Whether you obtain a mortgage report or you are a cash buyer, you need to make sure that the property you purchase will not give you any nasty surprises. You cannot rely upon a mortgage report to give you a detailed picture of the condition of your property.
Both the Council of Mortgage Lenders and the Consumers' Association recommend that you obtain an independent survey by a chartered surveyor. This may find serious faults to your property; it could prevent you from making an expensive mistake or enable you to renegotiate the price to reflect the faults.
You have a choice of two types of reports:
- The HomeBuyer Report. This is a budget report which grades the faults to the building in order to allow you to make an informed judgement on whether to proceed with the purchase. It provides you with a valuation and outlines what action to take before you exchange contracts. * It is intended only for particular types of home: houses, flats and bungalows which are conventional in type and construction, and apparently in reasonable condition.
* It focusses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property.
- A Building Survey (also known as a structural survey). This gives an in depth report upon the construction and condition of the property. It is best suited to old or unusual buildings. * It is recommended and needed if the property is, older, dilapidated, in need of repair, has specific problems, or has been extensively altered, or where an extension, conversion or renovation is planned
* It is usually designed to the client's individual requirements and the specific circumstances regarding the property.
The report often includes extensive technical information on construction and materials as well as details of the whole range of defects, major to minor.
Other Types of Surveys
In addition to the two main types of surveys listed above, we also provide other specific surveys which can often be required by your lender during the process of a mortgage valuation. Examples include a Specific Defect report to investigate and determine the exact cause of the problem such as settlement or subsidence or even the cause of dampness within a bedroom. Damp and timber reports to determine the causes and extent of dampness within the property together with what remedial repairs are required. Cavity wall tie reports determining whether a property is suffering from wall tie failure and extent of any remedial repairs.
No matter what type of survey you require, we are well equipped to service clients across Berkshire, Buckinghamshire & London with offices in Beaconsfield, Ealing, Knightsbridge, Ruislip, Westminister and Windsor.