What are house surveys?
Buying a home is a very big decision so it goes without saying that having all of the right advice and information at your disposal is a very important part of making informed choices. There are quite a few steps involved in the home buying process and surveys are one of these steps.
How many different types of survey are there?
There are three types of survey:
Basic valuation – This is commissioned by the lender simply to ensure that there will be suitable security to cover the mortgage loan. Any major defects will usually be picked up.
Homebuyer’s report – This is a much more thorough survey and often the cost would include the completion of the lender’s basic valuation form.
Building or structural survey – This is the most detailed survey and is the most expensive.
Once the lender is satisfied with the result of the survey and your personal circumstances, they will issue a formal offer of mortgage. Your solicitor will then agree to exchange contracts.
Read a more detailed description of what is involved in the different surveys here.
Why do I need a survey?
A survey will not only give you peace of mind that what you are paying is correct, but it will also give the lender confidence as well. A lender will need to have the property used as security, valued to protect themselves and make sure that their mortgage is secure. When you think about it, you would not make any other large purchases such as a car without first having guarantees in place that it does not have any defects, so why should a home be any different?
I know, at a time when you’re already spending a lot of money, forking out more money for a survey can seem like an extra expense. However, it’s far better to be aware of any potential issues before you buy a house than after you have bought it and it is too late, wouldn’t you agree?
Completing a survey may also allow you and your agent to use the information to negotiate with the vendor. For example, if your survey finds that repairs to the cost of say £5,000 will need to be made to the property, you could enter a negotiation for a reduction in price. Alternatively, you could ask the seller to make the necessary repairs before you exchange contracts.
How much will it cost?
The cost of your survey will obviously vary significantly depending on the type of survey you choose to go with out of the three available options. The location, size and type of property will also play a decisive role in determining the final cost. Different surveyors will charge varying amounts, so it is well worth getting a few quotes before choosing which surveyor to use.
Thanks to our newly formed partnership with Mortgage Advice Bureau, we are now uniquely positioned to offer all of our clients an added level of service in their home buying journeys. For an appointment with our in house advisor get in touch with us here at http://www.homes4u.co.uk/contact-us.
For more information on surveys and the entire home buying process, get in touch with one of our team. Would it help you to know how much your home is worth? Whether you are considering selling, or just out of interest one of our valuation specialists can visit your home without obligation to provide you with an up to date valuation for sale or for rentals. It’s easy to arrange, simply complete our online form http://www.homes4u.co.uk/valuation and one of our team will call you back. Alternatively, drop into one of our branches or give us a call http://www.homes4u.co.uk/contact-us.
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