DO I NEED A SURVEY OF THE PROPERTY AND IF SO WHICH ONE SHOULD I CHOOSE?
The purchase of any dwelling house is normally the largest transaction that any person makes during their life and represents a substantial investment which hopefully will increase in value over a medium to long term. With this in mind it is always sensible to consider having the structure of the building checked to ensure that future difficulties do not arise, not only in connection with structural integrity and repair and condition but also in relation to future re-sale. It is not easy to determine which survey is suitable for your property. Listed below are the three different types of survey which are available. These are:
A Full Building Survey A full building survey will be carried out by a Chartered Building Surveyor and will establish fully the exact repairing condition of the property, determine whether any structural problems have occurred previously and will provide an indication of what maintenance and improvements will be required in the future. A report of this type may or may not include tests on the main services depending on the scope of instructions provided to the Surveyor. The conclusion in the report will list any problems which have arisen, the repairs necessary to rectify these and also an indication of the costings. It may of course be difficult to fully uncover all areas of the building particularly where the premises are currently occupied but in these cases the Surveyor will give an indication as to whether there is likely to be any expenditure required in the future and whether further investigation is recommended.
Homebuyers Report In newer and recently constructed properties the Homebuyers Report has been created to provide an indication of the overall condition of the building without going into as much extensive detail as the full building report. Newer properties are less likely to have inherent defects of a serious nature and the Homebuyers Report is designed to give an overall picture of the building without incurring the greater fees relating to the full building report. This intermediate report may provide a buildings insurance figure and an open market value.
A Mortgage Valuation Most people will obtain a mortgage from a building society, Bank or Lending Institution who will require a mortgage valuation for their own purposes to establish that
- The property does exist and has the accommodation which has been outlined in the Agent’s particulars.
- The property represents suitable security for the mortgage.
- The property is being purchased at the correct price bearing in mind current market conditions.
This inspection is no more than a simple visual inspection of the property by a Valuation Surveyor to determine open market value of the property as it currently stands. Any substantial structural problems would be pinpointed during this inspection but there would be no close examination of the repair and condition of the main structure.
The approval of a loan from a Bank or Building Society by the valuation Surveyor would not necessarily confirm that the property is free from defect.
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