When buying a property, most buyers are aware that their mortgage lender will require a standard valuation. However, this basic valuation is primarily for the lender’s benefit, ensuring the property is worth the amount being borrowed. It may not uncover potential issues or give you a complete picture of the property’s condition. For peace of mind and to avoid unexpected surprises down the line, many buyers choose to invest in additional surveys and valuations.
Here’s a breakdown of the most common types of surveys and valuations you might want to consider beyond the standard lender’s valuation:
1. Homebuyer Report
A Homebuyer Report is a popular mid-range survey suitable for properties that are in reasonable condition and under 100 years old. It’s more detailed than the basic lender’s valuation and can help identify potential issues that may not be immediately obvious.
Key features of a Homebuyer Report:
- Surface-level inspection: It looks at visible areas, such as roofs, walls, windows, and other key structural elements.
- Traffic light system: The report typically uses a clear traffic light system to highlight areas that need immediate attention (red), those that could become problematic (amber), and areas that are in good condition (green).
- Valuation included: Some Homebuyer Reports will include an estimated property value, which can give you a second opinion alongside the lender’s valuation.
2. Full Building Survey (Previously Known as a Structural Survey)
If you’re buying an older property, one that’s listed, or if you have concerns about the building’s structure, a Full Building Survey is worth considering. It is the most comprehensive type of survey available and gives a detailed report on the property’s condition.
Why opt for a Full Building Survey?
- Thorough inspection: It includes an in-depth analysis of both visible and hidden aspects of the property, from the foundations to the roof. Surveyors will look for signs of structural issues, dampness, subsidence, and more.
- Customised advice: Unlike more general reports, a Full Building Survey is tailored to your specific property and provides expert advice on potential future issues and necessary repairs.
- Detailed reporting: Expect a highly detailed report, often running to 20-50 pages, with photographs, descriptions, and advice on any problems found.
3. Condition Report
For buyers who are confident about the property but still want a second opinion, a Condition Report offers a basic overview of the property’s condition. It’s often used for modern homes where the risk of major issues is low.
Features of a Condition Report:
- Simple format: Like the Homebuyer Report, it uses a traffic light system but doesn’t include detailed descriptions or repairs advice.
- Quick check-up: This is the least detailed survey and may be best suited for new-build homes or properties that have been recently renovated.
- No valuation included: A Condition Report does not provide a valuation or offer advice on the price of the property.
4. Snagging Survey
If you’re buying a new-build property, a Snagging Survey is a wise investment. This type of survey is specifically designed to identify any issues or ‘snags’ that may have occurred during the construction process, such as incomplete finishes, poor workmanship, or structural defects.
Why consider a Snagging Survey?
- Identify defects: New builds can often have minor (and sometimes major) issues that need correcting. A snagging survey will highlight these so that they can be addressed by the developer before you complete the purchase.
- Negotiate repairs: Having a snagging survey done before the final handover gives you leverage to ask the developer to fix any identified problems, ensuring you move into a properly finished home.
5. Damp Survey
Damp issues can be one of the more serious problems in a property, often requiring costly repairs. If the property shows signs of dampness or you suspect it may be an issue, a dedicated Damp Survey is highly recommended.
Benefits of a Damp Survey:
- Specialist attention: While general surveys might highlight potential damp problems, a Damp Survey is carried out by a specialist who can pinpoint the exact cause and provide detailed recommendations for repair.
- Prevent further damage: Identifying damp early can prevent more serious structural damage down the line, saving you money and hassle in the long run.
6. Asbestos Survey
If you’re buying an older property, particularly one built before the 1980s, it’s worth considering an Asbestos Survey. Asbestos was commonly used in building materials and, while not always harmful if left undisturbed, it can be dangerous when it starts to deteriorate or is disturbed during renovations.
Why get an Asbestos Survey?
- Health and safety: An asbestos survey identifies whether asbestos is present, its condition, and whether it poses any immediate or future risk.
- Legal requirements: If you plan to renovate the property, an asbestos survey may be a legal requirement before work can begin, as asbestos must be handled and removed by specialists.
7. Roof Survey
A roof is one of the most important structural elements of a property, and repairs can be costly. If the general survey suggests potential roof issues or if you have specific concerns, a Roof Survey can provide a detailed assessment.
When to consider a Roof Survey:
- Older roofs: If the property has an older roof or has had patch repairs, it’s wise to have a specialist inspect it for signs of wear and tear.
- Preventative action: Catching roof problems early can prevent leaks, water damage, and more serious structural problems.
8. Drainage Survey
A Drainage Survey involves sending cameras through the property’s drains to identify any blockages, damage, or issues with the plumbing. It’s particularly useful if you’re buying a property in an area prone to flooding or if you’ve noticed signs of drainage issues.
Why a Drainage Survey matters:
- Unseen problems: Drainage issues are often hidden from view, but they can lead to significant problems like damp, flooding, or structural damage if not addressed.
- Peace of mind: A clean bill of health for the drainage system can give you confidence that there won’t be any nasty surprises after you move in.
While the standard lender’s valuation is important, it’s designed to protect the lender’s interests, not yours. Investing in additional surveys can give you a fuller picture of the property’s condition, allowing you to make a more informed decision and avoid unexpected expenses down the line.
Disclaimer:
This article is for general guidance purposes only and does not constitute legal, financial, or professional advice. Mortgage products and their terms can vary, and it is important to seek advice from a qualified, regulated professional who can assess your individual circumstances. Please ensure you consider your unique needs before making any financial decisions.
While every effort is made to ensure that the information provided on this blog is accurate and up-to-date, we do not guarantee its completeness or accuracy. The mortgage market can change rapidly, and the information on this blog may become outdated. We recommend verifying any information before acting on it and seeking tailored advice.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
