A question you may be asking is

 

"I have had a Mortgage Valuation, why should I have a Survey?"

 

Homebuyers in England and Wales are facing bills for thousands of pounds by failing to have a sufficient survey of their property before purchase, according to new research* from RICS.

 

Home surveys help buyers make informed decisions on whether to go ahead with buying a property, before legally committing themselves.

 

Despite their importance, many buyers remain

confused about surveys.

 

A mortgage valuation report is often wrongly

assumed to be a building survey.

 

Actually, it is purely an indication of the property’s value for loan purposes, prepared for thelender, not the purchaser.

 

 

Even if you are paying for a mortgage valuation report, RICS still recommends you arrange a survey with your own surveyor.

 

There are two options available; an RICS Homebuyer Report, which provides an inspection and report on the property’s condition, plus a valuation.

 

A building survey is more detailed, and may be the best option if the property is old, in a bad state of repair, has been significantly altered, or if you are planning a major conversion or renovation.

 


 

To help homebuyers navigate the survey market, RICS has prepared some helpful tips:

 

Ask an expert

     Your mortgage company or IFA will offer you advice on your finances, but it is a chartered surveyor who can offer you professional advice on the property itself. 
 
Before you commit yourself legally your surveyor will
     advise you on what is a reasonable price to pay for the property and flag any serious defects or risks with the property.
 
 

 

Spend a little to save a lot

     The old adage a "stitch in time saves nine" couldn’t be truer
     when it comes to property.
 
By spending a small amount extra on a survey you could be
saving yourself thousands.
 
A HomeBuyer report costs just a few hundred pounds – a small amount to help uncover any unpleasant or costly surprises.
 
A building survey is more detailed and therefore more
     expensive.
 
 
Use your survey to help negotiate
a better deal

     76 per cent of those questioned agreed that a more comprehensive survey could potentially allow you to negotiate a better deal with the seller.