So, the offer that was put in but what is the next step? A survey to establish the condition of the property ensures that it is in fact worth the amount that is being paid. If something is found on the survey then the buyer is in a position by law to approach the seller and further negotiate a price for the works that are required.
There are 3 main types of property survey available to you.
This type of survey will consist of basic valuation. A buyer will be required to pay for a mortgage valuation in order to secure a mortgage offer and should not confuse this with a full survey. The mortgage valuation confirms to the lender that the property in question is worth at least what is being leant.
This valuation will not highlight any repairs that are needed, however it may point out any obvious defects that would be advisable to investigate further. Payment from the buyer will be required for this investigation.
This type of survey will cover structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. This report will offer an independent report of your property by an expert.
To ensure that two surveys aren’t being paid for, it is recommended to ask the mortgage companies surveyor to carry out this report. Though it may take a couple of hours to complete.
This type of survey is more fitted for older properties and those of a non-standard construction.
Depending on factors such as property size and type – a full structural survey takes a bit longer than a Homebuyer’s Report and can take 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 Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.