CHOOSING THE RIGHT SURVEY

CONSIDER YOUR OPTIONS...

Choosing the Right Survey

Connors Surveyors are totally independent. We do not sell houses or financial services. We aim to provide easy to read and well presented value for money reports, advising you on the condition and value of your property or intended purchase.

Both the Consumers' Association and The Council of Mortgage lenders stress the importance of commissioning a survey before you buy a property.

A Mortgage Valuation is NOT a survey.

The primary aim of your lender is to ensure that the property you propose to buy will provide adequate security for the loan you need to borrow to purchase the property. In other words, a Mortgage Valuation is primarily for the benefit of the lender.

A Survey from a qualified Chartered Surveyor will give you peace of mind - a Survey is a detailed inspection of the property and will cover details that a Mortgage Valuation doesn't cover.

Unless you know the specific features of valuations and surveys, it can be a little confusing deciding which report will most suit your requirements.

Let us guide you to the right survey.

MORTGAGE VALUATIONS

  • A Mortgage Valuation is carried out by Mortgage Lenders to ensure the property you are buying is worth what you are borrowing
  • Most Mortgage Lenders will charge you for a valuation
  • A Mortgage Valuation is unlikely to pick up on specific defects that are detailed in other surveys
  • A Mortgage Valuation is unlikely to detail structural problems that may exist in the property you wish to purchase
  • A Mortgage Valuation is primarily for the benefit of the lender
  • A Mortgage Valuation is NOT a Survey

HOMEBUYER SURVEY AND VALUATION REPORT (HSV)

Homebuyer Survey and Valuation ReportA HSV (or Homebuyer's Report) adheres to a specific format devised by The Royal Institute of Chartered Surveyors (RICS). It is particularly useful for properties of conventional construction no more than 100 years old.

For Homebuyers purchasing properties over 100 years old that require major renovations or significant alterations, we strongly recommend that you commission a comprehensive Building Survey.

  • A HSV focuses on the condition of the property in general
  • It includes comments on urgent problems that the Homebuyer should be aware of that may effect the value of the property
  • A HSV will include comments on any problems in accessible areas that require a detailed inspection from a specialist, prior to purchase
  • A HSV Report details the results of walls that have been tested for damp problems
  • The HSV will also include the market value of the property and an estimation of rebuilding costs in the event of fire, for your building insurance

Advantages:

  • This survey is an economical option; it doesn't cost much more than a Mortgage Valuation but it is far more comprehensive
  • The HSV comments on critical issues that may need to be addressed before continuing with a sale
  • This survey is often favoured to a standard mortgage valuation by Homebuyers because it is good value for money. Not only do you get peace of mind that major defects will be detected but you also get a market valuation from an independent surveyor

BUILDING SURVEY

A Building Survey includes all of the details covered in a HSV, apart from the market value of the property. We can provide a separate valuation report if required.

A Building Survey also includes the following:

  • Details of defects of the property and their significance
  • Estimated costs of essential repairs (when requested)
  • Technical details of the building, including its construction and the materials it consists of

Advantages:

  • A Building Survey provides a comprehensive examination of the property
  • A Building Survey can be custom made to satisfy individual requirements
  • A Building Survey is a comprehensive assessment of the condition of the property you wish to buy and includes recommendations for essential repairs that are necessary to rectify significant problems

SPECIFIC DEFECT REPORTS

A specific Defect Report is a further investigation into a problem that may have been detected in a Mortgage Valuation, a HSV or a Building Survey.

  • It is useful for addressing a specific structural issue that needs further examination
  • It is a practical option for diagnosing problems that may exist in the roof of a property
  • A Specific Defect Report is also useful for the diagnosis of reasons for cracks in walls and ceilings which may be causing the Homebuyer concern
  Specific Defect Report
Mortgage Valuation
Building Survey  
 


Advantages:

  • This option is particularly beneficial to address concerns that may make the Homebuyer think twice before signing contracts
  • A Specific Defect Report also gives further assurances that the Homebuyer is not walking into a sale without being fully informed of the extent of specific defects
 

WHERE DO I GO FROM HERE?

4 steps to reassurance

A Mortgage Valuation is not a Survey!

STEP 1
Contact us and we can advise you which is the most suitable survey for your requirements.

STEP 2
We'll need to know your intended property type, sale price and the age and location of the property.

STEP 3
On receiving your instruction, we will inspect the property for a fixed fee and send you your report within an agreed timescale. We will gladly discuss any aspect of your report and draw your attention to any significant matters.

STEP 4
Once you know the facts you can make an informed decision on whether or not to continue with your purchase.

Remember - a Mortgage Valuation is not a Survey!

Commission a Survey from Connors Surveyors today!

For further advice please contact a member of our team Monday to Saturday.


Connors Surveyors Ltd Chartered Surveyors & Valuers, Registered in England No. 5424473
Registered Office: The Old Vicarage, 128a Low Lane, Horsforth, Leeds LS18 5PX
Telephone: 0113 2589009 Fax: 0113 2590093 E-Mail: admin@connorssurveyors.com
Copyright © Connors Surveyors Ltd 2005 - 2009