Building Survey 

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It is often a good idea for a professional surveyor to assess the property before you agree to buy.

A qualified surveyor will carry out a detailed valuation, noting the stability of the structure and the general condition of the property. Although a basic survey should satisfy most lenders you may further benefit from a detailed assessment as the surveyor may highlight areas of concern that you have previously missed.

There are two main types of survey: the Homebuyer Survey & Valuation Report (also known as the Property Survey) and the Building Survey (formally the Full Structural Survey). All lenders require at least a basic valuation to be carried out and with a more detailed valuation you may be able to prevent the surprise of costly structural work.

A Building Survey can report on:   

• major and minor defects and what impact they could have
• the likely cost of repairs
• results of damp testing on walls
• damage to timbers – including woodworm and rot
• the condition of damp-proofing, insulation and drainage (though drains aren’t tested)
• technical information on the construction of the property and the materials used
• the location
• recommendations for any further special inspections 

Your home is a big personal and financial investment and you want to make sure that the property is in the best possible condition when you buy. Do understand that older the property is the more likely it is to suffer from defects.  Not every defect poses a major problem and the more serious defects may be used as a tool to negotiate a lower selling price.

If a problem occurs after you have moved into the property that was not raised in the survey you may be eligible to claim compensation from the surveying company.

Click here to find out how Smartlandlord^® can help you valuate your property.

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