Surveying
An average house buyer might not recognise the same things surveyors do when assessing a home. For example, you might be able to spot damp or mould, but things like woodworm, Japanese knotweed or subsidence are important and could easily be missed without a surveyor. Why take the risk?
Most lenders will complete a valuation on the property to make sure it is appropriate. This will be a very basic assessment and in some cases the surveyor doesn’t even visit the property.
It is highly recommended that you take out a more in depth survey. There a couple of different options here.
How to get a house survey
It is often possible to get an upgrade on the basic valuation your mortgage provider completes. This is normally the cheapest way to get a HomeBuyer Report. This solution does have its downsides. The lender will have access to the information on the report and could affect their decision to lend, or impose a retention. A retention is where the lender holds back some of the mortgage until you have fixed whatever has been identified as a problem.
We suggest getting an independent survey done and can normally make a recommendation on a company we have used in the past who have never let us down.
HomeBuyer Report – RICS Home Survey Level 2
Provides an overview of the condition of the property based on a visual inspection. This survey can highlight any important problems that will impact the value of the property. This is suitable for modern properties in reasonable condition.
Building Survey – RICS Home Survey Level 3
This is the most comprehensive survey. It offers a detailed report and analysis of the property’s condition. This report will also advise you on the costs of repairs. This survey is most suitable for older and unusual properties but can be applied to any age of property. This is a much more expensive option.
“To get a survey or not to get a survey, that is the question” would definitely be in a modern day Shakespeare play!
Let us help you make an informed choice.
“A fool thinks himself to be wise, but a wise man knows himself to be a fool”.