Survey Options

There are three types of Survey inspection:

 

• Mortgage Valuation
• Homebuyer Report
• Full building survey

 

A survey inspection may uncover no major problems. However, sometimes you may need to carry out repairs in the next few years, or as soon as you buy the property or even before you receive the entire mortgage (known as a "retention").

 

Mortgage Valuation

 

Most lenders require a mortgage valuation to establish that the property is worth at least as much as you're borrowing. The valuation is carried out for the lenders benefit and is designed to primarily meet the lender's needs.

 

We strongly recommend that you have a more thorough survey undertaken. Remember mortgage valuations are designed to meet the lender's needs, which may not be the same as yours.

 

Homebuyer Report

 

This is possibly the most popular survey carried out to a format approved by the Royal Institution of Chartered Surveyors.

 

It will provide you with information about the quality and condition of the house you want to buy and give you an estimate of its market value.

 

Major visible defects are listed and the surveyor will recommend any further investigations that they think appropriate. HomeLink Members can arrange for a Homebuyer Report to be carried out for you.

 

Full Building Survey

 

This survey goes too much greater lengths to assess the condition of the property. It should tell you about any defects and advise you about the possible implications. If the surveyor cannot be certain about a particular defect, they may recommend a further investigation.

 

The cost of a full building survey starts at around £350 plus VAT, but the price you pay will depend on your requirements. HomeLink Members can arrange for a Full Building Survey to be carried out for you.