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Surveys & Valuations

A Survey report is crucial when purchasing a property and we would strongly advise all of our clients to obtain one before committing themselves to purchasing a property.

A Survey on whether or not a property is a worthwhile investment and on the building’s overall structural condition, highlighting any issues or structural defects. It is in your best interest and a mandatory requirement by any lender for a Survey to be carried out prior to buying a property.

There are 3 types of Surveys:

Basic Valuation Report

Mortgage providers usually require a Valuation Report on the property before they are prepared to lend you any money since they need to be certain that the property will provide enough security to cover the amount they lend you.

The average cost for a Valuation Report is approximately £200.00 and your in the majority of cases your lender will arrange this for you. If you are purchasing a new build property that is still in the process of being developed, the mortgage provider usually carries out their own checks on the developer and on the new development.

Homebuyer's Report

This is similar to the Valuation Report however this also includes basic information about the property such as any building defects, the building’s actual structure in place and in place at that moment in time and other issues that may influence the property’s valuation.

The average cost for a Homebuyer’s Report is approximately £300.00 and in the majority of cases your lender can arrange this for you; alternatively you can instruct a local agent to carry out an inspection and provide you with this report.

This type of Survey is highly recommended if you may be buying a new development that doesn’t come with a NHBC Warranty or any other type of warranty that would normally insure the property against any future structural defects as a result of the builder not having adhered to the guarantor’s strict requirements.

Full Structural Survey

This type of survey is highly recommended for properties that have a high valuation and or are very old.

This is similar to the Homebuyers Report however it provides the most in-depth report into the overall condition of the property and as to how it was constructed as well as additional information regarding the foundations, walls, roofing and foundations etc.

The average cost for a Full Structural Survey can vary between £600-£900+ but you would have to instruct a local agent to carry out an inspection and provide you with this report. Arranging a property Survey is one of the main things to do after your offer has been accepted.

You must also ensure that you pick the right type of Survey to meet the requirements set by some lenders.

Feel free to contact our offices on 0845 458 6291 or email us at info@averyknights.com; whatever the nature of your query we will be more than happy to assist.