If you’re moving home, then you might be wondering whether to bother with a house survey. Or you may have already decided to go with one, but are unsure about which type to go for.
We take a look at the three main surveys in this blog…
1.Mortgage Valuation
If you’re buying your new home with a mortgage, then your lender will require you to take out a mortgage valuation survey.
It’s a 15-30 minute survey to give your bank the assurance that the property is worth the money they’re lending you. The surveyor will base this on comparable prices in the area.
Your lender may offer you a free mortgage valuation, with the option to upgrade to a Homebuyers or Building survey – which you would then have to pay for. However, if the bank doesn’t include the mortgage valuation as standard, the cost will depend on the value of the house you’re purchasing – typically anywhere between £150-£400.
2.Homebuyer Report
The Homebuyer Report provides a more extensive review than a mortgage valuation, and will provide information which is of value to you, rather than the lender.
It will describe the condition of your property and aims to uncover any obvious or hidden defects with the property, such as potentially unstable walls or a roof that might need fixing – things that you may not have noticed in your viewings. The surveyor will inspect the inside and the outside of the main building and all permanent outbuildings, but won’t pull up carpets or move furniture.
It will also include advice on repairs, highlight legal issues which may need to be addressed before purchasing the property and information on the local environment.
The surveyor will rate the condition 1-3 of the main parts of the building, garage and some outside elements. It works using a traffic light system:
- Green – No repair currently needed
2. Amber – Defects that may need repairing but are not urgent
3. Red – Defects are serious and need to be repaired, replaced or investigated urgently
You should be aware that the ‘red’ rating is not always something that needs to be of concern. For example, it may be that the surveyor recommends you have a specialist to look at that area such as damp specialists, qualified electricians and gas engineers.
The estimated cost to upgrade to a Homebuyers if your lender would allow you to do so is between £200 and £500.
If you were to choose a Homebuyers Survey independently, the cost is usually between £400-£800.
3.Buildings Survey
This is the most extensive type of house survey, which should be chosen if you’re buying a large, old or run-down property. It gives detailed information about the structure of a property and the surveyor will check behind walls, go into the attic and look between floors.
It includes a description of potential problems caused by hidden flaws, an outline of repair options, details of serious risks and advice for your legal advisers.
This type of survey is recommended for period properties or homes that have had alterations, or if you wish to extend or alter the property.
The estimated cost is anywhere between £600-£2,000.
A homebuyer or buildings survey is optional, but they can help you to avoid expensive problems further down the line and may give you peace of mind. You can even use the information within a report to renegotiate on the price of the property – or you may ask the seller to fix the problems before you buy it.
We would definitely recommend a survey if you’re buying an older or period property, or if you’re unsure about its condition.
If you’re looking for a new home in West Yorkshire and want advice from a mortgage advisor, then call our Huddersfield-based broker on 07834 818805. We can also provide our recommendations on house surveys.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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