whilst it will tell you how much the property is worth, it will not provide you with details of the property’s condition. You should also note that some mortgage lenders do not supply you with a copy of the report.

Milne Moser estate Agents strongly recommend that you obtain either a HomeBuyer Service or a full building survey in addition to a mortgage valuation report.

RICS HomeBuyer Service

The RICS HomeBuyer Service is designed for properties of traditional type and construction. It includes an inspection, a report and a valuation and provides details of what the surveyor considers to be the most important issues.

The HomeBuyer report will apply condition ratings to the different elements of the building, services and any garages and permanent outbuildings, highlighting any serious defects, or ones that require urgent attention.

The valuation provided in the HomeBuyer report includes the surveyor’s opinion of the property’s market value and the potential reinstatement cost (which you will need for insurance purposes).

The RICS HomeBuyer Service is priced mid-range – more expensive than a mortgage valuation but cheaper than a building survey.

Building Survey

A full building survey is suitable for any property in any condition but is likely to be more appropriate for older, non-standard built properties where you require a more detailed report.

A full building survey will give you a detailed assessment of the condition and construction of the property as well as technical advice on any problems and work needed to put them right.

Although a valuation is not provided as standard with a full building survey, one can be provided as an agreed extra.

If you would like help in choosing a surveyor, please Contact Us for a recommendation.