Once the offer you put down got accepted, your lender will conduct a property survey to examine the property’s condition, highlighting structural faults and recommending any repairs or maintenance work that needs doing.
In some cases, if the property is in unsatisfactory condition and needs lots of work on it, your lender may reduce the original amount they were going to offer you because their offer doesn’t match the price/condition of the property.
It’s a property surveyor’s job to make sure you are aware of any repairs to any minor damages that need to be taken care of straight away before your move-in date.
Some noteworthy organisations provide property surveys and homebuyers reports in the UK. They are the Royal Institution of Chartered Surveyors. Ensure that you only hire a surveyor who is an accredited member; the three main types of property surveyed carried out are:
Each survey has differences in how they work, pricing and how long they take to carry out. You may find that your mortgage lender will include a free property survey in your offer.
However, not every lender will offer this service free of charge. If your deal includes a free survey, you may end up paying slightly more for set-up/arrangement fees.
For example, one survey can go into way more depth than another. If you come across something that you weren’t informed about in your survey report, by law, you are in a position to work out an alternative price if necessary.
These are the simplest types of property surveys. Mortgage valuations are performed to measure how much a property is worth.
If a Mortgage Valuation is carried out and it’s found that the property is not worth the amount that you’ve agreed to pay for it, your lender may withdraw their offer as they’ll be lending you more than the property’s worth. You can either try and re-negotiate the price with the owner or pay the difference between the offer and how much the lender is now going to lend you. This situation is called a down valuation.
This survey is the cheapest property survey; however, it won’t go into much detail. The survey will focus on obvious repairs and defects such as structural damages. However, it will not show small, minor damages on the property.
You’ll need to upgrade your survey for a report with further detail. Although this may be costly, this could be worth it in the long run as you may find out everything that needs preparing in your home before further damage is done.
A Homebuyer’s Report will determine how safe the property is to live in. The survey looks at issues such as mould, damp walls and ceilings or things that do not pass the current building laws.
The property will be examined from top to bottom, inside and out. The surveyors will look at everything. This process could take up to a day on a large property.
As a mortgage broker in Hull, we would always recommend a Full Structural Survey if you want a detailed report of the home that you’re buying. We would particularly advise those buying an older house to take up this survey too as it will highlight major repairs and damages in the property. Older buildings are more likely to come with defects and damages.
Although a Full Structural Survey is the most expensive property survey, it will provide you with the most information about the property. The report will go in-depth, highlight the overall condition of the property, and show what changes will need to be made if the property purchase goes through.
A Full Structural Survey can take as long as a whole day depending on the size of the property.
If you buy a new build property, property surveys work a little differently. You’d think that since the property is new, you wouldn’t have to get a property survey carried out on it. However, it’s always best to do one just in case.
There is a property survey designed for new builds called a Snagging Survey. This survey will break down the property’s overall condition, pointing out both minor and major issues. The survey can point out something as simple as a missing door hinge to a crack in the ceiling (which is unlikely to find in a new build).
If you’re moving into a new build that’s already been built, it would be wise to get a snagging survey carried out on the property before you move in. This will give you the power to negotiate the price if anything is wrong with the property.
If you’re struggling to choose a property survey, our Mortgage Advisors in Hull are always here to help. To speak with a mortgage advisor, book your free mortgage appointment online or give us a call.
We’ve helped many First Time Buyers and Home Movers in Hull choose the best property survey for their new home. Let us help you next!