If you’re buying a house, you’re going to need a survey. This can be unfamiliar territory for many. Fear not, help is at hand. Here’s how to choose a surveyor along with a guide to the type of surveys they offer.
First, a valuation survey. This involves a surveyor looking round the property on the lenders behalf to spot anything that might affect the security of the mortgage lenders loan. That’s the key point. It’s a mortgage requirement to have one of these but it is you who pays for it. Having said that, as a word of warning its worth bearing in mind what level of cash deposit you’re putting down. It stands to reason that the lenders focus is more concerned on the risk to their total loan amount not necessarily your level of deposit. All they want to know is that the property is worth the money they’re lending you. The biggest thing to note though is that this type of report will detail nothing about the structure or actual state of the property, or any other defects.
Next, a home buyers survey (also known as they home buyers report).
This one involves a more thorough look around as well as valuing the property for the open market. It will focus on urgent matters that do need attending to like damp or damaged timbers and it will recommend further specialist reports if needed. As of the 1st December 2008 everyone in Scotland selling their home needs to provide a Home Report to prospective buyers.
Next, there is the full structural survey (also known as a building survey).
This is a very comprehensive inspection of all accessible parts of the property and you can tailor it to suit your needs and what you want to find out. So, if there is a particular concern you have with the property you can ask the surveyor so pay attention to these and report to you formally. Building survey reports are extremely detailed and will provide suggested repairs as well as estimates on cost but do remember that the surveyor will tend to be cautious and over estimate rather than under estimate. It can help to get a second opinion from a builder as to how much you’d end up having to spend.
If you need a surveyor, get in touch with us today. All our surveyors are locally trained and have undertaken all the necessary training to carry out your home report. They are all Chartered Surveyors and are regulated by the RICS.