We act as an introducer only for surveys.
When buying a property it's important to understand that there are different types of surveys available. Which one you get depends upon the type, age and condition of the property.
Mortgage Valuation (Basic Valuation)
Usually arranged by the mortgage lender after you've submitted a mortgage application. It is a basic inspection of the property to determine that the property is suitable as security for a lender. It may not reveal any defects to the property and it may recommend that further investigations are carried out for example damp & timber reports.
A Homebuyer Report is more comprehensive than a Standard Valuation Report. It will normally take the surveyor between 2-3 hours to complete and the report is normally around 10 pages in length. It concentrates on defects and problems that are urgent or significant however it does not explore structural aspects or detail remedial works. Because of the practical limits on the type of property and the scope of its coverage, the Homebuyer Report is mid-range in price, more expensive than a Standard Valuation but less expensive than a Building Survey.
This report will enable prospective buyers to make an informed decision on whether or not to proceed with the purchase and assess whether or not the property is reasonably priced.
It will also assist in identifying what decisions and actions should be taken before contracts are exchanged. The valuer will give his/her professional opinion on the particular features of the property which affect its present value and may affect its future marketability.
The valuer can only comment on visible areas where access is obtainable.
A Homebuyer Report may have identified some Specific Defects such as:
- Structural defects
- Damp or timber issues
- Risk from nearby trees
- Potential wall tie failure
- Drainage problems
- Electrical or plumbing problems
In these circumstances, the Surveyor may recommend a further investigation by an appropriate expert before the prospective home buyer proceeds with purchase of the property - this is quite normal and, usually, no cause for concern.
A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition, including the roofs, chimneys, walls, floors, ceilings, doors and windows. It is more comprehensive than a Homebuyer Report and does not follow a fixed format. It is likely to be needed if the property is, for example, of unusual construction, dilapidated, has been altered or where a major renovation or conversion is planned.
It will provide advice on existing or potential problems and identify suitable remedial work. The surveyor will agree to comment on particular areas of concern, provided they fall within the surveyor's terms and conditions and within the guidelines laid down by the Royal Institute of Chartered Surveyors (RICS). The valuer can only comment on visible areas where access is obtainable.
We can recommend local surveyors who will carry out Homebuyers or Building Surveys upon request
The FCA do not regulate surveying services.
Your property may be repossessed if you do not keep up repayments on your mortgage.