It can help you negotiate money off if there is costly work that needs to be done and also help you to budget for any future repairs that might be needed.
You will have to pay for a mortgage valuation in order to secure a mortgage offer but this should not be confused with a survey. The mortgage valuation merely confirms to the lender that the property is worth at least what it is lending you – it is not its responsibility to point out any repairs that need doing.
You should take the cost of the valuation into account when choosing a mortgage.
The mortgage lender can carry out an independent survey for you when it does the valuation but you will have to pay extra for this.
The House Survey offered.
There are four main types of survey a buyer can purchase.
Home Condition Survey (Suitable for majority of properties and usually the least expensive from £349.00 inclusive)
This tells you about the condition of the property, whether there are potential problems you should investigate further. This covers structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. It takes two to four hours to complete, giving an independent and expert view on the property and what the rebuild cost of the property is for insurance purposes (if chosen). It does not include a valuation.
The Home Condition Survey (HCS) is carried out by Surveyors accredited by SAVA. Surveyors must meet certain standards and follow a code of conduct to join the SAVA HCS certification scheme. You can find an certified surveyor on the SAVA website.
A Home Condition Survey is a clear and concise report on the condition of a domestic property, allowing the homebuyer to make an informed decision, quicker than by conventional surveys and representing much better value for money.
The Home Condition Survey delivers a thorough report, giving homebuyers a plain English, jargon free assessment of the condition of the property, using a simple 1,2,3 rating guide on all the major aspects that are likely to affect the homebuyers decision to buy. It does this at far better value than a standard full structural survey.
The Survey covers:
- Building condition and defects
- Structural movement
- Damp, rot and woodworm
- Heating and electrical services
- Environmental issues
- The reinstatement cost you need for insurance purposes
The report will be:
- Fully insured Public Liability £5 Million, Professional Indemnity £1 Million
- Carried out by a Certified Property Surveyor
- Be written in plain English and use no technical jargon
- Gives you comprehensive information on work or repairs that may be needed to the property, so reducing the likely hood of hidden surprises.
- A survey and not just a lender's valuation report.
Benefits of a Home Condition Survey for homebuyers:
- Homebuyers have an early opportunity to negotiate with regard any repair work on any defects prior to sale
- By having an accurate report on the property there is less likely hood of homebuyers pulling out later in the sales process because of unforeseen problems and defects
- If a homebuyer has a Home Condition Survey carried out, the buyer reduces the risk of being faced with unexpected repair bills and any other potential surprises
- The Home Condition Survey gives homebuyers the reassurance that any compliance is covered and gives complete peace of mind
- The homebuyer will appreciate the swiftness and simplicity of the whole process and fully understand condition of the property through the comprehensive documentation.
- Home Condition Surveys are considerably less expensive than other types of Survey. They are ideal for properties and people who would like a professional to look over a property and let the potential buyer know of any potential problems. Any errors or omissions are covered by a rigorous 'code of conduct' for Surveyors and absolute 'peace of mind' can be guaranteed by the fact that the report and Surveyor is fully insured both for Public Liability and Professional indemnity.
Other types of House Survey
There are three other types of house survey on offer for a buyer purchasing a home
Homebuyer’s report (Suitable for most properties)
This covers structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. It takes two to four hours to complete, giving an independent and expert view on the property’s value. This is similar to a Home Condition Survey.
Building survey (Suitable for older properties or properties believed to have structural defects)
This survey is for older properties and those of a non-standard construction (e.g. timber). It usually takes a day to complete, depending on the size of the property.
A building survey gives a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase. It does not include a valuation.
New-build snagging survey ( Suitable for New Builds only)
This is a specialist survey for new homes that will pick up mistakes such as plumbing the hot to the cold tap or poorly finished paintwork. Your independent inspector will also be able to arrange for the developer to sort out any defects found.
To enquire with regard a Property Survey for home buyers please call