What is a survey?
Surveys are like a health check or MOT for your property. Having a survey before you purchase a property makes good sense and could save you thousands of pounds in future repair bills.
What about my mortgage Valuation?
If you are applying for a mortgage, it is likely your lender may charge you for a valuation and may provide a copy of this. However, this is not a survey, just a limited check on the property. Your lender will carry this out to ensure that the property is worth the money being paid and meets their lending criteria.
Condition issues may not be identified within the lender’s valuation and these could cost you a substantial amount to put right. It is therefore advisable to ensure you have a survey in addition to a mortgage valuation.
What type of survey do I need?
The most appropriate survey will depend on a number of factors to include the age and type of property that requires inspecting.
Types of survey
RICS Home Survey Level 1
(Formerly Condition Report)
Suitable for a purchaser of a conventional house, flat or bungalow built from common building materials and in reasonable condition. It focuses upon the condition of the property, but does not include a Valuation or Insurance Reinstatement Value, therefore a suitable addition for a client having a mortgage valuation.
RICS Home Survey Level 2
(Formerly Homebuyers Report)
Providing more extensive information for a purchaser of a conventional house, constructed of common building materials and in reasonable condition. It will provide more in-depth information relating to the condition of the property to include advice on repairs and ongoing maintenance. It will also include the Surveyor’s opinion on Market Value and an Insurance Reinstatement Value for the property. Alternatively the report can be provided without the Market Value or Insurance Reinstatement Value for a reduced fee.
RICS Home Survey Level 3
(Formerly Building Survey)
A report suited to a large, older or run-down property, a building that is unusual or altered or if you are planning major works. It will provide more detailed information regarding the structure and fabric of the property. It does not include a Valuation, but this can be provided by your Surveyor at an additional cost.
RICS Valuation
This is a formal valuation report which will provide a brief description of the property and factors that may influence the value. They are suitable for taxation, Help To Buy, Shared Ownership and accounting purposes as well as disputes such as matrimonial proceedings.
Brief Survey and Valuation
Combines information of the Market Value with advice on the condition of the property. The report will provide brief information regarding the condition of the property, but will not provide detailed advice upon property maintenance. This type of survey is most suitable for properties of a more modern construction, in reasonable condition. This report also includes an Insurance Reinstatement Value.
There are more ways we can help
We also offer a range of further services to include commercial property valuations and inspections, advice on boundary disputes and the provision of Residential Energy
Performance Certificates (EPC).
Please contact a member of our Survey team to discuss your property requirements in more detail. 01522 556088 surveys@mundys.net