Our experienced Conveyancing Solicitors in Colchester explore the types of Homebuyer Survey so you can complete your purchase with peace of mind.
Often, homebuyers make the mistake of thinking a mortgage valuation report will detail faults with a property – but it doesn’t. We recommend you have a simple homebuyer survey carried out before completing your purchase to ensure you haven’t missed any serious faults that could set you back hundreds if not thousands of pounds at a later stage.
There are a variety of different types of homebuyer survey to choose from; each has the potential to pick-up serious problems with your prospective purchase. When buying a property, do so with peace of mind, confidence and clarity.
Below, our experienced conveyancing solicitors in Colchester explore the different types of homebuyer survey.
Mortgage Valuation Survey
Before you submit an offer, your mortgage lender will complete a mortgage valuation to determine the value of the property before approving your mortgage. The assessment costs upwards of £150 and will depend on the size of the property. A valuation is what it says on the tin – it determines the value but won’t uncover faults with the property.
RICS Condition Report
The simplest and cheapest homebuyer survey is an RICS Condition Report. The survey costs around £250 and will identify visible on-the-surface property defects. This report is best suited to new-build and modern properties.
RICS HomeBuyer Report
If your prospective purchase is in reasonable condition, but you’d like to find out about any possible structural problems, such as subsidence or damp, you’d best have an RICS HomeBuyer Report completed. The survey costs upwards of £400 and will look at the aesthetics of the property; it will not explore behind walls or floorboards. Some reports provide a valuation determined by found faults which you can use when negotiating, allowing for repair costs.
Full Structural Survey
The most comprehensive survey available is a Full Structural Survey. Ideal for older properties or renovation projects, a comprehensive survey costs upwards of £600 and will provide you with a detailed breakdown of advised repairs; however, the survey rarely includes a valuation, so it’s down to you to amend your offer based on found faults. While this survey doesn’t look behind walls or under floorboards, your surveyor will provide a professional opinion on potential problem areas, such as electrics, and give you a breakdown of the different repair options and costs.
Home Condition Survey
A Home Condition Survey costs upwards of £400 and provides a comprehensive breakdown of faults, as well as possible issues. The report uses an easy-to-understand rating system that identifies the most severe problems followed by those that are less important but may cause problems later on. Refer to the report when negotiating.
New-build Snagging Inspection
If you are considering purchasing a brand-new property, consider having a New-build Snagging Inspection completed. It costs upwards of £300 and will pick-up any faults with the property. Any issues found during the inspection should be fixed by the developer before you move in, which means you can move in knowing your new home is tip-top.
There are numerous types of homebuyer survey – at the very least, have an RICS Condition Report completed. You can find a chartered surveyor on the RICS website. If your survey finds faults, if not provided, determine the cost of repairs and amend your offer. If working with John Fowlers Solicitors, our conveyancing solicitors in Colchester can arrange a homebuyer survey on your behalf and, by evaluating your prospective purchase, offer expert advice.
If you’re looking to purchase a property or are in early stages of buying, contact us for a complimentary, no-obligation phone consultation with one of our experienced conveyancing solicitors in Colchester, Essex.