A mortgage survey is an essential part of purchasing a property, and the cost of your survey will depend on the value of the property and the type of survey that you have done.
A mortgage lender will instruct a basic mortgage survey, but other types of survey are available and include;
Valuation:
When you arrange your mortgage, your lender will instruct a surveyor to carry out a basic mortgage valuation. This valuation is not a full survey and is unlikely to go into detail about the condition of the property.
The valuation is conducted on behalf of the lender, to ensure that the property is worth the amount that the lender is about to lend to you. You will normally have to pay a fee, usually in excess of £200, depending on the size and purchase price of the property, although some lenders may waive the valuation fee as an incentive to secure your mortgage.
The Council of Mortgage Lenders and The Royal Institution of Chartered Surveyors strongly advise that you get a more detailed survey done before you purchase a property.
Homebuyer’s Report:
A homebuyer's Report is most suitable for ‘normal’ properties.
Sometimes referred to as Homebuyer’s Surveys, this type of survey should highlight any problems, giving you the opportunity to negotiate a lower price.
Structural Survey:
A Structural Survey, sometimes referred to as a Building Survey, is carried out by a professional surveyor and is the most comprehensive check of the inside and outside of a property.
It offers the greatest protection for the potential buyer, not only because it should pick up all but the most hidden defects, but also because it gives you cover against negligence by the surveyor.
If you would like more information about this or any other mortgage product offered by Cook Allen & Associates, please call 0845 257 9301, or complete our brief questionnaire and one of our qualified mortgage advisers will get in touch to discuss you mortgage requirements.
|
