GETTING A PROPERTY SURVEY
When you are buying a property in the UK, it is very important to get a survey done. This will give you an idea of the condition of the property and what repairs may be needed in the future. There are three different levels of surveys available: the basic mortgage valuation, the homebuyers survey and the building survey.
The basic mortgage valuation is the cheapest and most basic survey. It is just a quick look at the property to make sure that it is worth the amount of money you are borrowing. It will not tell you about any repairs that may need to be done in the future.
The homebuyers survey is more expensive than the basic mortgage valuation, but will give you an idea of what repairs are needed to the property. It will identify any major problems that need to be rectified.
The building survey is the most expensive option and should only be carried out if there has been significant work done on the house in the past, or if money is no object. This type of survey will identify any and all problems with the property, both major and minor.
The cost of each survey varies depending on the size and age of the property. The basic mortgage valuation usually costs between £100 and £300, the homebuyers survey costs between £400 and £700, and the building survey costs between £1,000 and £3,500.
The only person who is responsible for instructing a survey is the buyer. The seller is under no obligation to provide any survey at all.
There are also specialist surveys which can be carried out, such as timber surveys or drain surveys. These are not always necessary, but may be recommended if there is something about the property that you are not sure about.
So, before you buy a property in the UK, make sure you get a survey done. This will give you peace of mind that you are making a sound investment.
If you're not sure what's the best action to take, give us a call on 0116 3409989. One of our specialists will help you make the right decision.
WANT TO FIND OUT MORE?
Brilliant, we will be more than happy to speak with you and see how we can help further.
Contact us on one of the methods with any queries that you may have, or use our contact form and we will be back in touch very soon!
Please fill in the form below and a member of our team will contact you shortly