Mortgage Survey Information
Getting a thorough survey carried out on the property you're intending to buy is crucial - it's one area where you really must not scrimp.
There are three types of main survey:
The new lender will insist on a valuation as a means of safeguarding the loan. This brief, superficial inspection of the property is unlikely to reveal major flaws and will cost you around £300 for a £120,000 property.
This is a standard document drawn up by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers. It gives an accurate appraisal of the condition of all that is visible and will make an "informed judgment of whether to proceed with the purchase and assess whether or not a property is a reasonable purchase at the agreed price".
However, because the surveyor won't move furniture to inspect floorboards, climb onto the roof, or test electrical, gas or plumbing installations, this survey is inadvisable for people buying older or more unusual houses. Expect to pay £500 for a £120,000 property.
Suitable for all residential properties, this is the most comprehensive survey available. At around £1,000 it isn't cheap, but foundations, walls, floors, drains and even garden fences are inspected.
The Royal Institution of Chartered Surveyors: 0870 333 1600 www.rics.org.uk
Surveying information and online quotes www.surveyline.com
To find out more call us on 01204 699002