Step by Step Guides Buying

Looking to get on the property ladder? Broaden your portfolio? This guide covers all the aspects involved in a property purchase, helping you whether you’re a first-time buyer or have some experience in the property market.

Sections:

1. Where to begin
2. Property Hunt
3. Viewing
4. Conveyancing
5. Offer and Application
6. Survey
7. Mortgage Agreed
8. Searches
9. Exchange
10. Insurance
11. Complete
12. Moving

6. Survey

A survey is useful both to you and your mortgage lender to assess whether the property is worth what you're agreeing to pay for it.

Surveys are expensive but can be very useful. A professional surveyor can spot issues that most of us can't, which will save you money in the long run as you'll avoid expensive repairs by being completely aware of all the problems in the house.

The Basic Valuation

• Required by the lender to continue with the mortgage application. However, you must assume the cost.
• Compares the property to similar ones in factors such as age, condition and location and from there arrives at a value.
• The lender will rely on this to evaluate your mortgage application. If the house is not worth the purchase price, they may withdraw your mortgage offer or condition it to repairs to be made.
• Takes about half an hour and costs range from £100 to £300 depending on the house price.

The Homebuyer's Report

• Much more detailed than the basic valuation.
• Recommended for houses under 50-75 years old, and in generally good condition.
• Indicates the state of the property and its level of repair and maintenance.
• Reports on all visible parts of the property, pointing out areas which will need work immediately or later.
• Takes about 1-2 hours, and the results should be delivered within three to five days.
• It is usually cheaper if you get your basic valuer to do it at the same time.
• Prices start at £250 up to £500, depending on the price of the house.

The Building Survey (formerly Structural Survey)

• The most comprehensive and costly of the surveys.
• Recommended for older buildings (>75 years), properties built with unconventional materials and heavily rebuilt, extended or altered properties. It is, however, suitable for any building.
• Surveyors will check the condition of the house (structure and major / minor faults) based on everything that is visible or easily accessible.
• You will receive an extensive report, as these surveyors are required by law to inform you of all the findings.
• Takes about a day and the results should be delivered within 2 weeks.
• Prices can go up to £1000, depending on the price of the property.

You can find a surveyor here in our directory.

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