Surveys

Having a survey carried out on a property before you commit to buying it makes financial sense, as it can save you thousands of pounds in repair bills. There are various options available, and we can offer help and advice on choosing the type that meets your needs.

• A mortgage valuation isn’t the same as a structural survey. A mortgage valuation is undertaken by your lender to assess whether the property you want to buy is sufficient security for your loan. It won’t tell you about the state of the property or show up any underlying faults in the way that a survey does.
• There are two main accrediting bodies for surveyors - the Royal Institution of Chartered Surveyors (RICS) and the Residential Property Surveyors Association (RPSA) - and you should check that your surveyor is a member of one of them.

RICS surveyors offer three levels of survey:

• RICS Condition report - This is the most basic form of survey and is aimed at new build and conventional homes in good condition.
• RICS Homebuyer Report - The next level up, this will identify structural problems and common problems such as subsidence or damp.
• RICS Building Survey - The most comprehensive survey, this covers a full inspection and give professional advice on any repairs that may be required and the likely costs involved.

What happens next?

If the surveyor reports problems that need to be remedied, you could still decide to go ahead, using the survey findings to renegotiate the purchase price.

In Scotland, sellers must have a Home Report available for would-be purchasers, carried out by an qualified surveyor. New build, converted homes, or properties purchased under Right to Buy don’t have to have a Home Report. However, purchasers should still consider having a survey carried out.