Mortgage Advice in Bishops Stortford:
The purpose of a survey is to inspect the property in detail, so that you know exactly what you are about to take on. You may ask yourself "What is the downside?" Well, you will have to pay for it - even if you never buy the house.
If no hidden problems are thrown up by your survey, you can relax - safe in the knowledge that what you see is what you get, more or less.
However, if substantial defects are uncovered, you might get room for negotiation on the purchase price. Alternatively - if the news is particularly bad - you may decide to pull out of the deal altogether. Either way, you can save an awful lot more money in the long term.
A Valuation Is Not A Survey!
Don't confuse a survey with a lender's Valuation. This is for the lender's own use and merely tells them that the property is (hopefully) worth what you are paying for it. If you don't pay your mortgage, they are entitled to sell the property and the valuation report determines whether (at current market rates) they would get their money back. They may give you a copy of the report, but it is unlikely to provide enough detail for you.
The Two Types of Survey:
Homebuyer's
Unless the property you are looking at is in very bad repair, this type of survey is adequate in most cases. The surveyor will check all visible and accessible parts of the property. The report, normally 5-10 pages long, will describe the main fabric of the property, and list any defects that need attention.
Full Structural
If the property was built before 1900, or if you are planning substantial renovation, it is worth getting a full structural survey. The report, which may be 10 - 20 pages long, depending on the size and state of repair of the property, will provide a full description of the structure, list all the defects (including minor ones), and request specialist reports if the surveyor suspects problems with, for example, drainage or subsidence.
How Do I Choose My Surveyor?
Your lender will appoint a surveyor to carry out the valuation for mortgage purposes, so it may be cost-effective to ask the same company to carry out the Homebuyer's or Full Structural Survey at the same time. However, before you give the go-ahead, obtain telephone quotes from one or two other companies. Firstly, the lender's surveyor is acting for the lender first and foremost, so you may wish to seek a more independent assessment of the property. Secondly, as valuers increasingly compete for a share of the market you might be surprised at the different quotes you get.
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