Surveys Explained

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Your new home is likely to be one of the most expensive purchases you ever make and so it is a good idea to know as much as you can about the property before you buy it. There are 3 different grades of survey;

1. Mortgage Lenders Valuations

Carried out by your mortgage lender to ensure it's the property is worth the money they're lending you.

2. Home Buyers Report

This is a survey is most suitable for conventional properties built within the last 150 years, which are in reasonable condition.

The survey will look at:

• The general condition of the property
• Any major faults in accessible parts of the building that may affect the value
• Any urgent problems that need inspecting by a specialist before you sign a contract
• Damp in the walls
• Damage to timbers - including woodworm or rot
• The condition of any damp-proofing, insulation and drainage (though drains aren't tested)
• The estimated cost of rebuilding the property for insurance purposes
• The value of the property on the open market.

3. Building Survey

A comprehensive inspection of a property reported in a style to suit the property and your specific requirements. It's suitable for all properties, especially listed buildings, older properties, properties that you plan to renovate or those that have had extensive alterations.

A Building Survey can include details of:

• Major and minor defects and what they could mean
• The possible cost of repairs
• Results of damp testing on walls
• Damage to timbers - including woodworm and rot
• The condition of damp-proofing, insulation and drainage (though drains aren't tested)
• Technical information on the construction of the property and the materials used
• The location
• Recommendations for any further special inspections.

A Building Survey doesn't include a valuation, but your surveyor can provide this separately if you need one.

For more information visit rics.org