If you are a First-Time Buyer in Manchester or a Home Mover in Manchester and have put in your offer for a property, you may be wondering what the next step in your mortgage process is.
That next step will be to take out a property survey, as a means of establishing what the condition of the property is, so you can figure out if it is worth the amount that you are paying for it.
If the surveyor happens to find something and reports it on the survey, then the buyer will be in a position by law to approach the seller and further negotiate a price that will cover the costs of any required work that may need doing to the property.
There are 3 main types of property survey available to home buyers.
A Mortgage Valuation survey will consist of basic, straightforward valuation. This kind of valuation will be required to be paid for by the person taking out the mortgage, in order to secure a mortgage offer.
It should not be confused this with a full survey. The mortgage valuation confirms to the lender that the property you are looking to borrow money to purchase, is worth exactly what you’re willing to pay for it.
This type of home valuation will not highlight any repairs that are needed, though it may still point out any obvious defects that they would recommend you further look into and use your own judgement on.
This type of survey will cover structural safety and highlights any apparent problems that will require your immediate attention, including things like any damp that exists in the property, as well as anything that doesn’t meet current building regulations.
This report will offer an independent report of your property by an expert in the field. To ensure that two surveys aren’t being paid for, it is recommended to ask the mortgage companies surveyor to carry out this report on your behalf, though be wary that it may take a couple of hours to complete.
A full structural survey is better suited for properties that are older and those of a non-standard construction.
Depending on various factors such as property size and type, a full structural survey will possibly take longer than a Homebuyers’ Report, sometimes taking as long as a day to complete.
A full structural survey will provide a detailed insight on the condition of the property and highlights issues that should be investigated further before continuing with making a full purchase, to provide the buyer with a more settled peace of mind.
You can find a surveyor to carry out a Homebuyers’ report or building survey through the Royal Institution of Chartered Surveyors.