What type of survey do I need?

Arranging a survey

Your home will probably be the biggest purchase you will ever make.  It is therefore worth paying for a survey to check the property is solid.  A survey could also save you a huge amount of money in expensive repairs at a later date.  There are several different types of surveys:

The two types of surveys provided by surveyors of the Royal Institution of Chartered Surveyors (RICS) and which reallymoving.com recommends are:

Homebuyer Survey and Valuation (HSV) to be replace by the HomeBuyers Report at the end of March 2010.

The Home Buyer Survey and Valuation is appropriate for conventional properties built within the last 150 years, and which are in reasonable condition.  The report details important problems that could make a difference to the value of the property and gives an opinion on its valuation.  It is worth remembering that if you employ the surveyor directly, you will own the details of the survey and you can negotiate accordingly.  Independent surveyors are also extremely happy to discuss the results of their surveys and you will find post-sales communication easy.

Building Survey

The Building Survey - also known as a Full Structural Survey - provides a detailed report on the property’s construction and condition. It can be applied to any age of property but is particularly helpful for dilapidated properties and those that have been extensively altered.   Building Surveys are also useful if you plan to renovate or convert the property.

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Mortgage valuation survey, or Lender's valuation

This is organized by your mortgage lender.  They send a specialist to value the property to determine whether it is worth the amount you have negotiated, and whether the mortgage lender should give a mortgage on it.  These can vary from ‘drive by’ valuations to a more in-depth inspection of the property.

You should note that the valuer is only concerned with problems that might affect the protection of the mortgage lender’s loan.  The Mortgage Valuation is not obliged to reveal any structural problems that need fixing.  The lender simply needs to know that they can recoup their loan, if needs be.  There may be problems with the property but they will not appear in the valuation report.