There are three main types of property surveys available to you. Included in this article is a brief insight provided by our Mortgage Advisors in Leicester, into which may be the best possible route for you to choose.
Being a First Time Buyer in Leicester when you got an offer accepted on a property, your next job is to arrange a survey to establish the condition of the property.
When you do this, you’re ensuring that it is worth what you are going to pay for it. If something got found on the survey, you are then in a position by law to approach the seller to negotiate a price for the works required.
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you.
There are 3 main types of property survey available to you in Leicester:
A fundamental valuation is the cheapest option, and you will be required to have one of these before you receive your mortgage offer.
Please don’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what it is lending you.
Your mortgage lender may even offer you a free fundamental valuation as part of your deal.
A Mortgage Valuation will not highlight any repairs that are needed. However, it may point out any apparent defects and recommend that you investigate further.
A Homebuyer’s report will cover structural safety and highlight problems, including damp, as well as anything that doesn’t meet current building regulations.
This kind of story will give you an independent report of your property by an expert.
Make sure you aren’t paying for two surveys. It is advisable to ask the mortgage companies surveyor to carry out this report for you – it will usually take a couple of hours to complete.
A Full Structural Survey is advisable for older properties and those of non-standard construction.
Depending on the property size and type – a full structural survey can take as long as a day to complete.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with peace of mind about the state of your property.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.