Types of surveys

By: Esurveyors  27/02/2009
Keywords: Surveyors, Chartered Surveyors, surveying services

In England, Wales and Northern Ireland a valuation is usually commissioned by your mortgage provider, and, in many cases, you will receive a copy of the valuation. A valuation is designed to confirm to your lender whether the property represents suitable security for the mortgage you want. It might recommend a retention of part of the loan until essential works are carried out, but is based on a very limited inspection. It should not be regarded as a survey of your future home. The price of the mortgage valuation is determined by your lender, usually linked to the purchase price of the property. Typical mortgage valuation costs start at £150 for a property priced up to £100,000. In many instances the lender may charge an application fee which includes the valuation fee. This type of valuation can also be done for private clients for specific purposes, for example tax, probate or matrimonial.

Homebuyer Survey and Valuation
This is a form of report which is designed for houses built since 1900, although in some cases it may be suitable for older properties. This is a popular report, presented in an easy to read format with standard headings and the minimum of technical jargon. It is an economy report and therefore less costly and less detailed than a Building Survey. The report will enable you to:  Make a reasoned and informed judgement on whether or not to proceed with the purchase. Access whether or not the property is a reasonable purchase at the agreed price. Be clear what decisions and actions should be taken before contracts are exchanged. The report also provides an insurance figure where possible, so you can obtain competitive quotations for buildings insurance. Fee levels from area to area do vary due to local factors. Our fees are based on an estimate of the time it will take a surveyor to inspect the property, draw conclusions and then prepare a report. A Homebuyer survey and valuation is carried out in accordance with Standard Terms of Engagement produced by The Royal Institution of Chartered Surveyors.

Building Survey
A Building Survey is suitable for any residential property and provides a detailed picture of its construction and condition. If the property is extensive, has been altered or is in a run down condition, then this is the report to opt for as it provides much more information. A building survey is a highly detailed report that can be designed around your specific requirements. The report will usually comprise:  A comprehensive appraisal of the means and materials of construction. An analysis of significant defects revealed and advice on repair or investigation. Identification of less significant defects, general disrepair and shortcomings in the physical condition, maintenance and design of the building.  A buildings insurance figure is provided where possible.  

Keywords: building survey, chartered surveyor, Chartered Surveyors, homebuyers report, surveying services, surveyor, Surveyors