Which Property Survey Should I Choose? | Mortgage Broker in Hull
Property Survey Mortgage Advice in Hull
Your Local Expert Mortgage Advisor | Hullmoneyman
What sort of survey to consider?
If you have had your offer accepted on a new home, the next job is to arrange a survey to establish the condition of your property and to find out if it’s worth what you are paying for it. Using our experience, knowledge and local contacts we are usually able to help you here. Please find below a short summary of the different surveys available. Remember, your Mortgage Advisor in Hull will be available to answer any further questions.
What is a Property Survey?
A property survey is a detailed inspection of a property’s condition. The surveyor inspects the property and tells you if there are structural problems like unstable walls or subsidence. They will highlight any major repairs or alterations needed, such as fixing the roof or chimney chute. The report from the surveyor also provides expert commentary on the property, from the type of wall to the type of glazing.
There are 3 main types of property survey available to you:
- Mortgage Valuation
- Homebuyer’s Report
- Full Structural Survey
What is a Mortgage Valuation?
This is not a survey, it’s an often brief look at a property to assess how much the property is worth for your mortgage lender. Your mortgage lender will usually insist on using a company they trust and you will have to pay for it. The cost of a mortgage valuation varies depending on the size of the property, these can be in the region from £300+. Often, some mortgage lenders offer free valuations as part of a deal; but we’ll help you weigh up taking them up on this compared with other better deals.
What is a Homebuyer’s Report?
This survey will cover structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. This kind of report will give you an independent report of your property by an expert.
To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you – it will usually take a couple of hours to complete.
What is a Full Structural Survey?
This survey is advisable for older properties and those of non-standard construction. Depending on the property size and type – a full structural survey can take as long as a day to complete.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with a peace of mind about the condition of your property.