You are about to make one of the most important financial decisions of your life. By obtaining a survey you can ensure you are in the know about your property and there are no surprises after you move in.
A survey might appear as additional, unnecessary cost, but it is better to be aware of any matters that might need attention now, rather than discover problems that are time consuming and expensive to resolve, after you move in. It will also give you comfort that the price agreed represents market value.
No. All the lender needs is a valuation of the property, so they are comfortable that they are not lending you more than the property is worth. Although you may be paying for it, this valuation is carried out for the benefit of the lender only. It is not a detailed inspection, and it will not necessarily alert you to faults or potential issues with the condition of the property, unless it affects the mortgageability.
It is often possible to request a detailed survey to be carried out at the same time as the mortgage valuation. Find your local office and speak to one of our Mortgage Consultants, or to speak directly to Connells Survey & Valuation Private Client Team please call 01525 218619.
There are three types of survey available, these differ in terms of content and service features.
This is a first level report that can be used for 'conventional' properties such as houses, flats or bungalows that are constructed from common building materials and in a reasonable condition. The report focuses purely on the condition of the property and provides:
This report is provided on your behalf, rather than your lenders. Please be aware it does not provide either a valuation or insurance reinstatement figure.
This report provides more extensive information than the condition report. It is suitable for 'conventional' properties such as houses, flats and bungalows that are constructed from common building materials and in a reasonable condition. It will provide all of the information included in the Home Condition Report as well as the following additions:
This is a much more detailed assessment of the property than the Homebuyer’s Report and is often recommended for much older properties, or those of unconventional construction or features (such as a thatched roof). The surveyor will seek to look at all parts that are easily accessible or visible, in order to assess the structure and condition of the property.
You should be warned that this type of report can be very detailed, and will aim to identify every possible defect. The contents of the report should therefore be discussed with your surveyor, and considered in the context of its age and market value - no property is perfect, and the price agreed may well already reflect its condition.
It is often possible to request a detailed survey to be carried out at the same time as the mortgage valuation. Find your local office and speak to one of our Mortgage Consultants, our agency Negotiators or to speak directly to Connells Survey & Valuation Private Client Team please call 01525 218619.
Connells Survey & Valuation Limited, one of Country’s leading national firms of Chartered Surveyors and part of the Connells Group, would be pleased to assist you. They offer a range of services, including:
For further information and advice please telephone Connells Survey & Valuation Private Client Team on 01525 218619, or click on the request details button below.
Copyright © 2014 Connells Group. All rights reserved.
Connells Residential is an Appointed Representative of Connells Limited who is authorised and regulated by The Financial Conduct Authority for advising on mortgages and non-investment insurance contracts (most Buy to Let mortgages are not regulated). Registered in England No: 1489613. Registered Office: Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN.
If we have previously arranged a Mortgage Payment Protection product from Allianz for you and you would like Claims ratio data, this is available upon request in writing to Compliance Mortgage Services, Connells, Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN or by email to CustomerRelations@connells.co.uk. Alternatively you may request this data by contacting us on 01525 218 556.
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