Whether you’re a first time buyer in Leicester or looking to remortgage in Leicester, choosing the right property survey is very important.
Our team of experienced mortgage advisors in Leicester are here to help you navigate this process and select the best survey option for your needs.
Mortgage Valuation
When you apply for a mortgage, the mortgage lender will conduct a property valuation to assess its value and evaluate the associated risk. There are two main types of valuations: physical and automated.
Physical valuations involve a surveyor visiting the property to assess its condition, which is particularly beneficial if the property has undergone renovations or has specific features that need closer examination.
On the other hand, automated valuations rely on an online database to compare the property to similar ones in the area. While automated valuations are faster, they may not always provide the same level of accuracy as physical valuations.
It’s worth noting that some mortgage lenders may offer a free valuation, although this can vary.
Mortgage valuations are generally the least expensive option as they provide a basic assessment and don’t delve into extensive property details like other types of surveys, which may identify potential concerns or issues.
Homebuyer Report (Level 2)
If you’re considering purchasing a property, it’s highly recommended to obtain a homebuyer report to ensure its safety and overall quality.
During the inspection, a thorough examination of each room in the property will be conducted to identify any potential issues that may require further investigation or immediate attention, such as dampness, mold, or problems with the ceilings.
The homebuyer report will also assess the property’s compliance with current UK property regulations and highlight any legal matters that should be addressed prior to finalising the purchase.
It’s important to note that homebuyer reports offer more comprehensive insights compared to basic mortgage valuations, which is why they come at a higher cost.
Some mortgage lenders may provide the option to include a homebuyer report for an additional fee, while you can also choose to obtain an independent homebuyer report from a qualified and accredited surveyor.
It’s worth mentioning that a homebuyer report may not be suitable for certain types of properties, such as listed buildings, older properties, properties that have undergone extensive modifications, or those in need of significant modernisation.
Please be aware that a homebuyer report typically does not include a market valuation, but this service may be available for an additional fee if required.
Building Survey (Level 3)
A building survey is the most comprehensive and detailed property report available, suitable for all types of properties and particularly beneficial for older ones. It provides a thorough assessment of the property’s condition, identifying necessary repairs and potential upgrades.
During the building survey, you will receive information regarding any legal issues, areas of concern, possible defects, and expert advice on how to address these issues. The report may also include a repair timeline, comments on energy efficiency, and details on the construction of the property.
Furthermore, the building survey encompasses a comprehensive visual inspection of broader aspects such as the roof space, ground floors, and services. Due to the extensive level of detail provided, this type of survey typically comes with a higher cost compared to other surveys.
It’s important to note that your mortgage lender may not automatically offer a building survey, but you can inquire about adding it to your valuation for an additional fee.
Similarly to homebuyer reports, a building survey usually does not include a market valuation, although this service may be available at an additional cost.
Obtaining a building survey ensures a thorough understanding of the property’s condition and any potential issues, allowing you to make informed decisions regarding necessary repairs or upgrades.
Specialist Property Surveys
During the process of a homebuyer report or building survey, certain issues may be identified that require additional investigation and specialised reports.
There are several types of specialist surveys and reports that can be conducted, depending on the specific concerns raised. These include damp and timber reports, roof inspections, drainage assessments, gas and electric evaluations, asbestos inspections, and central heating assessments, among others.
If any of these issues are flagged during your property inspection, we can help you in finding a local specialist who can conduct the necessary investigations and provide detailed reports on the specific areas of concern.
It’s important to address these issues promptly to ensure the safety, functionality, and longevity of the property.
Date Last Edited: December 6, 2023
