Surveys Make Sense
Many people have the misconception that when they apply for a mortgage , a survey is carried out on the property by a surveyor instructed by the bank or building society . In fact , what is carried out is a mortgage valuation. The main purpose of this is to place a valuation on the property for security lending purposes. It will have regard to the condition but may not give you any meaningful information about the condition unless it will significantly affect value.
In our view , you must therefore commission a more detailed survey to ensure you are armed with the right information to make a reasoned decision to proceed with a purchase and at what price.
Every survey has limitations and can only report on defects which are apparent and accessible but it is essential that a thorough inspection is undertaken by a qualified and experienced survey with local knowledge of both typical defects and market values in order to produce a report which is of real use.
Attached below is an information leaflet produced by the RICS to help you chose the right survey. We advocate the use of Survey Level 2 RICS Homebuyer Report(Survey & Valuation) service for most properties and Survey Level 3 RICS Building Survey service for older, unusual or run-down properties. A leaflet expanding on the HomeBuyer survey is also attached. We urge you to read these in full before making any decision.
In our opinion the HomeBuyer service represents good value for money and will give you the advice you will need to :
- make an informed decision on whether to go ahead with buying the property;
- take account of any repairs or replacements the property needs and;
- consider what further advice you should take before committing to purchase the property
Buying a house is a major commitment and should not be undertaken without being in receipt of a detailed survey report. We are, of course , available to talk about the types of survey and any bespoke individual requirements you may have. Once you receive your report , we are also available to further explain or expand on points highlighted if you require more help. Unlike many other suppliers practising in the area , you will not be a nameless instruction on a conveyer belt production line offered by a larger national companies. Trying to actually speak to a surveyor from these companies can be difficult, as no doubt many have already experienced.You are very important to us and we care about every job. The ability to be looked after by local specialists will be welcome reassurance during this potentially stressful time.