Regarding property surveys for home buyers, there are three different types available to you. Here we will do our bit, as an experienced mortgage broker in Leeds, to provide a brief insight into what your best possible route may be.
Once you’ve made an offer on a property and it has been accepted, the next thing to do is arrange a survey to establish what sort of condition the property is in. Doing this confirms to you that it is worth what you are going to pay for it.
If something is found on the survey you are then legally, you are within full rights to approach the seller and negotiate a better price that will also cover the costs.
A mortgage valuation is the most basic valuation type. In order to secure your mortgage offer, you will be required to pay for one of these (do not confuse this with a full survey). The mortgage valuation provides the lender with a confirmation that the property is at the very least, worth the amount you’re borrowing.
Though a mortgage valuation is not designed to highlight any repairs that are needed, it can point out any obvious defects and recommend that you take further investigation, of which you will be required to pay for.
The purpose of a homebuyers report is to cover structural safety, as well as highlighting problems such as damp and anything else that doesn’t meet current building regulations. This will give you an independent report of your property by an expert.
It is recommended that you ask the mortgage companies surveyor to carry out this report for you, in order to make sure you’re not paying for two. The time frame for this survey is usually only a couple of hours.
If your property is older or of non-standard construction, then this survey type is the most advisable one to go with. Depending on the size and type of your property, a full structural survey can take as long as a day to complete.
A full structural survey will be able to give you a detailed report on the condition of the property, highlighting any issues that should be investigated further before you finalise the purchase. This should provide you with peace of mind going forward.
You can find a surveyor to carry out a Homebuyers report or building survey through the Royal Institution of Chartered Surveyors.