There are three different types of property surveys for you to choose. Here we will do our best, as an expert mortgage broker in Sheffield, to provide a brief insight into that the best route to choose.
When an offer has been made and accepted, the next step is to arrange a survey to establish the condition. Doing this can confirm to you that it is worth what you are willing to pay for the property.
If something gets discovered on the survey, you are then legally, are within full right to approach the seller and discuss a better price that will also cover the costs.
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you.
To secure your mortgage offer, you will be required to pay for one of these (do not confuse this with a full survey). The mortgage valuation provides the lender with a confirmation that the property is at the very least, worth the amount you are borrowing.
In any case, a mortgage valuation will not highlight any repairs that are needed, it can. However, point out any apparent defects and recommend that you take further investigation. Of which you will get required to fork out.
Homebuyers report is to cover structural safety. As well as highlighting problems, i.e. damp and anything else that doesn’t meet current building regulations. Additionally, this will give you an independent report of your property by an expert.
We highly recommend you ask the mortgage company surveyor. To carry out this report for you to make sure you are not paying for two lots. The time frame for this survey usually takes a couple of hours.
If your property is older or of non-standard construction, this survey type is the one to choose. A full structural will be able to give you a detailed report on the condition of the property. Highlighting any issues that should get investigated further before you finalise the purchase.
You can find a surveyor to carry out a Homebuyers report or building survey. Through the Royal Institution of Chartered Surveys.