Property Search - First Time Buyers Guide - Organising Valuations and Surveys

Around the same time that you begin the conveyancing process, you should also arrange a professional survey.

This is a requirement of your mortgage provider who will want to be sure that the property you are buying is worth the amount of money you want to borrow.

It is also reassuring to get the house professionally checked, in the same way that a mechanic will check a car to ensure it is worth buying.

There Are Three Types Of Valuation And Survey:

Mortgage Valuation Report - The mortgage lender will appoint a surveyor to value the property and ensure that it is suitable to lend against and helps determine the size of the loan. You will be required to pay for this.

Homebuyer's Report - A more extensive inspection of the property, which provides information on:

General condition of the property
Factors likely to affect the value
An estimated rebuilding cost for insurance purposes

It is important to remember that the surveyor will only be able to comment on the apparent condition of the property and cannot be expected to see things hidden beneath carpets or furniture. If a major problem is found, then a more detailed inspection can be arranged.

Surveyors are also not responsible for testing wiring and water supply. Again they can only comment on the apparent condition and a full inspection should be undertaken by an electrician or plumber if necessary.

Building Survey - Only really required for older properties, those in need of repair or major renovation. The survey can last for several hours, on all visible parts of the property.

The survey will make recommendations and highlight any faults found, along with a possible cost for repairs. This could have an affect on the price of the property or the buyers decision to go ahead with the purchase.

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