Let's Talk Property Surveys

When purchasing a property, you'll likely hear about several types of building survey. A mortgage valuation will always be undertaken, unless you are a cash buyer, however the other survey types are available at the buyer's discretion.

A mortgage valuation report is undertaken by your chosen provider to determine whether the property is suitable for lending purposes. Many of the more well known lenders undertake these free of charge nowadays, with others charging a fee depending on purchase price.

Regardless of whether the mortgage valuation is paid for or provided free by the lender, it's important to remember this valuation type is purely for the lender's purposes. Information provided will be limited, with some lenders not providing any information other than the valuation figure and whether or not this is acceptable.

If you want your own property survey undertaken, there is a choice between 3 levels.

A Level 1 survey is the cheapest of these 3 options and also the least in depth. The survey will point out more obvious defects with the property, but won't go as far as providing any detailed advice on remedy.

Level 2 surveys will help determine whether additional specialist advice is required before you fully commit to the purchase. This survey will include more extensive inspection of the property roof space and drainage. You can include valuation within a Level 2 survey to help avoid the wrong building insurance amount.

Also known as a full building survey, Level 3 is the most in depth report available. This provides extensive analysis on the property's current condition and defects, as well as advice on any repairs.

The RICS website has a useful search tool which can help identify surveyor firms in your area, with our advisors also on hand to help with any queries you may have.