Surveys
There are a range of different surveys that can be carried out on residential properties.
If you are intending to buy a second-hand property, you are strongly advised to get a homebuyers report (scheme 2 survey) done so any issues with the condition of the property are identified and likely repair costs estimated.
If the survey identifies significant issues with the condition of the property, you may want to reconsider whether you still want to buy the proprety, or whether the offer is still appropriate.
The three types of survey are:
- mortgage valuation (scheme 1 survey) - this is required as a minimum by all mortgage lenders. It gives the lender key information it requires to make a mortgage decision.
- home buyers report (scheme 2 survey) - this will provide a value for the property, as well as considering any major structural issues, and will identify any existing or potential issues with the condition of the property.
- a full structural survey (or buildings survey) - this reports on the detailed inspection of a building, and while it can be costly (£450 or more), it will identify a range of issues to do with the structure and condition and related costs that will not be provided through other surveys.
The survey may recommend that one or more specialist reports are carried out. For example to scope out suspected dampness, dry rot or roof problems.
The Royal Insititution of Chartered Surveyors has an online directory of surveys.
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