Before purchasing a property you will be required by the bank to have a survey completed on the house or flat you wish to buy.

We have listed some of the common types of property surveys you can get in the UK.

Basic Valuation Survey

A basic valuation survey is required by the lender (Bank or Building Society) to confirm the house or flat you wish to purchase is worth the money you are paying for it, but more importantly from a lenders point of view they want to protect there investment which is why they require a basic property valuation. 

Your mortgage offer from the lender will also be subject to the basic valuation survey, If the house is valued lower than the purchase price then your mortgage offer could be withdrawn or subject to conditions that specific work is completed on the house or flat you wish to purchase before the mortgage is approved.  

The basic valution survey is not a detailed survey it is for the lender's benifit to confirm the property is worth the money in comparison to other properties of a similar nature in the same area plus is in a good structural condition.

Home buyers Survey and Valuation

As noted above the basic valuation is very basic and required by the lender. The home buyers survey or valuation report is much more detailed and is for your benefit rather than lender's. This is one of the most common types of survey reports for people purchasing a property.

The aim of the home buyers survey is to look at the general condition of the property and assess it for any major and minor faults which may require further investigation or repair work. Based on the results of the survey you could contact the seller to discuss reducing the asking price on the property to take into account the addtional work required.

You can get a home buyers survey completed via the bank or you can hire a surveryer to complete the work for you. The homebuyers report costs between £300 to £500 depending on the price of the house.

Building Survey

The building survey is much more detailed than the basic or home buyers valuation report. The surveyer will complete a comprehensive report about the current condition of the property and produce a report on any major and minor faults found within the property. The report will also cover testing for dampness of the walls, condition of damp proofing, insulation and put forward proposals for any further inspection by specialists or work which may need to be completed on the property.

The cost of a building survey can be between £800 and £1000

If you are buying a property it is highly recommended you arrange for a home buyers survey valuation.